Texas is moving closer to holding Bitcoin directly, after opening a search for a custody and liquidity provider for its Strategic Bitcoin Reserve.
Summary
- Texas seeks custody services to move its $10M reserve from IBIT into direct Bitcoin holdings.
- The RFP asks providers to acquire, hold, manage and report Texas Bitcoin and crypto holdings.
- Hancock named four advisors to guide custody, risk controls and public reporting for the reserve.
Meanwhile, the state wants to shift its reserve from BlackRock’s iShares Bitcoin Trust into directly held Bitcoin through a third-party custody structure.
Texas seeks crypto custodian for Bitcoin reserve
The Texas Comptroller of Public Accounts posted the request for proposals on May 7. The document seeks qualified firms to provide custody and liquidity services for the Texas Strategic Bitcoin Reserve.
Currently, the reserve has about $10 million in Bitcoin exposure through IBIT. The ETF was used as an interim structure while Texas prepared the systems needed for direct custody.
The selected provider will help the state buy, hold, manage and report Bitcoin and other qualifying crypto assets. The RFP also calls for secure asset storage in the name of the State of Texas.
The contract would also cover liquidity services. That means the provider must support Bitcoin purchases and sales for the reserve when needed.
Texas plans shift from IBIT to direct BTC
The RFP sets out a transition plan from ETF exposure to directly custodied Bitcoin. The selected firm is expected to support the move within 60 days of contract execution.
This marks a change in how Texas plans to manage the reserve. IBIT gives the state price exposure to Bitcoin, but direct custody would place the coins under a structure arranged for the state.
The procurement document also calls for institutional-grade security. Required services include key management, operational controls, reporting, and secure custody tools.
The reserve may also include other qualifying cryptocurrencies over time. However, Bitcoin remains the main asset named in the current reserve structure.
Advisory committee will guide reserve controls
Acting Texas Comptroller Kelly Hancock also named members of the Texas Strategic Bitcoin Reserve Advisory Committee. The panel will advise on how the reserve is managed.
The committee includes Laurie Dotter, Jamie McAvity, Carla Reyes, and Gary Vecchiarelli. Their backgrounds cover investment management, Bitcoin mining, digital asset law, finance, and public company governance.
Hancock said the reserve must be run with “transparency, security and strong financial controls.” The committee will advise on custody, risk rules, valuation, reporting, and digital asset management.
The Comptroller’s office also said the selected firm must build a public website. The site will show reserve holdings, values, and educational materials for the public.
Texas Bitcoin reserve fits wider U.S. crypto policy trend
The Texas move follows earlier crypto.news coverage of the state’s Bitcoin reserve legislation. That reporting covered the first policy push to create a state-level Bitcoin reserve.
Separate crypto.news coverage also tracked U.S. federal policy discussions around strategic Bitcoin reserves and domestic Bitcoin mining. Those reports show that Bitcoin reserves remain part of a wider policy debate in the United States.
For Texas, the latest step is operational rather than legislative. The state is now looking for the custody, liquidity, reporting, and website systems needed to run the reserve.
The process gives vendors until June 15 to respond. After that, Texas will review providers that can support direct Bitcoin custody and state-level reserve reporting.
