Texas is taking another step toward building its state-backed Bitcoin reserve after appointing a group of advisers to help oversee the initiative.
The newly formed five-member committee will guide decisions related to custody, valuation, and long-term management as Texas prepares to transition from indirect exposure to directly holding Bitcoin.
Advisory Committee Announced
Acting Comptroller Kelly Hancock will serve on the committee alongside several finance, legal, and industry professionals. The group includes investment veteran Laurie Dotter, Cormint Data Systems CEO Jamie McAvity, law professor Carla Reyes, and CleanSpark CFO Gary Vecchiarelli.
Hancock said the goal is to manage the reserve with strong oversight, transparency, and security while protecting taxpayer interests.
Texas Plans Shift to Direct Bitcoin Ownership
At the same time, the Comptroller’s office has begun searching for a qualified digital asset custodian to safeguard the reserve.
Texas currently has around $10 million in Bitcoin exposure through BlackRock’s iShares Bitcoin Trust (IBIT). However, state officials plan to move those holdings into directly owned Bitcoin within 60 days of selecting a custodian.
The proposal includes secure storage, liquidity support, and asset management services, signaling that Texas is serious about establishing a long-term Bitcoin strategy.
Federal Efforts Continue
While Texas advances its plans, federal efforts have moved more slowly.
President Donald Trump signed an executive order in March 2025 directing the Treasury Department to create a national Bitcoin reserve using assets already obtained through forfeitures. Those holdings are estimated at more than 328,000 BTC, making the U.S. government one of the largest known Bitcoin holders.
Lawmakers in Washington are also considering legislation that would allow the Treasury to acquire up to 200,000 Bitcoin annually over a five-year period. If approved, the first purchases could begin in late 2026.
For now, Texas remains one of the most proactive states pursuing direct Bitcoin ownership, positioning itself at the forefront of government adoption of the digital asset.
Disclaimer: This content does not constitute trading or investment recommendations. It’s essential to conduct your own research before purchasing any cryptocurrency or investing in any services.
