Texas has become the first U.S. state to purchase Bitcoin for its treasury, acquiring $10 million worth of BTC on November 20 as part of its newly established Strategic Bitcoin Reserve.

The initial buy was executed through BlackRock’s spot Bitcoin ETF, IBIT, at an average price of approximately $87,000 per coin, according to Texas Blockchain Council president Lee Bratcher.

While the state plans to self-custody its Bitcoin in the future, the ETF structure provides a compliant and accessible entry point as Texas finalizes its custody framework.

The purchase follows legislative approval to formalize Bitcoin as a strategic reserve asset, positioning Texas at the forefront of state-level digital asset adoption and signaling a broader shift in how public entities may approach crypto treasury strategies.

Editor’s note:
Following a correction from Lee Bratcher’s post on X, he clarified that Texas purchased $5 million worth of Bitcoin on November 20. He added that $10 million has been allocated from general revenue, but not all of it has been deployed yet.