Texas has purchased and holds $5 million worth of BlackRock’s iShares Bitcoin Trust (IBIT), becoming the first US state to do so. Another $5 million has been authorized for direct BTC custody. This move contrasts with a market downturn and legislative delays across the US.

Governor Greg Abbott has supported Bitcoin for over a decade, emphasizing its safety and security benefits. Texas aims to lead in blockchain innovation, viewing Bitcoin as crucial for the state’s future. The state has a long-term strategic vision for Bitcoin as a multi-decade asset.

Texas’s move into Bitcoin is seen as a strategic, long-term play rather than a short-term investment. The state’s economic landscape and regulatory environment make it a strong candidate for early sovereign-level Bitcoin exposure. It remains to be seen if Texas’s move will spark nationwide interest in digital assets.

Read more at Cointelegraph: What It Means for State Crypto Adoption