Texas Names Bitcoin Reserve Advisory Committee as It Plans Direct Custody
Texas has appointed a five-member advisory committee to oversee its Strategic Bitcoin Reserve and issued a request for proposals for a crypto custodian. The state currently holds about $10 million in exposure through the iShares Bitcoin Trust and plans to move to directly custodied bitcoin within 60 days of contract execution.
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Committee Appointed and Custody Search Launched
Acting Texas Comptroller Kelly Hancock announced the members of the Texas Strategic Bitcoin Reserve Advisory Committee on Thursday. The body was created under Senate Bill 21, which the 89th Texas Legislature passed and which was signed into law on June 22, 2025. The committee will guide the state's management, custody, and valuation of its bitcoin holdings.
The comptroller's office also issued a request for proposals seeking a qualified crypto custodian. Services sought include secure custody, liquidity, and asset management. Per the RFP, a winning firm must provide a public website showing real-time bitcoin holdings and valuations, a transparency requirement that the outlet Bitcoinist noted sets Texas apart from most institutional holders.
Committee Composition
The five members include Hancock himself, along with Laurie Dotter, who chairs the Investment Advisory Board for the Employees Retirement System of Texas; Jamie McAvity, founder and CEO of Cormint Data Systems; Carla Reyes, a Southern Methodist University law professor who sits on the federal Commodity Futures Trading Commission's Innovation Advisory Committee; and Gary A. Vecchiarelli, president and CFO of CleanSpark. Reporting on the appointments described backgrounds spanning public-sector retirement investment, bitcoin mining, legal and blockchain policy, and institutional crypto trading.
A Shift from ETF Exposure to Direct Holdings
The state's reserve currently holds roughly $10 million in exposure through the iShares Bitcoin Trust (IBIT), the spot ETF sponsored by BlackRock. The office's RFP signals a planned move to direct custody within 60 days of contract execution. Bitcoin Magazine characterized this as a shift toward full ownership and institutional-grade security. Neither the comptroller's statement nor the coverage reviewed provided a timeline for when the state would begin buying bitcoin outright, and one social media post accompanying the announcement suggested further purchases were planned, a claim the official statement did not confirm.
Federal Context
Texas's move comes while the federal government works to establish its own Strategic Bitcoin Reserve. President Trump signed an executive order on March 6, 2025, directing the Treasury Department to set up a reserve seeded with bitcoin held through criminal and civil asset forfeitures. Bitcoin Magazine cited an estimate of 328,372 BTC, which would make the U.S. the largest known state holder of bitcoin. The order bars the Treasury from selling those coins.
Progress toward a codified federal reserve has been slower than expected. In January 2026, Patrick Witt, executive director of the President's Council of Advisors for Digital Assets, acknowledged that "obscure legal provisions" still needed resolving. By May 2026, Witt said a legal breakthrough had been reached and an announcement was imminent. If the plan proceeds, the Treasury's first open-market bitcoin purchase is projected for Q4 2026.
Open Questions
The sources agree on the committee roster, the custody RFP, and the roughly $10 million ETF position. They differ in framing: Bitcoin Magazine emphasized the planned move to direct ownership, while Bitcoinist focused on the transparency requirement. Neither source provided a bid deadline, a contract value, or the custodian's selection criteria beyond the services listed in the RFP.
Why It Matters
For Traders
Texas's shift from IBIT exposure to direct custody is a multi-month process, with no near-term open-market buy confirmed in the sources.
For Investors
A state moving from ETF exposure to self-custody with public holdings reporting could set a template other states and institutions follow.
For Builders
The required real-time public holdings dashboard creates a concrete reporting standard that custody and proof-of-reserves tooling providers may need to support.
This article is for information only and is not financial advice. Read the full disclaimer.
