Texas is moving closer to holding Bitcoin after forming a new advisory board to guide the state’s strategic Bitcoin reserve.
summation
- Texas has appointed a five-member advisory board to guide the management, custody and valuation of its strategic Bitcoin reserve.
- The state is seeking a qualified cryptocurrency custodian as it prepares to transition from IBIT-based exposure to directly holding bitcoin.
- The reserve currently holds approximately $10 million in Bitcoin exposure through BlackRock’s iShares Bitcoin Trust.
The Texas Comptroller’s Office said Thursday that Acting Comptroller Kelly Hancock will serve on the five-member Texas Strategic Bitcoin Reserve Advisory Board. This committee will advise the state on the custody, valuation, and management of its Bitcoin holdings.
The commission was created pursuant to Senate Bill 21, which was passed and signed into law by the 89th Texas Legislature on June 22, 2025. The law gave the Office of the Comptroller the authority to manage the reserve and establish a framework for state-level Bitcoin exposure.
Hancock said in a statement that lawmakers have given his office a clear mandate to manage the reserves with transparency, security and strong financial controls. He added that the committee conducts its work thoughtfully and provides the necessary expertise for the benefit of Texas taxpayers.
Texas Appoints Preliminary Bitcoin Advisor
Along with Hancock, the panel includes Laurie Dotter, chair of the Texas Employees Retirement System Investment Advisory Committee; Dotter has more than 35 years of experience in investment oversight and governance, according to the Comptroller’s Office.
Jamie McAvity, founder and CEO of Cormint Data Systems, also joined the committee. Cormint operates a 130-megawatt Bitcoin mining facility in Fort Stockton, which the company has described as one of the most efficient mining sites in the country.
The committee also includes Carla Reyes, a Southern Methodist University law professor who serves on the Commodity Futures Trading Commission’s Innovation Advisory Board. Reyes has also testified before Congress on blockchain policy.
Gary A. Vecchiarelli, President and CFO of CleanSpark, rounds out the panel. The Comptroller’s Office cited his work building CleanSpark’s Bitcoin trading desk, yield strategy and digital asset governance system.
State seeks cryptocurrency custodian
At the same time, the Office of the Comptroller requested proposals for qualified cryptocurrency custodians to support the reserve. The RFP addresses secure custody, liquidity services and asset management.
According to the office, the reserve currently has approximately $10 million of exposure through BlackRock’s iShares Bitcoin Trust. The RFP outlines a plan to transition from ETF-based exposure to direct Bitcoin holdings within 60 days of signing the contract.
Texas is one of the most active states in the U.S. seeking a formal Bitcoin holding structure, according to custodian searches. According to the RFP, the state’s approach focuses on direct custody, financial control, and support for additional digital assets over time.
Federal Reserve (Fed) plan still in development
Meanwhile, the federal government has continued work on its own strategic Bitcoin reserve. President Donald Trump signed an executive order on March 6, 2025, directing the Treasury Department to create reserves using Bitcoin it already holds through criminal and civil forfeiture.
The order prohibited the Treasury from selling its holdings. The U.S. government’s forfeiture-related holdings are estimated at 328,372 BTC, making it the largest known holder of Bitcoin.
In January 2026, Patrick Witt, executive director of the President’s Digital Assets Advisory Council, said legal issues still needed to be resolved before the Fed could be completed. Witt said a major legal breakthrough has been reached by May 2026 and an announcement is close.
On Capitol Hill, Senator Cynthia Lummis and Representative Nick Begich supported the Modernize America’s Reserves Act. The bill allows the Treasury to purchase up to 200,000 BTC per year for five years.
Under the proposal, the Treasury would hold Bitcoin for at least 20 years. If Congress passes the bill, the first open market Treasury Bitcoin purchases are expected to occur in the fourth quarter of 2026.