Texas Bitcoin reserve plans shift from ETF to direct BTC custody
Texas is hiring a crypto custodian to move its $10 million Strategic Bitcoin Reserve from BlackRock’s IBIT ETF into directly held coins and build full state‑level BTC plumbing.
Texas is seeking a custody and liquidity provider to help move its Strategic Bitcoin Reserve from BlackRock’s iShares Bitcoin Trust (IBIT) spot Bitcoin exchange-traded fund (ETF) into directly held coins, according to a state procurement document.
The move, posted May 7 and announced in a Thursday release from the Texas Comptroller’s office, would move Texas closer to directly held Bitcoin through a third-party custody arrangement rather than relying solely on ETF exposure, marking a shift from ETF exposure to direct onchain ownership.
Texas has allocated $10 million to the Strategic Bitcoin Reserve, which the state has used to buy IBIT as an interim way to hold the funds before shifting to directly custodied Bitcoin, according to the request for proposals document.