Texas, USA, launches Bitcoin reserve plan, purchasing the first US$5 million from BlackRock’s IBIT

PANews reported on November 26 that according to The Block, a post released by the Texas Blockchain Council showed that the state had made the first allocation of funds to the Texas Strategic Bitcoin Reserve, and last week purchased approximately US$5 million worth of BlackRock’s Bitcoin Spot ETF (IBIT). This transaction is suspected to be the first use of authorized funds under the SB 21 bill enacted by Greg Abbott in June. The bill establishes a state-level Bitcoin reserve operated by the Texas Treasury Trust Corporation. Lee Bratcher, chairman of the Texas Blockchain Council, revealed on Twitter that the purchase occurred on November 20. This was both the first capital allocation of the reserve and the first case of a state government purchasing Bitcoin in the United States. However, state officials have not released documents or statements confirming the deal.

According to the latest Form 13F filed by Texas Treasury Trust Company, the company holds approximately $667 million in SPY (S&P 500 Index ETF) and $34 million in Janus Henderson funds. If Lee Bratcher described it, buying $5 million worth of IBIT (as part of a $10 million Bitcoin allocation) would become the third largest holding in the portfolio.

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