Texas becomes first US state to buy Bitcoin for treasury
Texas has become the first state in the United States to acquire Bitcoin for its treasury, completing a ten million dollar purchase on November 20 under its newly created Strategic Bitcoin Reserve, reports a Qazinform News Agency correspondent.
The initial allocation was executed through BlackRock’s spot Bitcoin ETF, IBIT, at an average price of about eighty-seven thousand dollars per coin, according to Texas Blockchain Council president Lee Bratcher.
State officials noted that the ETF mechanism provides a fully compliant and transparent entry point as Texas works to finalize a framework for eventual self-custody of its digital holdings. The reserve is designed to position Bitcoin as a long-term strategic asset, with the state planning to take direct control of its coins once the custody infrastructure is complete.
The purchase follows recent legislation formally recognizing Bitcoin as a strategic reserve asset for Texas, reflecting the state’s aspiration to lead in digital asset adoption and financial innovation.
Analysts say the move signals a shift in how public institutions may approach crypto treasury management, as Texas becomes the first to integrate Bitcoin into its official financial reserves.
Earlier, Qazinform News Agency reported that China’s share of global bitcoin mining has risen again to 14% despite the nationwide ban introduced in 2021, according to updated industry data.