A public web site displaying real-time Bitcoin holdings and valuations will likely be required from whichever agency wins the contract — a transparency measure that units Texas aside from most institutional holders.
The state’s comptroller workplace launched the requirement final Thursday alongside the announcement of a brand new advisory committee fashioned to information the reserve’s operations.
Going Direct
Texas has been sitting on $10 million value of BlackRock’s iShares Bitcoin Belief, a spot ETF used as a short lived place whereas the state labored out a longer-term plan.
That plan is now taking form, and it means shifting away from ETF publicity solely towards Bitcoin held straight within the state’s title.
BREAKING: TEXAS JUST ANNOUNCED THEY ARE PLANNING TO BUY MORE #BITCOIN FOR THEIR RESERVES
1st STATE TO BUY BTC OPENLY.
THIS IS HUGE 🔥 pic.twitter.com/zFRBMs6MRP
— The Bitcoin Historian (@pete_rizzo_) Might 29, 2026
The Texas Comptroller of Public Accounts issued a request for proposals on Might 7, calling for a custody and liquidity supplier to deal with the transition.
The successful agency can have 60 days after contract signing to maneuver the prevailing IBIT holdings into straight custodied Bitcoin.
The scope of labor goes nicely past merely storing cash. In line with the procurement doc, the supplier should deal with acquisitions, gross sales, ongoing administration, and reporting — protecting the complete vary of duties wanted to run a functioning state-level Bitcoin reserve.
Who Will Advise
Performing Comptroller Kelly Hancock named 4 folks to the Texas Strategic Bitcoin Reserve Advisory Committee. They’re Laurie Dotter, a veteran funding government; Jamie McAvity, founder and CEO of Cormint Information Methods; Carla Reyes, a digital asset regulation professor at Southern Methodist College; and Gary Vecchiarelli, president and CFO of CleanSpark.
The committee’s function covers custody preparations, danger administration, and the way the state stories efficiency to lawmakers. It’s going to additionally weigh in on broader funding technique for the reserve going ahead.
Officers stated the reserve may finally maintain belongings past Bitcoin. The RFP language leaves the door open to different large-cap cryptocurrencies, although no specifics had been named.
A Reserve Constructed On Regulation
The reserve was created by state laws backed by supporters who argued Bitcoin may act as a buffer in opposition to inflation and financial swings over time. Texas allotted $10 million to fund it, utilizing IBIT as a bridge place from the beginning.
The general public transparency web site is among the many extra uncommon options of the plan. Texas would basically be publishing a dwell ledger of its crypto holdings, up to date in actual time, accessible to anybody.
Proposals from custody companies are being accepted by the state’s procurement portal.
Featured picture from Pexels, chart from TradingView
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