Texas has become the first U.S. state to execute a direct purchase of Bitcoin for its balance sheet. The state deployed $5 million into the asset on November 20, securing an average price of approximately $87,000. This initial tranche represents half of a confirmed $10 million allocation for the state’s new digital asset reserve.
Texas has become the first U.S. state to execute a direct purchase of Bitcoin for its balance sheet. The state deployed $5 million into the asset on November 20, securing an average price of approximately $87,000. This initial tranche represents half of a confirmed $10 million allocation for the state’s new digital asset reserve.
The state executed this purchase via BlackRock’s IBIT ETF. However, Comptroller Glenn Hegar and the Treasury team view this as a temporary vehicle. Their ultimate goal is to establish a secure, state-managed self-custody framework for the reserve.
Texas has been one of the most active states in cryptocurrency legislation. Fourteen Bitcoin-related bills are already in progress, including several aimed at officially setting up a state Bitcoin reserve. This makes Texas the leading U.S. region in digital asset lawmaking.
Texas is not alone in exploring digital asset reserves. New Hampshire and Arizona already have Bitcoin reserve laws passed, allowing regulated state-level purchases when market conditions are suitable. Many of these laws require the chosen cryptocurrency to have a market cap above $500 billion, which currently limits eligible assets mainly to Bitcoin and, in some cases, Ethereum.
On a national level, President Donald Trump has previously supported the idea of a U.S. strategic Bitcoin reserve. According to reports,were active across 19 states earlier this year.
Texas’ entry into the market comes at a time when Bitcoin has been trading under pressure. The price has been hovering between support at $85,000 and resistance near $88,000, while larger resistance zones remain between $92,000 and $97,000.
that Bitcoin is still showing signs of broader weakness on higher timeframes, although oversold indicators on daily and three-day charts suggest a short-term relief rally is possible.
