Texas Takes First Step Toward State Bitcoin Reserve with $5 Million ETF Purchase

Texas has invested $5 million in a bitcoin ETF as an initial move toward establishing the first state-based crypto reserve in the U.S.

CoinDesk reports that Texas has purchased $5 million worth of shares in BlackRock’s iShares Bitcoin Trust (IBIT) exchange-traded fund (ETF). The investment, confirmed by a spokesman for the Texas Comptroller of Public Accounts, serves as a placeholder as the state continues working toward directly holding bitcoin in its own reserve.

The purchase comes after Texas passed legislation earlier this year, appropriating $10 million to fund the creation of a state-managed bitcoin stockpile, known as the Texas…

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