Texas Bitcoin Reserve don name advisers an don move IBIT to BTC
Texas dey move im Bitcoin reserve from planning go implementation. Acting Texas Comptroller Kelly Hancock go chair one five-person advisory committee wey Senate Bill 21 create to guide how dem go custody, value, and manage Bitcoin. Di panel get CleanSpark CFO/President Gary A. Vecchiarelli, Cormint Data Systems CEO Jamie McAvity, SMU law professor Carla Reyes, and Laurie Dotter.
Alongside di committee, Texas release one RFP to select crypto custodian. State current exposure na about $10 million through BlackRock’s iShares Bitcoin Trust (IBIT). Under di RFP terms, Texas plan to shift from ETF-based exposure to directly held Bitcoin within 60 days after dem sign contract, with priority for secure custody, liquidity services, and financial controls.
Federal background still dey move but e dey delayed. One U.S. executive order on March 6, 2025 direct Treasury to build one reserve using forfeiture-linked Bitcoin and forbid to sell those holdings. Separately, Congress dey consider American Reserves Modernization Act which—if e pass—fit allow Treasury to buy up to 200,000 BTC per year for five years, with long hold period.
For traders, Texas Bitcoin reserve dey reinforce di “institutional-style state accumulation” story. Di 60-day custody transition likely go sharp attention on custody/ETF flows and BTC market structure, even if near-term spot supply effects small.
Bullish
Texas Bitcoin reserve wey dey appoint advisory committee and dey run RFP for custody na concrete step to convert state exposure wey dey on top institutional style to BTC wey dem go hold direct (via planned ETF-to-BTC transition inside 60 days). E fit no immediately create large extra spot buying, but e dey strengthen the broader accumulation story and fit tighten expectations about custody quality, liquidity arrangements, and governance—things wey dey often support sustained demand sentiment. Federal Reserve efforts (even if dem delay) add to the tailwind, but the trading catalyst wey likely go spark am na the custody transition timeline and any changes for how BTC exposure dey executed.