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Texas has taken an unexpected leap into digital finance by becoming the first state in the US to buy Bitcoin for use as a strategic reserve. The move reflects a broader push inside the state toward building a modern treasury that mixes traditional assets with crypto.
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The Associated Press reports that the initial Bitcoin purchase took place on November 20 at a price of $91,336 per coin. Acting Texas Comptroller Kelly Hancock said the plan is part of a legislative mandate aimed at strengthening financial stability.
He said:
“The Texas legislature passed a bold mandate to create the nation’s first strategic Bitcoin reserve. Our goal for implementation is simple: build a secure reserve that strengthens the state’s balance sheet. Texas is leading the way once again, and we’re proud to do it.”
The mandate authorizes up to $10 million in Bitcoin purchases, still tiny compared to the state’s $338 billion annual budget. Supporters view the allocation as a long-term strategic step rather than a short-term trade.
Lee Bratcher, president of the Texas Blockchain Council, said volatility will not discourage the state.
He said:
“It’s only a 16-year-old asset, so the volatility, both in the up and down direction, will smooth out over time. We still want it to retain some of those volatility characteristics because that’s how we could see those upward moves that will benefit the state’s finances in the future.”
Texas is not alone in exploring digital reserves. Arizona and New Hampshire both passed laws to set up Bitcoin treasury funds, though neither state has acquired crypto yet. Wisconsin and Michigan, meanwhile, made crypto purchases last year for pension investments rather than state reserves.
Texas remains the only state so far to actually add Bitcoin to its balance sheet, positioning itself as a national test case for public-sector crypto holdings.