Texas is buying Bitcoin. And they’re making American history in the process.
What’s happening:
- Texas has officially made a $5M purchase of Bitcoin through BlackRock’s iShares Bitcoin Trust ETF (NASDAQ: IBIT)
Why it matters:
- The new purchase makes Texas the first state to ever buy Bitcoin to hold directly as an asset as part of their newly created Strategic Bitcoin Reserve
Going deeper:
- Texas has publicly stated that they plan to eventually transition to self custody of their own Bitcoin rather than purchasing exposure to Bitcoin through spot Bitcoin ETFs
- Other states including New Hampshire and Arizona previously made waves when they passed new laws to allow using state funds to purchase Bitcoin however none of those states have begun buying Bitcoin yet
