Texas Becomes First U.S. State to Add Bitcoin to Its Treasury in $10 Million Purchase

• Texas becomes the first U.S. state to purchase Bitcoin for a formal strategic reserve.
• The $10M allocation was executed via BlackRock’s IBIT ETF at roughly $87K per Bitcoin.
• New legislation enabled Texas to integrate Bitcoin into long-term treasury planning.

Texas has taken a major step in public-sector finance by initiating a Strategic Bitcoin Reserve, becoming the first U.S. state to acquire Bitcoin for its treasury. The $10 million allocation, completed on November 20 through BlackRock’s spot Bitcoin ETF, marks the formal entry of a state government into holding digital assets as part of its fiscal strategy.

The move follows more than a year of policy discussions in Austin and reflects a coordinated effort among state officials to introduce Bitcoin into long-term reserve planning.

State Executes Initial Allocation Through ETF Structure

According to public statements shared by Lee Bratcher, President of the Texas Blockchain Council, the transaction was executed at an average price of roughly $87,000 per Bitcoin using BlackRock’s IBIT ETF. Bratcher said the action was taken after sustained monitoring of market conditions by the Texas Treasury’s investment division.

State Comptroller Kelly Hancock and the treasury’s investment team played central roles in the execution. Officials evaluated Bitcoin’s recent price movements before completing the purchase, viewing the ETF as a compliant mechanism. At the same time, Texas continues building the framework required for direct self-custody of digital assets.

Legislative Framework Enabled the Strategic Reserve

The acquisition follows earlier legislative action recognizing Bitcoin as a strategic reserve asset for the state. That measure allowed the treasury to hold a small portion of its balance sheet in Bitcoin, forming the basis for the newly launched reserve program. The November allocation marks the first phase of that initiative and sets a procedural foundation for future purchases conducted under state-approved guidelines.

Officials involved in the policy process have described the reserve as part of a longer-term approach to incorporating digital assets into government finance. Texas now stands as the first state to establish an operational reserve using Bitcoin, potentially defining early administrative practices for public-sector digital asset management.

The transaction occurred as the broader crypto market underwent a price retracement. Public commentary has noted that the acquisition occurred during the period of market pullback.