In the latest crypto news, Texas is moving closer to becoming one of the first U.S. states to directly accumulate Bitcoin as a strategic reserve asset. Acting Texas Comptroller Kelly Hancock has officially announced the formation of the Texas Strategic Bitcoin Reserve Advisory Committee. He also launched the process to secure a qualified firm that will acquire, take custody of, and manage the state’s Bitcoin holdings.
Texas Forms Strategic Bitcoin Reserve Advisory Committee
In the announcement, Hancock appointed five members to the Texas Strategic Bitcoin Reserve Advisory Committee. The appointed members of the committee include Laurie Dotter, who currently chairs the Investment Advisory Board for the Employees Retirement System of Texas; Jamie McAvity, CEO of Bitcoin mining firm Cormint Data Systems; Carla Reyes, who serves on the CFTC’s Innovation Advisory Committee; and Gary A. Vecchiarelli, president and CFO of CleanSpark. Hancock will serve as the fifth and final member.
The body, established under Senate Bill 21, will advise the state on the administration, management, valuation, custody, and risk oversight of the reserve. The reserve itself was created as a special state-controlled fund designed to hold Bitcoin and other qualifying digital assets outside the traditional state treasury structure. The fund can receive legislative appropriations, cryptocurrency holdings, investment earnings, and other reserve-related assets.
Hancock stated that the legislature gave the comptroller’s office a clear responsibility to administer the reserve with transparency, security, and strong financial controls. The advisory committee will help establish policies governing digital asset management while ensuring the reserve operates in the interest of Texas taxpayers.
With the move, Texas is set to transition from Bitcoin ETF exposure toward directly custodied Bitcoin holdings. The state previously gained exposure to Bitcoin through BlackRock’s iShares Bitcoin Trust (IBIT), including an initial position valued around $5 million.
Texas Is Looking for a Firm to Buy and Hold Bitcoin
With the announcement, Texas has now launched a Request for Proposals (RFP). The state is seeking a qualified institution to provide custody and liquidity services for the Texas Strategic Bitcoin Reserve.
According to the procurement documents, the selected firm will securely acquire, hold, manage, and report the state’s Bitcoin and cryptocurrency holdings. The provider must also deliver institutional-grade custody infrastructure, cryptocurrency key management systems, operational controls, reporting services, and liquidity solutions. Additionally, the winning firm will help build a public-facing website designed to transparently display reserve holdings and educational materials for the public.
The proposal process highlights how serious Texas has become about establishing a fully operational Bitcoin reserve. Rather than relying entirely on indirect exposure through investment vehicles, the state is building the infrastructure necessary to directly own and secure digital assets.
Bitcoin Adoption Expands in The U.S.
Texas has emerged as one of the most aggressive Bitcoin-friendly jurisdictions in the United States. The state already hosts some of the largest Bitcoin mining operations globally, with American Bitcoin (ABTC) situating two of its mining sites in the state. The passage of Senate Bill 21 further strengthened that position by creating the legal framework for a state-managed Bitcoin reserve.
The move also comes amid broader national discussions around strategic Bitcoin reserves. Earlier this month, the White House advisor on digital assets, Patrick Witt, revealed that an executive order establishing a federal Strategic Bitcoin Reserve framework is in the works. Additionally, lawmakers have proposed further legislation to integrate Bitcoin into long-term government reserve strategies.
Temitope Olajide
