Texas is turning its $10 million position in BlackRock's iShares Bitcoin Trust (IBIT) into directly held Bitcoin, and it's now looking for a firm to make that happen. The Texas Comptroller issued a request for proposals on May 7, 2026, seeking a custody and liquidity provider to manage the state's strategic Bitcoin reserve.
The RFP details
The winning firm will have to take over the state's existing IBIT holdings and convert them to directly custodied Bitcoin within 60 days of signing the contract. The provider will also handle acquisitions, sales, ongoing management, and reporting for the reserve. Texas wants a public website showing real-time Bitcoin holdings and valuations.
Beyond Bitcoin
The RFP doesn't limit the reserve to just Bitcoin. It allows the state to potentially hold other large-cap cryptocurrencies as well, though the initial focus is clear.
Who's advising
An advisory committee has been formed to guide the effort. Members include Laurie Dotter, Jamie McAvity, Carla Reyes, and Gary Vecchiarelli. The reserve itself was created through state legislation as a hedge against inflation and economic swings.
The Comptroller's office is now evaluating bids. The clock starts ticking once the contract is awarded — 60 days to move from ETF shares to actual Bitcoin in the state's name.
