Texas just made a pretty big move. The state government bought $5 million worth of BlackRock’s IBIT Bitcoin ETF on November 20th, and they’ve got another $5 million ready to go for directly buying and holding Bitcoin themselves.
Lee Bratcher from the Texas Blockchain Council broke the news on Tuesday. He explained that Texas plans to eventually hold Bitcoin directly in self-custody, but while they’re still figuring out that process, they went with IBIT for now. The state’s allocated $10 million total from general revenue, though not all of it’s been deployed yet.
This might be connected to Texas’s strategic Bitcoin reserve plan that Governor Greg Abbott authorized back in June. That plan says only assets with market caps over $500 billion can go in the reserve. Bitcoin qualifies, but IBIT doesn’t, so this purchase might be separate.
Texas isn’t the first state to do this actually. Wisconsin’s investment board bought almost $100 million worth of IBIT back in May 2024. But Texas is definitely making waves with this move.
Pierre Rochard from The Bitcoin Bond Company pointed out how fast things have changed. Five years ago everyone thought governments would ban Bitcoin. Now they’re buying it. That’s a massive shift in just half a decade.
Conclusion
Texas’s Bitcoin ETF purchase marks another milestone in state-level cryptocurrency adoption, demonstrating how quickly government attitudes toward digital assets have evolved from skepticism to strategic accumulation.
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