Texas is moving its state-level Bitcoin reserve from policy framework to implementation. With the establishment of an advisory committee and the initiation of the selection process for custodian institutions, the state plans to gradually convert its existing IBIT-based exposure into direct Bitcoin holdings.
The advisory committee has been selected.
The Texas Comptroller's office stated that Acting Comptroller Kelly Hancock will join a five-member advisory committee. This committee, established under Senate Bill 21, which took effect on June 22, 2025, is responsible for advising on the custody, valuation, and management of reserve assets.
The remaining members include Laurie Dotter, chair of the Texas Employees Retirement System Investment Advisory Committee; Jamie McAvity, founder and CEO of Cormint Data Systems; Carla Reyes, law professor at Southern Methodist University; and Gary A. Vecchiarelli, president and CFO of CleanSpark.
Texas launches selection process for custodian institutions
The Comptroller's office also issued a request for proposals to find qualified custodians for crypto assets. The scope of the tender covers secure custody, liquidity services, and asset management, indicating that Texas is establishing a more comprehensive execution system for its state reserves.
According to the disclosed information, the Texas plan focuses on direct custody and financial control, while reserving space for future support of more digital assets. This makes it one of the fastest-moving states in the US to implement a formal Bitcoin reserve architecture.
- The form of reserves will shift from IBIT exposure to direct holding.
- Custody needs cover secure safekeeping and liquidity services
- Asset management has also been included in this round of bidding.
The federal plan still awaits legal progress.
A federal-level strategic Bitcoin reserve is not yet fully in place. Trump signed an executive order in March 2025 requiring the Treasury Department to establish a reserve of Bitcoin obtained through criminal and civil forfeitures and prohibiting the sale of related holdings.
The article states that the U.S. government holds approximately 328,372 Bitcoins related to the forfeiture case, making it the largest known state-owned Bitcoin holder. Patrick Witt, executive director of the President's Advisory Council on Digital Assets, stated in January that related legal issues remained unresolved, and in May claimed significant progress was underway, with further announcements imminent.
The Congressional Currency Purchase Act has not yet been passed.
At the congressional level, Senator Cynthia Lummis and Representative Nick Begich supported the U.S. Reserve Modernization Act. This bill proposes allowing the Treasury Department to purchase up to 200,000 bitcoins annually for five consecutive years, requiring a minimum holding period of 20 years.
If the bill is ultimately approved, the Treasury Department is expected to make its first purchase of Bitcoin on the open market in the fourth quarter of 2026. Unlike Texas, which is already in the implementation preparation stage, the federal plan is currently still in the legal and legislative advancement phase.
