- State law allocates $10 million for building a Bitcoin reserve
- Texas is preparing an official bidding process to select a custodian for the reserve
- New Hampshire approved a Bitcoin reserve and authorized $100 million in Bitcoin bonds
Texas is advancing one of the most ambitious state-level cryptocurrency strategies in the country as it begins to establish the framework for a government Bitcoin reserve.
The state has taken its first formal step by purchasing $5 million worth of BlackRock’s iShares Bitcoin Trust.
That purchase is part of a broader plan created under legislation passed earlier this year that set aside $10 million to accumulate Bitcoin over time.
This early activity makes Texas the first U.S. state to hold a dedicated digital-asset reserve, positioning it at the forefront of a growing competition among states exploring digital-asset policy.
Texas lays the groundwork for a Bitcoin reserve
State officials gathered input from the cryptocurrency industry to help design how the reserve will operate.
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 responses that covered custody models, investment structures, governance frameworks, and security systems.
The process is part of a larger effort to ensure the reserve can be managed under clear procedures as the project moves from planning into execution.
Officials expect to follow this step with a formal request for proposals.
The competitive bidding process will select a custodian and set final operational rules for the program.
The recent $5 million allocation functions as an interim measure rather than direct Bitcoin ownership while the state completes its selection process, according to reports.
States pursue varied government crypto strategies
Other states are also finding ways to engage with Bitcoin, though through different channels.
Michigan and Wisconsin accessed the digital-asset market via public employee retirement funds.
Wisconsin sold a $350 million allocation in May, according to public records.
These moves reflect growing institutional interest at the state level even as most governments have not yet adopted dedicated reserves.
Several states are studying the strategic case for holding Bitcoin as part of long-term planning.
New Hampshire has authorized the creation of a state Bitcoin reserve, although it has not yet made any purchases.
Last week, New Hampshire’s business finance authority approved $100 million in Bitcoin bonds intended to support a crypto-backed economic development fund.
That structure relies more on private-sector activity than direct accumulation by the state.
Early developments continue nationwide
Arizona is taking steps toward establishing a state-level reserve by directing unclaimed digital-asset holdings to a dedicated fund.
The law creates an initial legal foundation that could support future accumulation, even as a full reserve framework remains under development.
These early efforts reflect growing interest among states in integrating digital assets into long-term financial planning.
State-level activity is unfolding alongside federal discussion.
President Donald Trump has publicly supported the idea of a national Bitcoin investment strategy.
The administration issued an executive directive instructing officials to begin planning a federal framework.
The government team working on the initiative is awaiting congressional approval before proceeding to the next stages.
Texas sets the pace for state adoption of crypto
Texas remains the most advanced state-level initiative, backed by legal authorization and the first confirmed investment.
The move signals a shift from exploratory interest to concrete implementation, with plans for custodian selection and operational governance already underway.
The next steps will determine how the state transitions from temporary allocations to direct Bitcoin ownership once contracts and oversight systems are finalized.