Texas Bitcoin reserve plans shift from ETF to direct BTC custody
Texas is looking for a custody and liquidity provider to move its Strategic Bitcoin Reserve from BlackRock’s IBIT spot Bitcoin ETF into directly held Bitcoin. The state has set aside $10 million for the reserve and has been using IBIT as a temporary holding method before transitioning to direct custody. The proposed contract would cover secure custody of digital assets held in the State of Texas’s name, buying and selling support, reporting, and a transition plan to move the existing ETF position into directly custodied Bitcoin within 60 days of contract execution. It also allows for future holdings in other qualifying cryptocurrencies. The requirements include institutional-grade security, standard and custom reporting, and a public website showing reserve holdings and values. Texas has also named an advisory committee to guide custody, risk management, disclosure, and broader reserve governance.
