The state of Texas has made its initial allocation to a strategic bitcoin reserve. Authorities purchased shares in BlackRock’s spot exchange-traded fund IBIT, amounting to $5 million, according to Lee Bratcher, president of the TBC.
CORRECTION: Texas purchased $5M on Nov. 20th. $10M is allocated from general revenue but not all $10M has been allocated.@BitcoinMagazine
— Lee ₿ratcher (@lee_bratcher) November 25, 2025
According to Bratcher, the transaction took place on November 20. He described it as the first cryptocurrency investment by a U.S. state. Official confirmation from treasury representatives is still pending.
The allocation was made possible by the SB 21 law, signed by Governor Greg Abbott in June. The legislation established a state bitcoin reserve managed by the Texas Treasury Safekeeping Trust Company.
The latest 13F report indicates that the trust company holds $667 million in assets in SPY and $34 million in the Janus Henderson fund.
If Bratcher’s information is accurate, the $5 million IBIT purchase will become the third position in this portfolio. The total planned bitcoin allocation is $10 million.
Bloomberg senior ETF analyst Eric Balchunas highlighted the uniqueness of the situation.
State of Texas joining Harvard and Abu Dhabi in recent $IBIT purchase. Pretty sure that’s the only ETF to ever be owned by all three. More wild stuff for a not-yet-even-two-years-old fund. https://t.co/uJHJKfKsO3
— Eric Balchunas (@EricBalchunas) November 25, 2025
“I’m sure it’s the only ETF owned by all three [state, sovereign fund, and university]. Impressive results for a fund not even two years old,” the expert stated.
Back in September, Haider Rafique, Global Managing Partner at OKX, stated that the creation of a national bitcoin reserve in the U.S. could negatively impact both the cryptocurrency market and the dollar.