Texas refuses to sell as its $10 million Bitcoin bet sinks to $6.6 million
Texas saved its 197,844-share place in BlackRock’s iShares Bitcoin Trust (IBIT) unchanged through the second quarter even as the stake’s market worth fell to about $6.62 million.
The Texas Treasury Safekeeping Trust Company reported the identical variety of IBIT shares in its June 30 Form 13F as it did in an amended March 31 filing, displaying no shares have been bought throughout 1 / 4 by which Bitcoin continued its 2026 decline.
TTSTC is the state-created funding supervisor that holds the Texas Strategic Bitcoin Reserve and oversees about $165 billion throughout state funds, endowments and different portfolios.
Texas beforehand allotted $10 million to the Strategic Bitcoin Reserve and used BlackRock’s ETF as an interim automobile whereas getting ready to transfer towards direct Bitcoin custody.
The newest submitting exhibits Texas maintained its ETF publicity fairly than decreasing it as Bitcoin prices fell.
BlackRock reported IBIT’s internet asset worth at $33.48 per share on June 30, down from $38.62 on the finish of March. That places the 197,844 shares disclosed by TTSTC at about $6.62 million at quarter-end.
IBIT’s NAV fell 13.31% through the quarter as Bitcoin declined 13.25% to $59,101.49 from $68,129.64, BlackRock said.
TTSTC’s two regulatory filings, nonetheless, report each the share depend and the said worth of the IBIT place as unchanged.
The amended March submitting lists 197,844 shares with a price of seven,602. The June submitting repeats precisely the identical figures.
The $7.602 million determine intently mirrored the place’s worth across the finish of the primary quarter, when IBIT traded close to $38 per share. By June 30, the identical variety of shares was price roughly $980,000 much less based mostly on BlackRock’s reported NAV.
That leaves TTSTC’s unchanged worth entry at odds with the market worth of the place on the second-quarter reporting date.
The filings nonetheless make the state’s funding choice clear. Texas entered the second quarter with 197,844 IBIT shares and completed it with the identical quantity regardless of the decline in Bitcoin.
The place additionally remained effectively beneath the $10 million initially allotted to the Strategic Bitcoin Reserve.
At the June 30 valuation, the 197,844 shares have been price about $3.38 million lower than that unique appropriation, though the comparability assumes the total $10 million reserve allocation corresponds to the IBIT shares disclosed by TTSTC.
Texas has individually stated the reserve used its appropriation to purchase IBIT as an interim funding earlier than establishing infrastructure for direct Bitcoin custody.
The June submitting due to this fact exhibits Texas absorbed the second-quarter decline with out decreasing its disclosed BlackRock Bitcoin ETF place, leaving the state holding the identical 197,844 shares as their market worth fell to about $6.62 million.
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