Texas is moving its state-level Bitcoin reserve from policy framework to implementation. With the advisory committee established and the selection of custodians underway, the state is preparing to gradually transition its existing exposure through IBIT into direct Bitcoin holdings.
The advisory board has selected its members.
The Texas Comptroller’s Office stated that Acting Comptroller Kelly Hancock will join the five-member advisory committee. The committee, established by Senate Bill 21, which takes effect on June 22, 2025, is tasked with providing recommendations on the custody, valuation, and management of reserve assets.
Other members include Laurie Dotter, Chair of the Investment Advisory Committee of the Texas Employees Retirement System; Jamie McAvity, Founder and CEO of Cormint Data Systems; Carla Reyes, Professor of Law at Southern Methodist University; and Gary A. Vecchiarelli, President and CFO of CleanSpark.
Texas initiates selection of custodial institutions
The Office of the Comptroller also issued a request for proposals to identify qualified crypto asset custodians. The scope of the tender covers secure custody, liquidity services, and asset management, indicating that Texas is building a more comprehensive operational framework for its state reserve.
According to the disclosure, the Texas plan focuses on direct custody and financial control, while leaving room for future support of additional digital assets. This makes it one of the faster-moving states in the U.S. toward establishing a formal Bitcoin reserve framework.
- The reserve format will shift from IBIT exposure to direct holding.
- Custody needs cover secure storage and liquidity services.
- Asset management has also been included in this round of bidding.
The federal program is still pending legal advancement.
The federal strategic Bitcoin reserve has not yet been fully implemented. President Trump signed an executive order in March 2025 requiring the Treasury to establish a reserve using Bitcoin obtained from criminal and civil forfeitures, and prohibiting the sale of these holdings.
The article states that the U.S. government holds approximately 328,372 bitcoins related to seized cases, making it the largest known national holder of bitcoin. Patrick Witt, Executive Director of the President’s Advisory Committee on Digital Assets, said in January that legal issues surrounding the matter were still unresolved, but by May, he noted significant progress had been made and that further announcements were imminent.
The congressional crypto purchase bill has not yet been passed.
At the congressional level, Senator Cynthia Lummis and Representative Nick Begich support the U.S. Reserve Modernization Act, which would authorize the Treasury to purchase up to 200,000 bitcoins annually for five consecutive years and require holding them for at least 20 years.
If the bill is ultimately approved, the Treasury Department is expected to purchase Bitcoin on the open market for the first time in the fourth quarter of 2026. Unlike Texas, which has already entered the execution preparation phase, the federal initiative remains at the legal and legislative advancement stage.