Texas Holds Bitcoin ETF Stake Despite BTC Drop to $6.6M

Published: 2026-08-16 13:10:55 |

Texas Treasury Safekeeping Trust Company (TTSTC), the state-created investment manager, kept its BlackRock iShares Bitcoin Trust (IBIT) position unchanged through Q2. TTSTC reported holding 197,844 IBIT shares in its June 30 Form 13F, the same share count as in an amended March 31 filing—indicating no shares were sold during a quarter when Bitcoin fell. At June 30, BlackRock reported IBIT net asset value (NAV) at $33.48 per share (down from $38.62 at March-end). Using that NAV, the 197,844 shares were worth about $6.62 million—down roughly 34% on paper, versus the original $10 million allocated to the Texas Strategic Bitcoin Reserve. The filings also show a mismatch between the unchanged reported value entries (around $7.602 million carried in the amended March filing and repeated in June) and the lower market value implied by NAV and BTC’s decline. Bitcoin declined 13.25% during the quarter, while IBIT’s NAV fell 13.31%. Texas previously used IBIT as an interim vehicle while preparing to shift toward direct Bitcoin custody infrastructure. The latest 13F suggests Texas absorbed the Bitcoin drawdown without reducing its disclosed exposure to the Bitcoin ETF.

Neutral

Neutral because the news is mainly about disclosure and position management rather than a new buy/sell catalyst. Texas (TTSTC) did not reduce its disclosed Bitcoin ETF holdings even as Bitcoin fell ~13% in the quarter; this can be read as a stabilizing, longer-term accumulation stance. However, the immediate effect on liquidity is likely limited because there’s no evidence of incremental buying—only a mark-to-market decline to about $6.62M. The NAV/value discrepancy also suggests traders should be cautious about over-interpreting the filings for near-term flows. In the short term, unchanged 13F holdings during a drawdown typically reduces “forced selling” narratives, which can be mildly supportive for sentiment. In the long term, if Texas continues holding through volatility while building toward direct custody, it signals growing sovereign-level participation. Similar to how other large holders’ steady ETF/balance disclosures can calm markets during selloffs, this may dampen volatility expectations, but it’s not a direct bullish trigger without confirmation of new inflows.