Texas Crypto Reserve takes a key step by allocating $5 million to BlackRock's Bitcoin spot ETF

According to Coindesk, Texas has taken a key step in building a state-level cryptocurrency reserve. Officials revealed that the state has invested $5 million in BlackRock's Bitcoin ETF, although the Texas Strategic Bitcoin Reserve plan is still in preparation.

The state has recently solicited industry feedback on establishing a compliance plan for the Bitcoin reserve and allocated $10 million through legislation earlier this year. After completing the final few procedural steps, Texas is expected to become the first state government in the U.S. to seriously initiate long-term investment in cryptocurrency assets. A spokesperson for the state auditor's office confirmed on Tuesday that, as a transitional measure before establishing a custody contract, $5 million has already been allocated to the BlackRock iShares Bitcoin Trust.