Texas has launched a $5 million Bitcoin reserve, becoming the first U.S. state to hold Bitcoin as a reserve asset. The initiative, led by Texas Comptroller of Accounts Kelly Hancock, follows a legislative resolution to create a strategic Bitcoin reserve. The state allocated $10 million in total for Bitcoin purchases, a fraction of its $338 billion annual budget, with the first purchase made on November 20 at $91,336 per BTC. Lee Bratcher, chair of the Texas Blockchain Council, expressed optimism about the long-term benefits of the investment. While Arizona and New Hampshire have passed similar laws, they have yet to make purchases. Meanwhile, Wisconsin and Michigan have previously invested in crypto for pension funds. Bitcoin is currently trading at $92,311, marking a 2.5% increase in the last 24 hours.
Texas Establishes $5M Bitcoin Reserve, First U.S. State to Hold BTC
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