Texas buys the Bitcoin dip, acquiring $5M of BlackRock’s IBIT
Texas has also allocated an additional $5 million for direct, self-custodied Bitcoin, signaling growing state-level adoption in the US.
The Texas state government has made a major Bitcoin move, snapping up $5 million worth of shares in BlackRock’s spot Bitcoin exchange-traded fund, with another $5 million lined up for a self-custodied Bitcoin buy.
The government made the purchase on Nov. 20, with the move highlighted via X on Tuesday by Lee Bratcher, president of the Texas Blockchain Council.
Bratcher said that the Texas government will eventually “self-custody Bitcoin,” but as it’s still finalizing the process, the initial $5 million “allocation was made with BlackRock’s IBIT ETF.”