Catenaa, Thursday, November 27, 2025- Texas has reportedly taken its first step toward building a state-managed bitcoin reserve with a roughly $5 million purchase of BlackRock’s IBIT, according to posts from the Texas Blockchain Council.
The trade would represent the initial deployment of a $10 million budget allocation approved under SB 21 earlier this year.
The law, signed in June, created the Texas Strategic Bitcoin Reserve, which is operated by the Texas Treasury Safekeeping Trust Company.
Supporters argued the reserve allows the state to treat bitcoin alongside other long-term holdings.
The trust currently reports hundreds of millions of dollars in traditional assets, including about $667 million in SPY and $34 million held through a Janus Henderson fund.
The Texas Blockchain Council said the transaction occurred on Nov. 20. State officials have not released documentation confirming the trade.
The Block contacted Texas Treasurer Kelly Hancock, who oversees the reserve, and the council’s leadership. Neither responded before publication.
If confirmed, the IBIT purchase would be the first known bitcoin-linked investment executed by a US state. It comes as major institutions expand positions in the same ETF. An Abu Dhabi fund added to IBIT this month, while Harvard reported holding nearly seven million shares at the end of the third quarter.
Market analysts noted that the ETF now appears in portfolios spanning a state trust, a sovereign wealth fund, and a major university endowment.
They said the development reflects rising institutional interest in bitcoin despite uneven market performance this year.
