A public website showing real-time Bitcoin holdings and valuations is required from companies that sign contracts. This is a transparency measure that sets Texas apart from most institutional holders.
The state comptroller’s office announced the requirements last Thursday along with the announcement of a new advisory board formed to guide sanctuary operations.
Go directly
Texas holds $10 million worth of BlackRock’s iShares Bitcoin Trust, a spot ETF used as a temporary position while the state develops its long-term plan.
That plan is now taking shape, which means moving from ETF exposure to Bitcoin being held directly in the state’s name.
BREAKING NEWS: Texas announces plans to purchase more #BITCOIN with reserves.
First week to publicly purchase BTC.
It’s really amazing 🔥 pic.twitter.com/zFRBMs6MRP
— Bitcoin Historian (@pete_rizzo_) May 29, 2026
The Texas Comptroller of Public Accounts issued a Request for Proposals on May 7, asking for custody and liquidity providers to handle the transition.
The winning company must transfer its existing IBIT holdings to directly managed Bitcoin within 60 days of signing the contract.
The scope of work goes beyond simply storing coins. According to the procurement document, the provider must handle acquisitions, sales, ongoing management and reporting, which encompasses all tasks required to operate a state-level Bitcoin reserve.
who will advise
Acting Comptroller Kelly Hancock has appointed four people to the Texas Strategic Bitcoin Reserve Advisory Board. This is Laurie Dotter, a veteran investment executive. Jamie McAvity, founder and CEO of Cormint Data Systems; Carla Reyes, professor of digital asset law at Southern Methodist University; and Gary Vecchiarelli, President and CFO of CleanSpark.
The commission’s role covers custody arrangements, risk management and how the state reports its performance to lawmakers. We will also weigh up our broader investment strategy for future reserves.
Officials said the reserve could eventually hold assets beyond Bitcoin. The RFP language left the door open for other large cryptocurrencies, but no specifics were mentioned.
reserve fund based on law
The reserve was created through state legislation supported by proponents who argue that Bitcoin could act as a buffer against inflation and economic fluctuations over time. From the beginning, Texas allocated $10 million to raise funds, using IBIT as a bridging location.
The public transparency website is one of the most unusual features of the plan. Texas will basically update its cryptocurrency holdings in real time and publish a real-time ledger that anyone can access.
Proposals from interested management companies are being accepted through the state’s procurement portal.
Featured image from Pexels, chart from TradingView
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