Texas has officially become the first U.S. state to acquire Bitcoin for a government strategic reserve, purchasing $5 million worth of the digital asset on November 20 at roughly $87,000 per BTC. The move was confirmed by Lee Bratcher, president of the Texas Blockchain Council, who said the initial allocation was executed through BlackRock’s iShares Bitcoin Trust (IBIT) while the state finalizes its self-custody framework.
The purchase marks a significant milestone in state-level adoption of Bitcoin as a reserve asset. Texas lawmakers had explored creating a strategic Bitcoin reserve as early as last year, emphasizing that it would not rely on taxpayer funds. The initiative became law in June when the governor formally established the Texas Strategic Bitcoin Reserve.
Bratcher, who played a key role in crafting and advancing the legislation through the state Senate, noted that self-custody remains the long-term goal. “Texas will eventually self-custody bitcoin,” he said, “but while that RFP process takes place, this initial allocation was made with BlackRock’s IBIT ETF.”
As president and founder of the Texas Blockchain Council, an industry association representing more than 100 companies, Bratcher has been a central advocate for positioning Texas as a national leader in Bitcoin and blockchain innovation. The state’s inaugural purchase signals what advocates view as a rising trend of governmental interest in digital assets as part of future financial strategy.