Texas Buys The Bitcoin Dip, Acquiring $5m Of Blackrock’s Ibit

Texas has also allocated an additional $5 million for direct, self-custodied Bitcoin, signaling growing state-level adoption in the US.

The Texas state government has made a major Bitcoin move, snapping up $5 million worth of shares in BlackRock’s spot Bitcoin exchange-traded fund, with another $5 million lined up for a self-custodied Bitcoin buy.

The government made the purchase on Nov. 20, with the move highlighted via X on Tuesday by Lee Bratcher, president of the Texas Blockchain Council.

Bratcher said that the Texas government will eventually “self-custody Bitcoin,” but as it’s still finalizing the process, the initial $5 million “allocation was made with BlackRock's IBIT ETF.”

“$10M is allocated from general revenue but not all $10M has been allocated,” he added.

Commenting on Texas’ purchase, Pierre Rochard, the CEO of The Bitcoin Bond Company, said the move signals a significant shift in attitude toward Bitcoin in just a short amount of time, noting:

It is unclear if this move is directly related to the state’s plan for a strategic Bitcoin (BTC) reserve.

In June, Governor Gregg Abbot officially authorized the creation of a state-managed fund to hold BTC as part of the state’s long-term financial assets, utilizing public funds to build the treasury.

As outlined in the initial bill greenlit by Abbot, only assets with a market cap over $500 billion are eligible for inclusion in the reserve, a threshold met by Bitcoin but not by BlackRock’s IBIT.

However, the move still signals a step forward in Texas’s BTC adoption plans.

Source: CoinTelegraph