"On November 20, Texas became the first U.S. state to buy Bitcoin for its Strategic Reserve, acquiring $10 million at roughly $87,000 per BTC, according to Lee Bratcher, President of the Texas Blockchain Council. The purchase was made through BlackRock's iShares Bitcoin Trust (IBIT) while the state finalizes plans for self-custody. The move signals growing state-level interest in Bitcoin as a reserve asset. Texas had previously explored strategic Bitcoin legislation last year, wanting to create a Bitcoin reserve without using taxpayer funds."
"Institutional investors are increasingly following suit. Harvard University's endowment recently tripled its IBIT holdings to $442.8 million, making it the university's largest publicly disclosed investment. Emory University and Abu Dhabi's Al Warda Investments have also significantly increased Bitcoin ETF exposure. Bitcoin's price is currently trading near $87,500, roughly 30% below its all-time high. Lee Bratcher was the first to disclose this news."
"Lee Bratcher was the first to disclose this news. "Texas will eventual self-custody bitcoin," Bratcher said, "but while that RFP process takes place, this initial allocation was made with BlackRock's IBIT ETF. Bratcher is the President and Founder of the Texas Blockchain Council, an industry association with over 100 member companies and hundreds of individuals promoting Texas as a hub for Bitcoin and blockchain innovation."
On November 20 Texas purchased $10 million of Bitcoin for a state Strategic Reserve at roughly $87,000 per BTC using BlackRock's iShares Bitcoin Trust (IBIT) while finalizing plans for self-custody. The state created the Strategic Bitcoin Reserve after legislation signed in June that authorized buying Bitcoin without using taxpayer funds. Lee Bratcher of the Texas Blockchain Council disclosed the purchase and said Texas will eventually self-custody the coins once an RFP process concludes. Institutional investors have increased ETF holdings, including Harvard tripling IBIT to $442.8 million, as Bitcoin trades near $87,500, about 30% below its all-time high.
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