The state of Texas plans to transition its Strategic Bitcoin Reserve from the BlackRock iShares Bitcoin Trust (IBIT) spot ETF to direct digital asset holdings. According to a document released by the state comptroller, Texas now aims to store coins directly on-chain through third-party custodial services, as reported by Cointelegraph.com .
Currently, Texas has allocated $10 million for its Strategic Bitcoin Reserve, with these funds temporarily invested in IBIT shares. Under the new tender requirements, the winning company will be responsible for purchasing, storing, managing, and reporting on Bitcoin and other selected cryptocurrencies on behalf of the state.
According to the mandate, the selected provider must convert existing IBIT assets into direct custodial Bitcoin within 60 days of signing the contract. The service provider must also ensure institutional-grade security and launch a dedicated website to display the reserve's value to the public.
Texas Interim Comptroller Kelly Hancock has also announced the members of a special advisory committee to oversee this process. The committee includes industry experts such as Laurie Dotter, Jamie McAvity, Carla Reyes, and Gary Vecchiarelli, who will provide recommendations on investment strategy and risk management.
Proponents of the reserve initiative view Bitcoin and other large-cap crypto assets as a strategic hedge against inflation and economic volatility. This move is expected to further strengthen Texas's leadership in the digital economy and blockchain technology sectors.
Read “Zamin” on Telegram!
