Texas has formally become the first US state to initiate a direct Bitcoin purchase for its treasury, marking a significant step in state-level digital asset adoption.
Initial Purchase and Treasury Strategy
State officials confirmed that Texas executed a $5 million transaction on November 20 through BlackRock’s iShares Bitcoin Trust (IBIT), using the regulated ETF as an interim measure while the state’s self-custody framework is finalized. The allocation was later highlighted by Texas Blockchain Council President Lee Bratcher, who stated that the government ultimately intends to hold Bitcoin directly once its custodial systems are fully operational.
Bratcher noted that the state’s total appropriation for the initiative stands at $10 million, but emphasized that, “$10M is allocated from general revenue, but not all $10M has been allocated.” He added that the initial ETF-based acquisition reflects a phased approach while compliance, custody, and security mechanism
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