Texas is moving its Strategic Bitcoin Reserve off the shelf and into a vault. The state issued a Request for Proposal on May 7 seeking a custodian and liquidity provider to transition its Bitcoin holdings from BlackRock’s iShares Bitcoin Trust ETF into directly held coins.
The procurement document, announced by the Texas Comptroller’s office, signals that the state wants to actually own Bitcoin rather than hold a financial product that tracks it.
From ETF wrapper to on-chain ownership
Texas allocated $10 million for its Strategic Bitcoin Reserve through Senate Bill 21, which Governor Greg Abbott signed on June 20, 2025. The state made its first move on November 20, 2025, putting $5 million into BlackRock’s IBIT as a temporary placeholder while it figured out the direct custody plumbing.
That temporary arrangement is now getting replaced. The RFP, numbered 908-26-1778WS, has a deadline of June 15, 2026 for vendor proposals, with the transition expected to kick off around August 2026.
