Bitcoin Magazine Texas Becomes First U.S. State to Buy $10M of BlackRock’s Spot Bitcoin ETF

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.

In June of this year, the Texas governor signed the legislation into law, creating a state Strategic Bitcoin Reserve.

Institutional investors are increasing

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