Texas Leads the Way in State-Level Bitcoin Acquisition with $10 Million Purchase
Texas Pioneers State-Level Bitcoin Acquisition
In a groundbreaking move, Texas has become the first U.S. state to incorporate Bitcoin into its treasury, purchasing $10 million worth of BTC on November 20. This initiative is part of the newly approved Strategic Bitcoin Reserve.
Key Takeaways
- Texas acquired $10 million in BTC on Nov. 20 under its Strategic Bitcoin Reserve initiative.
- The initial purchase was made via BlackRock’s IBIT ETF, with plans for future self-custody.
The acquisition was facilitated through BlackRock's spot Bitcoin ETF, IBIT, at an average price of approximately $87,000 per Bitcoin, as reported by Lee Bratcher, president of the Texas Blockchain Council. While the state intends to move towards self-custody, utilizing the ETF structure offers a compliant and accessible entry into the market as Texas refines its custody strategy.
This purchase aligns with recent legislative approval to recognize Bitcoin as a strategic reserve asset, positioning Texas as a leader in state-level digital asset integration and hinting at a potential paradigm shift in public treasury strategies towards crypto adoption.