Texas has taken another step toward holding Bitcoin directly after appointing a new advisory committee to oversee its Strategic Bitcoin Reserve.
The Texas Comptroller’s Office announced that Acting Comptroller Kelly Hancock will serve on the five-member Texas Strategic Bitcoin Reserve Advisory Committee. The group will help guide decisions related to Bitcoin custody, valuation, security, and overall reserve management.
The committee was created under Senate Bill 21, which was passed by the Texas Legislature and signed into law in June 2025. The legislation gave the Comptroller’s Office authority to manage a state-backed Bitcoin reserve.
Hancock said the reserve must be managed with transparency, strong security measures, and responsible financial oversight. He added that the committee’s expertise will help protect taxpayer interests while building the program.
The advisory panel includes several experts from the investment, legal, and Bitcoin industries.
Among them is Laurie Dotter, chair of the Investment Advisory Board for the Employees’ Retirement System of Texas, who brings more than three decades of investment and governance experience.
Jamie McAvity, founder and CEO of Cormint Data Systems, has also joined the committee. His company operates a large Bitcoin mining facility in Fort Stockton, Texas.
The panel also includes Carla Reyes, a law professor at Southern Methodist University and a member of the Commodity Futures Trading Commission’s Innovation Advisory Committee. Reyes has previously testified before Congress on blockchain and digital asset policy.
Completing the committee is Gary Vecchiarelli, president and CFO of Bitcoin mining company CleanSpark. He has experience in digital asset governance, trading operations, and Bitcoin-related financial strategies.
At the same time, Texas has begun searching for a qualified crypto custodian to hold and manage the reserve’s assets. The Comptroller’s Office issued a request for proposals covering secure custody, liquidity services, and asset management.
Currently, the reserve has approximately $10 million in Bitcoin exposure through BlackRock’s iShares Bitcoin Trust (IBIT). However, Texas plans to transition from ETF exposure to directly owned Bitcoin within 60 days after selecting a custodian.
The move makes Texas one of the most active U.S. states pursuing a formal Bitcoin reserve strategy. State officials have indicated that the program will focus on direct ownership, strong financial controls, and the possibility of supporting additional digital assets in the future.
Meanwhile, the federal government continues developing its own Strategic Bitcoin Reserve. President Donald Trump signed an executive order in March 2025 directing the Treasury Department to create a reserve using Bitcoin obtained through criminal and civil forfeitures.
The U.S. government is estimated to hold more than 328,000 Bitcoin through seizure-related holdings, making it the largest known government holder of the cryptocurrency.
On Capitol Hill, Senator Cynthia Lummis and Representative Nick Begich continue supporting legislation that would allow the U.S. Treasury to purchase up to 200,000 Bitcoin annually for five years. If approved, the first Treasury Bitcoin purchases could begin in late 2026.
