Texas Moves $10M Bitcoin Reserve from BlackRock ETF to Direct Custody
By
@cointelegraph
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Summary
Texas is moving its $10 million Strategic Bitcoin Reserve from BlackRock's iShares Bitcoin Trust (IBIT) ETF into directly held Bitcoin through a third-party custody arrangement. The state issued a procurement document on May 7 seeking a custody and liquidity provider, marking a strategic shift from ETF-based exposure to direct onchain ownership of Bitcoin. This move positions Texas as a pioneer in state-level cryptocurrency infrastructure development.
Key quotes
· 3 pulledTexas 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.
The move 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.
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