Texas just made cryptocurrency history. According to the Texas Blockchain Council, the state made the first purchase for its Texas Strategic Bitcoin Reserve – for approximately USD 5 million it bought shares of BlackRock’s IBIT fund. The transaction took place on November 20 and if the information is confirmed, no other US state can boast of this.
SB 21 in action – Texas enters BTC
The purchase of shares of the IBIT fund from BlackRock is the result of the SB 21 bill, which Governor Greg Abbott signed in June. The regulations authorize the Texas Treasury Safekeeping Trust Company to manage the BTC reserve like any other long-term state asset. Texas legislators look at bitcoin not as a speculative toy, but as a serious portfolio item, and it’s hardly surprising.
“Best asset of the decade”
Senator Charles Schwertner, the author of the bill, said directly: the state should be able to own “the best-performing asset of the last decade.” Bitcoin has indeed remained a leader in returns for years, despite the bear market of recent weeks. Satoshi Nakamoto’s cryptocurrency is still one of the most spectacular cases of value growth in the history of finance.
What’s next?
Lee Bratcher, president of the Texas Blockchain Council, announced the transaction on X, emphasizing its historic nature. Official confirmation from state officials has not yet been made, but if the information is true, Texas has just entered where not long ago only private companies (like Michael Saylor’s Strategy) and brave investors had tread.
This may be just the beginning. Several other states, including Pennsylvania and Arizona, are considering similar steps. Texas showed it could be done and did it first. Now everyone is watching to see how this strategy will work. If BTC continues to grow, Texas will become a case study for the entire country. If it falls? Well, then there will be something to discuss at the legislature meetings. Either way, the game is on. And Texas is not going to sit idly by.
