Texas is accelerating its plan to hold Bitcoin directly, moving away from exchange-traded fund exposure. The Texas Comptroller of Public Accounts posted a request for proposals on May 7, seeking qualified firms to provide custody and liquidity services for the Texas Strategic Bitcoin Reserve.
Currently, the reserve holds about $10 million in Bitcoin exposure through BlackRock’s iShares Bitcoin Trust (IBIT), which served as an interim vehicle. The new procurement aims to shift from IBIT to directly custodied Bitcoin within 60 days of contract execution.
The selected provider will acquire, hold, manage, and report Bitcoin and any other qualifying crypto assets, with assets held in the name of the State of Texas. The RFP mandates institutional-grade security, including key management, operational controls, transaction support, and secure storage. The firm must also support liquidity services for future buys and sells.
To guide the transition, Acting Comptroller Kelly Hancock named a Strategic Bitcoin Reserve Advisory Committee comprising Laurie Dotter, Jamie McAvity, Carla Reyes, and Gary Vecchiarelli. Their expertise spans investment management, Bitcoin mining, digital asset law, finance, and governance. Hancock emphasized that the reserve must operate with “transparency, security and strong financial controls.”
The state also requires the winning vendor to build a public website displaying reserve holdings, values, and educational materials. Vendors have until June 15 to submit proposals. The move follows earlier legislation establishing the state-level Bitcoin reserve and fits into a wider U.S. policy trend where states and federal bodies explore strategic Bitcoin holdings.
