Texas has moved closer to holding Bitcoin directly after naming a new advisory committee to guide the state’s Strategic Bitcoin Reserve.
Summary
- Texas has named a five-member advisory committee to guide the management, custody, and valuation of its Strategic Bitcoin Reserve.
- The state is seeking a qualified crypto custodian as it prepares to move from IBIT-based exposure to directly held Bitcoin.
- The reserve currently holds about $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 Committee, which will advise the state on custody, valuation, and management of Bitcoin holdings.
The committee was created under Senate Bill 21, which the 89th Texas Legislature passed and signed into law on June 22, 2025. The law gave the Comptroller’s office authority to administer the reserve and set up a framework for state-level Bitcoin exposure.
Hancock said in a statement that 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 needed to carry out that work carefully and in the interest of Texas taxpayers.
Texas names Bitcoin reserve advisers
Alongside Hancock, the panel includes Laurie Dotter, chair of the Investment Advisory Board for the Employees’ Retirement System of Texas. According to the Comptroller’s office, Dotter brings more than 35 years of experience in investment oversight 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 has also testified before Congress on blockchain policy.
Gary A. Vecchiarelli, CPA, president and CFO of CleanSpark, completes the panel. The Comptroller’s office cited his work building CleanSpark’s Bitcoin trading desk, yield strategies, and digital asset governance systems.
State seeks Crypto Custodian
At the same time, the Comptroller’s office 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 reserve currently has about $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 contract signing.
The custodian search places Texas among the most active U.S. states pursuing a formal Bitcoin reserve structure. The state’s approach centers on direct custody, financial controls, and support for additional digital assets over time, according to the RFP.
Federal Reserve plan is still developing
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 a reserve using Bitcoin already held through criminal and civil forfeitures.
The order barred the Treasury from selling those holdings. The U.S. government’s forfeiture-linked holdings 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. By May 2026, Witt said a major legal breakthrough had been reached and that an announcement was close.
On Capitol Hill, Senator Cynthia Lummis and Representative Nick Begich have backed the American Reserves Modernization Act. The bill would allow the Treasury to buy up to 200,000 BTC each year for five years.
Under the proposal, the Treasury would hold the Bitcoin for at least 20 years. If Congress passes the bill, the first open-market Treasury Bitcoin purchase is projected for the fourth quarter of 2026.
