Texas is replacing its $10 million iShares Bitcoin Trust exposure with direct Bitcoin custody through a new vendor request for proposals. The state must complete the shift within 60 days of contract signing, per a 2025 law. It arrives as federal legislators advance a bill to lock up to 1 million BTC for decades.
Texas's Direct-Custody Push
The Strategic Bitcoin Reserve Advisory Committee launched the RFP this week. Texas established the group under Senate Bill 21 signed into law last June 22. The committee now manages Bitcoin holdings with transparency and security as its mandate. The state's $10 million current position lives solely through the iShares Bitcoin Trust ETF. The RFP insists vendors move it to direct custody fast. Sixty days is the hard deadline after contract execution.
Federal Reserve Gains Traction
The U.S. already holds 328,372 BTC from criminal and civil asset forfeitures. President Trump's March 2025 executive order created that holding. Federal efforts to build a formal reserve stalled for months. A breakthrough came by May 2026 with permanent legislation moving in Congress. The American Reserves Modernization Act would let the Treasury buy up to 200,000 BTC annually. All holdings must stay locked for at least 20 years.
60-Day Sprint Deadline
Texas set an aggressive timeline for its new custodian. The vendor must complete the transition within 60 days of signing. That's tight for government operations involving crypto security. The state hasn't yet said when it'll pick a winner. But the clock starts immediately after the contract. This isn't the first custody overhaul for Texas this year. The timing puts pressure on whoever wins the RFP.
