Texas state is switching to a self-custody system for its bitcoin reserves

The U.S. state of Texas is planning to advance to a new stage in managing its strategic Bitcoin reserve, according to Zamin.uz.

The state government has decided to transfer existing funds directly into Bitcoin via BlackRock’s iShares Bitcoin Trust, aiming to hold digital assets directly rather than through intermediaries.

According to documents filed with the relevant regulatory authority, Texas now intends to store cryptocurrencies directly on-chain via third-party service providers.

This information has been confirmed by influential publications, indicating the state’s serious approach to the digital economy. Currently, Texas has allocated ten million dollars for its strategic Bitcoin reserve.

Until now, these funds were temporarily held in specific equities as a placeholder. Under the newly announced tender terms, the winning company will assume full responsibility for purchasing Bitcoin and other approved cryptocurrencies on behalf of the state, securely storing them, and managing the assets.

The service provider is also required to submit regular reports on all operations. As per the established procedure, the selected partner must transfer all assets directly into Bitcoin within sixty days of signing the contract.

The service provider must ensure top-level security safeguards and launch a dedicated webpage displaying the current value of the reserve to the public, enhancing investment transparency.

Texas’s interim comptroller, Kelly Hankins, has also appointed members of a special advisory committee to oversee the efficient management of this process.

Experienced specialists on the committee will provide recommendations on investment strategy and managing potential risks.

Such measures are of significant importance for ensuring the state’s financial stability. Supporters of this initiative view Bitcoin and other major digital assets as reliable protection against inflation and economic volatility.

Texas’s decisive step in this direction is expected to further strengthen its position as a leader in blockchain technology and modern financial systems.

The experience gained could serve as a model for other regions in the future.