The Texas Comptroller of Public Accounts has issued a Request for Proposals seeking qualified firms to provide custody and liquidity services for its $10 million Strategic Bitcoin Reserve.

The contract includes transitioning the reserve’s existing $10 million allocation in BlackRock’s iShares Bitcoin ETF (IBIT) to direct Bitcoin holdings.

Created under Senate Bill 21, the reserve aims to securely hold Bitcoin with high standards of transparency and security. Bids are due by June 15, 2026, with contract execution targeted for late August.

Texas forms advisory committee to guide strategic Bitcoin reserve management

Alongside the issuance of the RFP, Acting Texas Comptroller Kelly Hancock has named members to the Texas Strategic Bitcoin Reserve Advisory Committee, a new body established under Senate Bill 21 by the 89th Texas Legislature to oversee the state’s Bitcoin reserve strategy.

The five-person committee, which includes Hancock and four appointed experts, will provide guidance on managing Texas’ digital asset holdings, including custody arrangements, valuation approaches, risk management frameworks, and policy development.

Hancock emphasized that the program must be administered with “transparency, security and strong financial controls” to ensure responsible stewardship of public funds.

The appointed experts include Laurie Dotter, Jamie McAvity, Carla Reyes, and Gary A. Vecchiarelli.

Dotter is a veteran investment professional with more than three decades of experience across public pension systems, private investment vehicles, and corporate governance. McAvity, CEO of Cormint Data Systems, brings expertise in bitcoin mining, energy infrastructure, and large-scale digital operations. Reyes is a legal scholar at Southern Methodist University focused on blockchain, commercial law, and financial innovation policy. Vecchiarelli serves as CFO of CleanSpark and has led digital asset treasury and financial strategy programs for public companies.