Texas has moved nearer to holding Bitcoin instantly after naming a brand new advisory committee to information the state’s Strategic Bitcoin Reserve.
Abstract
- Texas has named a five-member advisory committee to information the administration, custody, and valuation of its Strategic Bitcoin Reserve.
- The state is searching for a professional crypto custodian because it prepares to maneuver from IBIT-based publicity to instantly held Bitcoin.
- The reserve presently holds about $10 million in Bitcoin publicity by BlackRock’s iShares Bitcoin Belief.
The Texas Comptroller’s workplace mentioned Thursday that Performing Comptroller Kelly Hancock will serve on the five-member Texas Strategic Bitcoin Reserve Advisory Committee, which can advise the state on custody, valuation, and administration of Bitcoin holdings.
The committee was created underneath Senate Invoice 21, which the 89th Texas Legislature handed and signed into legislation on June 22, 2025. The legislation gave the Comptroller’s workplace authority to manage the reserve and arrange a framework for state-level Bitcoin publicity.
Hancock mentioned in an announcement that lawmakers gave his workplace a transparent obligation to handle the reserve with transparency, safety, and robust monetary controls. He added that the committee brings the experience wanted to hold out that work fastidiously and within the curiosity of Texas taxpayers.
Texas names Bitcoin reserve advisers
Alongside Hancock, the panel consists of Laurie Dotter, chair of the Funding Advisory Board for the Staff’ Retirement System of Texas. In keeping with the Comptroller’s workplace, Dotter brings greater than 35 years of expertise in funding oversight and governance.
Jamie McAvity, founder and CEO of Cormint Knowledge Techniques, additionally joined the committee. Cormint operates a 130-megawatt Bitcoin mining facility in Fort Stockton, which the corporate has described as probably the most environment friendly mining websites within the nation.
The committee additionally consists of Carla Reyes, a Southern Methodist College legislation professor who serves on the Commodity Futures Buying and selling Fee’s Innovation Advisory Committee. Reyes has additionally testified earlier than Congress on blockchain coverage.
Gary A. Vecchiarelli, CPA, president and CFO of CleanSpark, completes the panel. The Comptroller’s workplace cited his work constructing CleanSpark’s Bitcoin buying and selling desk, yield methods, and digital asset governance techniques.
State seeks Crypto Custodian
On the identical time, the Comptroller’s workplace issued a request for proposals for a professional crypto custodian to assist the reserve. The RFP covers safe custody, liquidity providers, and asset administration.
In keeping with the workplace, the reserve presently has about $10 million of publicity by BlackRock’s iShares Bitcoin Belief. The RFP outlines a plan to transition from ETF-based publicity to direct Bitcoin holdings inside 60 days of contract signing.
The custodian search locations Texas among the many most energetic U.S. states pursuing a proper Bitcoin reserve construction. The state’s strategy facilities on direct custody, monetary controls, and assist for added digital property over time, in line with the RFP.
Federal Reserve plan remains to be growing
In the meantime, the federal authorities has continued work by itself Strategic Bitcoin Reserve. President Donald Trump signed an government order on March 6, 2025, directing the Treasury Division to create a reserve utilizing Bitcoin already held by prison and civil forfeitures.
The order barred the Treasury from promoting these holdings. The U.S. authorities’s forfeiture-linked holdings had been estimated at 328,372 BTC, making it the most important recognized state holder of Bitcoin.
In January 2026, Patrick Witt, government director of the President’s Council of Advisors for Digital Property, mentioned authorized points nonetheless wanted to be resolved earlier than the Federal Reserve may very well be accomplished. By Could 2026, Witt mentioned a serious authorized breakthrough had been reached and that an announcement was shut.
On Capitol Hill, Senator Cynthia Lummis and Consultant Nick Begich have backed the American Reserves Modernization Act. The invoice would enable the Treasury to purchase as much as 200,000 BTC annually for 5 years.
Below the proposal, the Treasury would maintain the Bitcoin for not less than 20 years. If Congress passes the invoice, the primary open-market Treasury Bitcoin buy is projected for the fourth quarter of 2026.
