Texas Bitcoin Reserve names advisers and moves IBIT to BTC

Published: 2026-05-29 21:33:53 |

Texas is moving its Texas Bitcoin reserve from planning to implementation. Acting Texas Comptroller Kelly Hancock will chair a five-member advisory committee created under Texas Senate Bill 21 to guide Bitcoin custody, valuation, and management. The panel includes CleanSpark CFO/President Gary A. Vecchiarelli, Cormint Data Systems CEO Jamie McAvity, SMU law professor Carla Reyes, and Laurie Dotter. Alongside the committee, Texas released an RFP to select a crypto custodian. The state’s current exposure is about $10 million through BlackRock’s iShares Bitcoin Trust (IBIT). Under the RFP terms, Texas plans to shift from ETF-based exposure to directly held Bitcoin within 60 days after contract signing, prioritizing secure custody, liquidity services, and financial controls. Federal backdrops remain in motion but with delays. A March 6, 2025 U.S. executive order directed Treasury to build a reserve using forfeiture-linked Bitcoin and bar selling those holdings. Separately, Congress is considering the American Reserves Modernization Act, which—if passed—could allow Treasury to buy up to 200,000 BTC per year for five years, with a long hold period. For traders, the Texas Bitcoin reserve reinforces the “institutional-style state accumulation” narrative. The 60-day custody transition is likely to sharpen attention around custody/ETF flows and BTC market structure, even if near-term spot supply effects are limited.

Bullish

Texas Bitcoin reserve appointing an advisory committee and running an RFP for custody is a concrete step toward converting institutional-style state exposure into directly held BTC (via a planned ETF-to-BTC transition within 60 days). While this may not immediately create large incremental spot buying, it strengthens the broader accumulation narrative and can tighten expectations around custody quality, liquidity arrangements, and governance—factors that often support sustained demand sentiment. The federal reserve efforts (even with delays) add to the tailwind, but the trading catalyst most likely comes from the custody transition timeline and any changes in how BTC exposure is executed.