Texas didn't touch its Bitcoin ETF position in the second quarter. The state's investment arm reported the same 197,844 shares of BlackRock's iShares Bitcoin Trust in its June 30 filing as it did three months earlier, even as Bitcoin's price dropped sharply. By the end of June, the stake's market value had fallen to about $6.62 million.
The value gap in the filing
Here's the odd part. The June filing lists the position's value as $7.602 million — exactly the same number as the amended March filing. That's because the value was recorded as of the prior quarter-end, not the current one. Back in late March, IBIT traded near $38 per share, making the stake worth $7.602 million. By June 30, those same shares were worth roughly $980,000 less based on BlackRock's reported net asset value.
The unchanged value entry is at odds with what the shares were actually worth at the second-quarter reporting date. Texas entered Q2 with 197,844 IBIT shares and finished with the same amount, despite Bitcoin's 13.25% decline to $59,101.49 from $68,129.64. IBIT's NAV fell 13.31% during the quarter.
Texas's reserve plans
The position sits inside the Texas Strategic Bitcoin Reserve, created with a $10 million appropriation from the state legislature. The Texas Treasury Safekeeping Trust Company — the state-created investment manager that oversees about $165 billion — holds the IBIT shares as an interim investment. Texas has said it used the ETF to get exposure while it works on infrastructure for direct Bitcoin custody.
That's a temporary arrangement, but the filing shows no rush to adjust. At June 30 valuation, the shares were worth about $3.38 million less than the original $10 million appropriation. The state hasn't said when it expects to move to direct custody, or whether it plans to add or trim the position in the third quarter.
