Texas became the first US state to directly purchase Bitcoin for its strategic reserve. State officials invested $5 million in the flagship cryptocurrency at an average price of $87,000 per coin. This represents half of the $10 million Texas allocated for the new digital asset reserve.
The state authorities bought Bitcoin, having invested in BlackRock’s largest IBIT fund.
Texas’ entry into the cryptocurrency market comes at a time when Bitcoin is under selling pressure. Over the past 24 hours, the flagship digital asset has fallen 0,5% and is currently hovering around $87,000.
The fact that Texas was the first to invest in BTC came as no surprise to the crypto community. The state is considered the most active in digital assets, with 14 Bitcoin-related bills currently under consideration.
Texas isn’t the only state exploring the possibility of creating digital asset reserves. New Hampshire and Arizona have also already passed BTC reserve laws. These stipulate that the market capitalization of the selected cryptocurrency must exceed $500 billion. This significantly limits the choice of assets to primarily Bitcoin and Ethereum.