Texas Became the First US State to Invest $10M in Bitcoin

• Texas has bought $10 million worth of bitcoin.
• This purchase was made within the legally created bitcoin reserve.
• In addition, the state became the first in the country to invest in the first cryptocurrency.

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Texas has taken another step towards cementing its status as a pro-bitcoin state — for the first time in US history, local authorities have officially invested in the first cryptocurrency.

The president of the Texas Blockchain Council, Lee Bratcher, announced that the state has made the country’s first $10 million bitcoin purchase, acquiring the asset on November 20, 2025, at a price of about $87,000.

He noted:

Bratcher also congratulated the Texas Treasury team and Comptroller Kevin Hancock, noting their close work in monitoring the market.

He explained that Texas is planning “eventual self-custody of bitcoin”, but while the RFP process [a public tender to select a company that will provide the technical infrastructure to store the asset] is underway, the initial allocation was made through the BlackRock IBIT ETF.

The investment is a logical continuation of more than a year and a half of legislative work by the state to create its own strategic bitcoin reserve.

In December 2024, the Texas House of Representatives introduced HB 1598, a bill aimed at creating a reserve using cryptocurrency donations. The document stipulated that some crypto assets (including bitcoin) could be sold only after five years and exclusively within the state. The initiative was designed to strengthen financial stability and enhance the role of Texas as a centre of blockchain innovation.

Already in March 2025, the Texas Senate passed SB-21, which provides for the creation of a strategic bitcoin reserve. The document also allows other crypto assets to be added to the reserve, although only bitcoin is currently eligible for the program. The bill was submitted to the governor for signature.

This follows the signing of a decree by US President Donald Trump establishing the country’s strategic bitcoin reserve.

In June, Governor Greg Abbott signed SB 21 into law, officially launching the state’s bitcoin reserve. Texas became the third state in the United States to introduce such an initiative, but at the same time, the first to make a direct purchase of the asset as part of the state strategy.