Texas has moved closer to owning Bitcoin directly after naming a new advisory committee to guide the state’s Strategic Bitcoin Reserve.
Summary
- Texas has appointed a five-member advisory committee to guide the management, custody and valuation of its Strategic Bitcoin Reserve.
- The state is looking for a qualified crypto custodian as it prepares to move from IBIT-based exposure to directly held Bitcoin.
- The pool currently has around $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 Bitcoin Strategic Reserve Advisory Committee, which will advise the state on the custody, valuation and management of bitcoin holdings.
The committee was created under Senate Bill 21which the 89th Texas Legislature passed and signed into law on June 22, 2025. The law gave the Comptroller’s Office authority to manage the reserve and establish a framework for Bitcoin exposure at the state level.
hancock saying In a statement, lawmakers gave his office a clear duty to manage the reserve with transparency, security and strong financial controls. He added that the committee brings the expertise necessary to carry out that work carefully and in the interest of Texas taxpayers.
Texas appoints Bitcoin reserve advisors
In addition to Hancock, the panel includes Laurie Dotter, chair of the Texas Employees Retirement System Investment Advisory Board. According to the Comptroller’s Office, Dotter brings more than 35 years of experience in investment supervision and governance.
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 Committee. Reyes also testified before Congress on blockchain policy.
Rounding out the panel is Gary A. Vecchiarelli, CPA, President and CFO of CleanSpark. The Comptroller’s office cited his work in building CleanSpark’s Bitcoin trading desk, performance strategies, and digital asset governance systems.
The state is looking for a crypto custodian
At the same time, the Comptroller issued a request for proposals for a qualified crypto custodian to support the reserve. The RFP covers secure custody, liquidity services and asset management.
According to the office, the pool currently has around $10 million of exposure through BlackRock’s iShares Bitcoin Trust. The RFP outlines a plan to move from ETF-based exposure to direct Bitcoin holdings within 60 days of the contract being signed.
The search for custodians places Texas among the most active US states seeking a formal Bitcoin reserve structure. According to the RFP, the state’s focus is on direct custody, financial controls, and supporting additional digital assets over time.
The Federal Reserve’s plan is still in development
Meanwhile, the federal government has continued working on its own Bitcoin Strategic Reserve. President Donald Trump signed an executive order dated March 6, 2025, directing the Treasury Department to create a reserve using Bitcoin already held through criminal and civil forfeitures.
The order prohibited the Treasury from selling those holdings. Holdings linked to the US government seizure were estimated at 328,372 BTC, making it the largest known state holder of Bitcoin.
In January 2026, Patrick Witt, executive director of the President’s Council of Advisors for Digital Assets, said legal issues still needed to be resolved before the Federal Reserve could be completed. In May 2026, Witt said that significant legal progress had been made and an announcement was near.
In the Capitol, Senator Cynthia Lummis and Rep. Nick Begich have endorsed the American Reserve Modernization Act. The bill would allow the Treasury to purchase up to 200,000 BTC each year for five years.
Under the proposal, the Treasury would hold Bitcoin for at least 20 years. If Congress passes the bill, the Treasury’s first Bitcoin purchase on the open market is projected for the fourth quarter of 2026.
