On November 25 U.S. time, the Texas Comptroller of Public Accounts officially confirmed that the state government has deployed $5 million to purchase shares of the BlackRock iShares Bitcoin Trust (IBIT), becoming the first U.S. state to establish a cryptocurrency reserve directly using state treasury funds.

Buying the Dip: $5 Million into the ETF

The purchase was executed when Bitcoin had fallen from its all-time high of $120,000 to approximately $87,000, making it a clear dip-buying move. The funds come from a $10 million Bitcoin reserve allocation approved by the Texas legislature earlier this year. Only half has been deployed so far, deliberately preserving flexibility for future opportunities.

Transitional Position and Next Steps

Official documents describe the current ETF holding as a “transitional allocation.” The state is currently preparing an RFP (request for proposal) to select a qualified institutional custodian so it can shift to direct custody of actual bitcoin rather than ETF shares.

Unlike Michigan and Wisconsin, which gained exposure through their pension funds, Texas is using general treasury cash flows — a significantly more direct and deliberate strategic commitment.

The remaining $5 million will be deployed in tranches based on custodian onboarding progress and market conditions. With the federal regulatory environment continuing to improve, Texas’s move is likely to serve as a template that other states follow, further expanding Bitcoin’s presence on public-sector balance sheets.

Bitcoin Reserve Plans in Other U.S. States

New Hampshire’s main initiatives remain focused on financial instruments (primarily bonds) rather than direct bitcoin purchases.

Arizona’s holdings are passive in nature, consisting mainly of bitcoin obtained from unclaimed property rather than active investment.

Beyond Texas, New Hampshire, and Arizona, momentum on state-level Bitcoin reserve programs appears to have slowed significantly as of November 2025, with no major positive developments reported in the second half of the year.

Disclaimer: None of the information contained here constitutes an offer (or solicitation of an offer) to buy or sell any currency, product or financial instrument, to make any investment, or to participate in any particular trading strategy.