crypto-news-flash.com
- Texas becomes the first U.S. state to hold Bitcoin in a treasury reserve with a $10M purchase at $87K per coin.
- Bought during a BTC sell-off, helped stabilize prices and signals growing institutional influence on the market.
The Texas Comptroller of Public Accounts confirmed that the state has purchased $10 million worth of Bitcoin as the initial allocation for its newly created Strategic Bitcoin Reserve. On his personal X account, Lee Bratcher, President of the Texas Blockchain Council, announced this historic development as the first U.S. state to allocate public funds for Bitcoin. He specifically thanked Kelly Hancock, stating:
“Texas becomes the FIRST state to purchase Bitcoin with a $10M investment on Nov. 20th at an approximately $87k basis! Congratulations to Comptroller Kelly Hancock and the dedicated investments team at Texas Treasury who have been watching this market closely.”
Previously, Kelly Hancock implied that the funds were drawn from general revenue balances and did not affect budgeted appropriations for public services. As we previously predicted during its news approval, finally, this marks the first-ever state-level BTC reserve, as Texas becomes the first U.S. state to formally allocate public funds to hold Bitcoin.
Price Implications on BTC Amid Texas’s $10M Purchase
As noted recently, Bitcoin fell from its usual “Uptober” pattern, driven mainly by speculative trading rather than long-term holders. As of now, Bitcoin is trading at $87,197.29, reflecting a 1.34% decrease in the past day and 4.6% in the past week.