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Texas is launching its own Bitcoin reserve as the first US state. Initially, five million US dollars will flow into a BlackRock ETF. The authorities are thus taking advantage of the current bearish prices. In the future, they aim to invest in actual BTC. A budget currently allows for further investments of five million US dollars.
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Texas Launches Bitcoin Reserve, Buys After Recent Crash
The US state of Texas is launching its own Bitcoin reserve – a message that officials reportedly shared with CoinDesk. Accordingly, Texas has already invested the first five million US dollars in Bitcoin ETFs. Long-term, however, they do not want to rely on derivatives, but rather hold real BTC themselves.
Recently, officials had determined how best to initiate the “Texas Strategic Bitcoin Reserve”. A state budget of ten million US dollars has already been half utilized to acquire shares of the iShares Bitcoin Trust ETF. However, this investment is said to serve only as a placeholder.
Because Texas does not want to stick with ETFs long-term, but instead acquire actual Bitcoin. Over the past few weeks, authorities gathered insights from experienced industry representatives to learn how best to handle BTC. Now, the authorities still need a ratified contract with a custodian.
Until this contract is successfully signed, Texas is already taking advantage of the currently low prices to initiate initial investments. Since the end of October, the crypto market has seen a significant downturn. BTC dropped to as low as $81,000 – only in October did the digital asset set a new all-time high beyond $126,000.
Texas Aims to Build Comprehensive Crypto Reserve
According to CoinDesk, Texas is not only interested in collecting BTC. Other cryptocurrencies are also intended to flow into a comprehensive crypto reserve. However, the article does not specify which coins are being considered.
Lee Bratcher, President of the Texas Blockchain Council, hails the Texan investment as an important milestone. On X, he joyfully announced that Texas utilized the depressed crypto market to acquire its first Bitcoin derivatives.
“Texas took advantage of the price dip for purchases,” Bratcher wrote.
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At the time of purchase – which, according to Bratcher, was November 20 – the Bitcoin price was approximately $87,000. Kelly Hancock, the Texas State Comptroller, closely monitored the cryptocurrency’s price development before making the purchase.
Texas is just one of several US states that want to build their own Bitcoin or crypto reserves independently of the federal government. New Hampshire and Arizona are considered the most promising candidates for soon launching their own investments.
In March, US President Donald Trump called for a US Bitcoin reserve and a more general crypto reserve. A new bill by Republican politician Warren Davidson is intended to help the previously static reserve achieve massive growth.
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