The company awarded the contract will need to operate a public website displaying current Bitcoin amounts and their value, offering a level of openness that’s unusual for most institutions and distinguishes Texas in this area.
Last Thursday, the state’s comptroller announced a new committee to oversee the operations of the reserve and also shared a new requirement for it.
Going Direct
Texas currently holds $10 million in shares of the iShares Bitcoin Trust, a Bitcoin exchange-traded fund. This investment serves as a short-term holding while the state develops a more permanent investment strategy.
The plan is becoming clearer: the state will no longer invest in Bitcoin through ETFs and will instead hold Bitcoin directly.
BREAKING: TEXAS JUST ANNOUNCED THEY ARE PLANNING TO BUY MORE #BITCOIN FOR THEIR RESERVES
1st STATE TO BUY BTC OPENLY.
THIS IS HUGE
— The Bitcoin Historian (@pete_rizzo_) May 29, 2026
On May 7th, the Texas Comptroller of Public Accounts asked for proposals from companies that could manage the transfer and secure handling of funds.
The company awarded the contract will have 60 days after signing it to transfer all current IBIT holdings into Bitcoin held in direct custody.
This project involves much more than just holding Bitcoin. The contract requires the provider to buy, sell, manage, and report on the Bitcoin, essentially operating a complete Bitcoin reserve for the state.
Who Will Advise
As an analyst following developments in digital assets, I’ve been tracking the formation of the Texas Strategic Bitcoin Reserve Advisory Committee. Comptroller Kelly Hancock recently announced the committee’s initial members, and I find the selections quite strategic. They’ve brought on Laurie Dotter, a seasoned investment professional, to lend her financial expertise. Jamie McAvity, the head of Cormint Data Systems, adds a technological perspective. Carla Reyes, a law professor specializing in digital assets at Southern Methodist University, will provide crucial legal guidance. Finally, Gary Vecchiarelli, the president and CFO of CleanSpark, brings experience in the energy sector, which is increasingly relevant to Bitcoin mining. This group appears well-rounded and poised to offer valuable insights.
The committee is responsible for decisions about how funds are managed, including things like custody of assets, minimizing risks, and reporting results to legislators. They will also help shape the overall investment plan for the future.
As a researcher following this development, I understand the reserve isn’t limited to just Bitcoin. The official request for proposals suggests they’re considering other well-established cryptocurrencies as well, though they haven’t specified which ones yet. It seems they want to keep their options open for a variety of large-scale digital assets.
A Reserve Built On Law
The reserve was established by a new state law, with advocates believing Bitcoin could help protect against rising prices and economic instability. Texas initially provided $10 million in funding and immediately began using IBIT as a way to invest.
One of the most unique parts of the plan is a public website that would show exactly how much cryptocurrency Texas owns. This website would be like a constantly updated, real-time record, available for anyone to view.
Proposals from interested custody firms are being accepted through the state’s procurement portal.
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2026-05-30 15:41