Texas just took a major step toward becoming the first U.S. state with its own Bitcoin reserve.
State officials confirmed that Texas bought $5 million worth of BlackRock’s iShares Bitcoin Trust, marking the first half of a $10 million plan approved earlier this year.
This move is part of a larger strategy passed by lawmakers to slowly build a state-level Bitcoin reserve — something no other U.S. state has fully done yet. Lee Bratcher, the president of the Texas Blockchain Council, publicly confirmed the purchase last week.
Texas pushes forward with its Bitcoin plan
Before buying any actual Bitcoin directly, the state launched a broad information-gathering phase. Officials reached out to leaders across the crypto industry, asking how a government should structure, secure, and manage a Bitcoin reserve.
They reviewed different ideas for custody, security, governance, and reserve rules. All of this came after Texas issued a formal request for information back in September.
Now, the next step is coming into focus:
Texas is preparing a request for proposal to officially select a custodian and finalize the operational framework for handling the state’s Bitcoin.
The current $5 million purchase isn’t direct Bitcoin ownership — it’s a temporary placeholder while Texas finishes choosing how and where its long-term Bitcoin will be held.
Other states are moving too — but Texas is leading
Texas isn’t the only state exploring crypto reserves, but it’s the furthest along:
- Michigan and Wisconsin have gained Bitcoin exposure through public-employee retirement funds. Wisconsin even made a large $350 million allocation earlier this year.
- New Hampshire passed legislation that allows a Bitcoin reserve, but so far hasn’t purchased any. The state is also launching a $100 million Bitcoin bond to support a new crypto-focused development fund.
- Arizona approved a plan to direct unclaimed crypto assets into a dedicated reserve, laying early groundwork for future accumulation.
All of these moves reflect a major shift in how state governments think about digital assets — something that has grown even more visible after President Donald Trump voiced support for creating a federal Bitcoin reserve. The administration has started the initial planning, but full approval requires action from Congress.
For now, Texas is setting the pace.
With its first $5 million Bitcoin allocation already made, and the next steps toward direct ownership underway, the Lone Star State could soon hold the first official government Bitcoin reserve in America.
