Texas Crypto Reserve Takes Key Step, Allocates $5M to BlackRock Bitcoin Spot ETF

BlockBeats News, November 26th, according to Coindesk, Texas has taken a key step in building a state-level crypto reserve. According to officials, the state has invested $5 million to purchase BlackRock's Bitcoin ETF, although the Texas Strategic Bitcoin Reserve Plan is still in the works.

The state recently sought industry input on establishing a Bitcoin reserve compliance program and allocated $10 million through legislation earlier this year. After completing the final steps, Texas is poised to become the first U.S. state to seriously launch long-term cryptocurrency asset investments by a state government. A spokesperson for the State Comptroller's Office confirmed on Tuesday that as a transitional measure before establishing a custody contract, $5 million has been allocated to the BlackRock iShares Bitcoin Trust.