Texas Becomes First U.S. State to Reportedly Add Bitcoin to Its Balance Sheet
Texas may be the first state in the U.S. to officially allocate bitcoin to its balance sheet, following reports that it executed a multimillion-dollar purchase for its newly established Texas Strategic Bitcoin Reserve.
Texas Reportedly Makes $5M Purchase of BlackRock’s IBIT
According to posts from the Texas Blockchain Council, the state executed a roughly $5 million purchase of BlackRock’s IBIT ETF last week.
If accurate, this marks the first-ever bitcoin acquisition by a U.S. state government.
However, official confirmation has not yet been released. The Block contacted Texas Treasurer Kelly Hancock—who oversees the reserve—along with Texas Blockchain Council president Lee Bratcher, but has not received responses.
SB 21: The Law Behind the Texas Bitcoin Reserve
The purchase appears to be the first allocation under SB 21, the legislation signed by Governor Greg Abbott in June that created a state-run bitcoin reserve managed by the Texas Treasury Safekeeping Trust Company.
Supporters of the bill argue that Texas should treat bitcoin as a long-term strategic asset.
Sen. Charles Schwertner, the bill’s author, previously stated that the state “should have the option of evaluating the best performing asset over the last 10 years,” referring to bitcoin’s historic returns.
Texas Treasury’s Current Portfolio and Where Bitcoin Fits In
According to the Treasury’s most recent Form 13F, the agency holds:
- $667 million in SPY
- $34 million in a Janus Henderson fund
If Bratcher’s claim is confirmed, a $5 million IBIT position—part of a planned $10 million bitcoin allocation—would become the Treasury’s third reported holding.
Institutional Momentum for IBIT Grows
Texas is not alone in increasing exposure to BlackRock’s IBIT ETF:
- An Abu Dhabi sovereign wealth fund recently added to its IBIT position.
- Harvard University disclosed nearly seven million IBIT shares as of Sept. 30—its largest declared U.S. holding.
Bloomberg ETF analyst Eric Balchunas noted the unusual convergence on X: “Pretty sure that’s the only ETF to ever be owned by all three… wild stuff for a fund not even two years old.”
