Texas refuses to sell as its $10 million Bitcoin bet sinks to $6.6 million

A notable development has hit the crypto markets. Texas kept its 197,844-share position in BlackRock's iShares Bitcoin Trust (IBIT) unchanged during the second quarter even as the stake's market value fell to about $6. The Texas Treasury Safekeeping Trust Company reported the same number of IBIT shares in its June 30 Form 13F as it did in an amended March 31 filing, showing no shares were sold during a quarter in which Bitcoin continued its 2026 decline. TTSTC is the state-created investment manager that holds the Texas Strategic Bitcoin Reserve and oversees about $165 billion across state funds, endowments and other portfolios.

Texas previously allocated $10 million to the Strategic Bitcoin Reserve and used BlackRock's ETF as an interim vehicle while preparing to move toward direct Bitcoin custody. Related Reading Why Texas is buying Bitcoin from BlackRock before building a real reserve Operational challenges prompt Texas's strategic use of an ETF as a temporary measure while building sovereign-grade custody. Nov 26, 2025 Oluwapelumi Adejumo The latest filing shows Texas maintained its ETF exposure rather than reducing it as Bitcoin prices fell.

Market Dynamics

BlackRock reported IBIT's net asset value at $33. 48 per share on June 30, down from $38. 62 at the end of March.

That puts the 197,844 shares disclosed by TTSTC at about $6. 62 million at quarter-end. 31% during the quarter as Bitcoin declined 13.

TTSTC's two regulatory filings, however, report both the share count and the stated value of the IBIT position as unchanged. The amended March filing lists 197,844 shares with a value of 7,602. The June filing repeats exactly the same figures.

Market Impact

602 million figure closely reflected the position's value around the end of the first quarter, when IBIT traded near $38 per share. By June 30, the same number of shares was worth roughly $980,000 less based on BlackRock's reported NAV. That leaves TTSTC's unchanged value entry at odds with the market value of the position at the second-quarter reporting date.

Related Reading Brevan Howard reports $2. 3B Bitcoin exposure via BlackRock's IBIT ETF, becoming second-largest holder According to a filing with the US Securities and Exchange Commission (SEC) of its latest 13F form, the hedge fund now holds approximately 37. 5 million IBIT shares.

Aug 15, 2025 Gino Matos The filings nevertheless make the state's investment decision clear. Texas entered the second quarter with 197,844 IBIT shares and finished it with the same amount despite the decline in Bitcoin. The position also remained well below the $10 million originally allocated to the Strategic Bitcoin Reserve.

This shift continues to shape the digital-asset landscape, with analysts examining its near-term effects.