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$5 million in BlackRock's Bitcoin exchange-traded fund, with plans to invest another $5 million in direct custody.
This purchase represents a growth in the adoption of digital assets at the state level across the United States.
Through a $10 million strategy, Texas cautiously entered the Bitcoin market. On November 20, the state invested $5 million in BlackRock's Bitcoin exchange-traded fund. Additionally, $5 million was allocated for purchasing Bitcoin under self-custody.
Texas is completing the self-custody infrastructure
On Tuesday, Lee Bratcher, from the Texas Blockchain Council, announced this investment via social media. Given the ongoing work on self-custody infrastructure, he mentioned that Texas decided to first move towards exchange-traded funds. The amount, 10 million dollars, from the state's general revenue fund, but not all the money has been spent yet.
This purchase may be linked to Governor Greg Abbott's initiative for a bitcoin reserve in Texas, which was approved last June. The plan aims to make bitcoin one of the state's financial assets in the long term. However, the original bill stipulates that only assets with a market value exceeding 500 billion dollars are eligible for the reserve.
This development represents a radical shift in the government's view of digital assets. Pierre Rochard, CEO of Bitcoin Bond, pointed to this change in perspective in a very short time. He said that governments have shifted from issuing threats of bans to buying Bitcoin themselves in just five years.
Contrary to some initial reports, Texas is not the first state to launch investments in state-level Bitcoin exchange-traded funds. The Wisconsin Investment Board made a private purchase of IBIT shares worth nearly 100 million dollars in May of last year. Eric Balchunas, a Bloomberg analyst, stated that Texas is now the latest investor in IBIT, alongside Harvard and Abu Dhabi.
According to Senator Charles Schwertner, if things go well, Ethereum may be added to the strategic reserve of Texas, just as happened with Bitcoin. He stated that a stable market value of over 500 billion dollars for 24 months could be a criterion for including Ethereum.
The BlackRock IBIT index is currently the main focus, priced at 49.56 dollars. After-hours trading is relatively calm, with a slight increase of 0.22%. The value of the exchange-traded fund (ETF) has decreased by about 10% since the beginning of the year, while institutional demand for it is on the rise. The Trump administration's adoption of cryptocurrencies has not yet resulted in a series of gains for the exchange-traded funds.
Texas's investment is a clear sign that the adoption of digital assets is gaining momentum at the state level across the United States.$XRP
