Texas Buys $5 Million in Bitcoin in First State-Level Purchase of BlackRock’s Spot ETF

Texas bought $5 million of Bitcoin through BlackRock’s IBIT ETF as its first step toward a state Strategic Bitcoin Reserve.

Deniz Saat

November 25, 2025 @ 4:14 PM PT

Texas has purchased $5 million of BlackRock’s iShares Bitcoin Trust (IBIT), becoming the first U.S. state to gain exposure to Bitcoin through a spot ETF designated for a Strategic Bitcoin Reserve.

The transaction took place on November 20th at an estimated price of $87,000 per Bitcoin, according to Texas Blockchain Council President Lee Bratcher, who first reported the acquisition.

CORRECTION: Texas purchased $5M on Nov. 20th. $10M is allocated from general revenue but not all $10M has been allocated.@BitcoinMagazine
— Lee ₿ratcher (@lee_bratcher) November 25, 2025

State officials said the IBIT purchase is a temporary measure while Texas completes its request-for-proposal process to self-custody digital assets.

“Texas will eventually self-custody Bitcoin,” Bratcher said, “but while that RFP process takes place, this initial allocation was made with BlackRock’s IBIT ETF.”

Texas began exploring the concept of a state-held Bitcoin reserve last year.

Legislation establishing the Strategic Bitcoin Reserve was signed into law in June, authorizing the state to acquire and hold Bitcoin without using taxpayer funds.

Bratcher, who leads an industry association representing more than 100 companies, supported the development of the legislation and worked with lawmakers as it advanced through the state Senate.

Earlier proposals from State Representative Giovanni Capriglione included long-term cold storage requirements, annual audits, resident donation options, and provisions enabling state agencies to convert other cryptocurrencies into Bitcoin.