Last updated on January 3rd, 2026 at 11:37 am
Quick breakdown:
- Texas has allocated $10 million to Bitcoin, starting with a $5 million buy of BlackRock’s IBIT ETF and planning another $5 million in self-custodied BTC.
- The move advances its state-backed Bitcoin reserve strategy and could expand to Ether if its market cap holds above $500 billion for two years.
- Texas is part of a broader institutional trend, with entities such as the Wisconsin State Investment Board and Harvard’s endowment also holding BlackRock’s IBIT ETF.
Texas Bitcoin allocation deepens state-level BTC strategy
The Texas state government recently acquired $5 million in shares of BlackRock’s spot Bitcoin exchange-traded fund, iShares Bitcoin Trust (IBIT), as part of a broader $10 million allocation to Bitcoin from general revenue. Officials also intend to purchase an additional $5 million in Bitcoin for self-custody once internal processes for secure on-chain storage are finalized. This staged strategy allows Texas to gain immediate BTC exposure via a regulated ETF while it builds the operational capacity needed for direct, on-chain asset management.
CORRECTION: Texas purchased $5M on Nov. 20th. $10M is allocated from general revenue but not all $10M has been allocated.@BitcoinMagazine
— Lee ₿ratcher (@lee_bratcher) November 25, 2025
The purchase was made on November 20 and publicly highlighted by Lee Bratcher of the Texas Blockchain Council, who described it as an interim step toward the state’s full self-custody of Bitcoin. In June, Governor Greg Abbott authorized a state-managed Bitcoin reserve, enabling public funds to be used to accumulate BTC as a long-term strategic asset, provided it meets a market capitalization threshold of $500 billion, which Bitcoin does. Although IBIT itself does not meet that threshold, using the ETF as an initial vehicle shows Texas is willing to use both traditional and native crypto rails to build its digital asset treasury.
IBIT’s role and broader institutional adoption
Texas is not alone in using IBIT to gain institutional Bitcoin exposure, with entities such as the Wisconsin State Investment Board, Harvard’s endowment, and Abu Dhabi-based investors reportedly holding the fund. Wisconsin’s investment arm purchased nearly $100 million in IBIT shares in 2024, demonstrating that state-level and institutional investors are increasingly comfortable accessing BTC through regulated exchange-traded products rather than through direct self-custody. IBIT is down roughly 10% year-to-date and recently traded around $49.56 per share. Still, persistent high-profile buyers highlight that some large allocators view the pullback as an opportunity rather than a deterrent.
Commentators like Pierre Rochard of The Bitcoin Bond Company have framed these developments as a shift from fears of blanket government bans on Bitcoin to a reality where governments and large institutions are selectively accumulating it. This changing narrative supports the idea that Bitcoin is increasingly being treated as a macro treasury asset, similar to gold, with both corporate and public balance sheets using it to diversify long-term holdings.
Meanwhile, the Texas bankruptcy court refused to grant Nathan Fuller, the operator of a $12.5 million crypto Ponzi scheme called Privvy Investments, a debt discharge. This outcome was secured because the court found Fuller had committed deliberate fraud by concealing assets, falsifying records, and lying under oath about the funds he had diverted for a lavish personal lifestyle. By preventing Fuller from erasing obligations owed to his victims, the ruling establishes a strong legal precedent that fraudsters cannot misuse the Chapter 7 bankruptcy process to avoid accountability for criminal activities.
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