November 25, 2025 — Texas appears to have made history as the first U.S. state to add bitcoin to its treasury, according to reports from the Texas Blockchain Council indicating an approximately $5 million purchase of BlackRock’s spot bitcoin ETF (IBIT).

First State Bitcoin Allocation

The Texas Blockchain Council reports the transaction occurred on November 20, marking the initial deployment under the Texas Strategic Bitcoin Reserve established through Senate Bill 21. Governor Greg Abbott signed the legislation into law last June, authorizing the Texas Treasury Safekeeping Trust Company to manage state bitcoin holdings.

The reported $5 million IBIT purchase represents part of a larger $10 million bitcoin allocation and would establish the state’s first cryptocurrency position alongside its existing portfolio of traditional assets.

Legislative Framework

Bill sponsor Senator Charles Schwertner previously defended the reserve concept by arguing Texas should consider “the best performing asset over the last 10 years” — referencing bitcoin’s historical returns despite recent volatility.

The legislation positions bitcoin as a strategic long-term holding comparable to other state treasury assets.

Awaiting Official Confirmation

State Treasurer Kelly Hancock, who oversees the reserve operations, has not yet released official documentation confirming the transaction. Representatives from both the Texas Treasury and Texas Blockchain Council have not immediately responded to requests for comment.

Portfolio Context

Texas Treasury Safekeeping Trust Company’s most recent Form 13F filing showed approximately $667 million in SPY holdings and $34 million in a Janus Henderson fund. The reported bitcoin allocation would represent the third major position in the state portfolio.

Growing Institutional Adoption

The move comes amid broader institutional interest in bitcoin ETFs. Recent regulatory filings show an Abu Dhabi sovereign wealth fund increased its IBIT position, while Harvard University disclosed nearly 7 million IBIT shares as its largest U.S. holding as of September 30.

Bloomberg ETF analyst Eric Balchunas noted the unusual breadth of IBIT’s institutional adoption, calling it “wild stuff for a not-yet-even-two-years-old fund” that now appears in portfolios ranging from sovereign wealth funds to university endowments to potentially state treasuries.

This is a developing story. Official confirmation from Texas state officials is pending.