- State legislation allocates $10 million to build a Bitcoin reserve.
- Texas is preparing a formal bid process to select a custodian for the reserve.
- New Hampshire authorized a Bitcoin reserve framework and approved a $100 million Bitcoin bond.
Texas is moving forward with one of the most ambitious state-level crypto strategies in the country as it begins to establish the framework for a government-owned Bitcoin reserve.
The state has taken its first formal step by purchasing $5 million in shares of BlackRock’s iShares Bitcoin Trust.
This initial purchase is part of a larger plan established by legislation passed earlier this year, which set aside $10 million for the future accumulation of Bitcoin.
By making this early move, Texas becomes the first U.S. state to hold a dedicated cryptocurrency reserve, positioning itself at the forefront of a growing competition between states exploring digital asset policies.
Texas lays groundwork for its Bitcoin reserve
State officials have been gathering input from the crypto industry to shape how the reserve will operate.
The review began after Texas issued a request for information in September, seeking guidance on best practices for custody, security and management.
Industry groups submitted detailed proposals outlining custody models, investment structures, governance frameworks and security systems.
That information will help ensure the reserve can be managed with clear procedures as the plan moves from concept to execution.
Texas officials are expected to follow this phase with a formal request for proposals.
The upcoming bid will be used to select a custodian and to finalize the operational rules for the program.
According to CoinDesk, the recent $5 million allocation is a temporary measure rather than direct ownership of Bitcoin while the state completes its selection process.
States test different government crypto strategies
Other states have also gained exposure to Bitcoin, though they have used different channels.
Michigan and Wisconsin accessed cryptocurrency markets through public employee pension funds.
Public records show Wisconsin sold a $350 million allocation in May.
These moves reflect growing institutional interest at the state level even where governments have not adopted dedicated reserves.
Several states are actively studying the idea of holding Bitcoin for strategic purposes.
New Hampshire has authorized the creation of a state Bitcoin reserve but has not yet made any purchases.
Last week, the New Hampshire Business Finance Authority approved a $100 million Bitcoin bond intended to support an economic development fund backed by cryptocurrency.
That structure relies more on private-sector participation than on direct state accumulation.
Initial developments continue nationwide
Arizona is also taking steps toward a government-held reserve.
Its law directs certain unclaimed crypto assets in state custody into a dedicated reserve.
The plan establishes an initial legal foundation that could support future accumulation, although a full reserve framework remains under development.
These early efforts show expanding interest among states in integrating digital assets into long-term financial planning.
State-level activity is unfolding alongside federal discussions.
Former President Donald Trump has publicly supported the idea of a national investment strategy in Bitcoin.
The administration issued an executive order directing officials to begin planning a Federal Reserve framework.
Government teams working on the initiative are now awaiting congressional approval before moving to the next stage.
Texas sets the pace for state cryptocurrency adoption
Thanks to legislative backing and its first confirmed investment, Texas remains the most advanced state initiative to date.
The move signals a shift from exploratory interest to practical implementation, with a structured plan to select custodians and define reserve operations.
How the state transitions from temporary allocations to direct Bitcoin ownership will depend on the outcome of procurement, contracting and governance processes that are still being finalized.