Texas Crypto Reserve takes a key step by allocating $5 million to BlackRock Bitcoin Spot ETF.
TL;DR
Texas has allocated $5 million to BlackRock's Bitcoin ETF as a transitional step toward a state crypto reserve. This move positions Texas to become the first U.S. state with a long-term cryptocurrency investment program.
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On November 26, Coindesk reported that Texas has taken a key step in building a state-level crypto reserve. Officials revealed that the state has invested $5 million in BlackRock's Bitcoin ETF, although the Texas Strategic Bitcoin Reserve plan is still in the planning stages.
Texas recently solicited industry input on a compliance plan for establishing a Bitcoin reserve and earlier this year passed legislation allocating $10 million. After completing the final steps, Texas is poised to become the first U.S. state to seriously launch a long-term cryptocurrency investment program. A spokesperson for the state auditor general confirmed on Tuesday that $5 million has been allocated to the BlackRock iShares Bitcoin Trust as a transitional measure before establishing a custody agreement.