Texas Plans to Transition $10M Bitcoin Reserve to Direct Holdings

Texas is planning to shift its $10 million strategic Bitcoin reserve from the BlackRock iShares Bitcoin Trust (IBIT) spot ETF to direct Bitcoin holdings. According to Foresight News, the transition is expected to be completed within 60 days following the signing of the contract. On the same day, the Texas Comptroller's Office announced the formation of a Strategic Bitcoin Reserve Advisory Committee. The committee includes experienced investment executive Laurie Dotter, Cormint Data Systems founder Jamie McAvity, Southern Methodist University law professor Carla Reyes, and CleanSpark President and CFO Gary Vecchiarelli. This committee will provide guidance on reserve custody arrangements, risk management, and information disclosure.