Texas is moving closer to holding Bitcoin directly after naming a new advisory committee to oversee the state’s Strategic Bitcoin Reserve.
Summary
- Texas has named a five-member advisory committee to oversee the management, maintenance, and analysis of its Strategic Bitcoin Reserve.
- The state is looking for a qualified crypto custodian as it prepares to move from IBIT-based exposure to directly managed Bitcoin.
- The depository currently holds approximately $10 million in Bitcoin exposure through BlackRock’s iShares Bitcoin Trust.
The Texas Comptroller’s office said Thursday that Acting Comptroller Kelly Hancock will serve as a five-member Texas Strategic Bitcoin Reserve Advisory Committee, which will advise on the status of stocks, valuations, and management of Bitcoin Holdings.
The committee was created under Senate Bill 21, which was passed by the 89th Legislature of Texas and signed into law on June 22, 2025. The law gave the Comptroller’s office the authority to manage the reserve and establish a framework for Bitcoin exposure at the federal level.
Hancock said in a statement that lawmakers have given his office a clear mandate to manage the park with transparency, security and strict financial controls. He added that the committee brings the expertise needed to do that job with care and in the interest of Texas taxpayers.
Texas calls for Bitcoin reserve advisers
Alongside Hancock, the panel includes Laurie Dotter, chair of the Texas Employees Retirement System’s Investment Advisory Board. According to the Comptroller’s office, Dotter brings more than 35 years of investment oversight and governance experience.
Jamie McAvity, founder and CEO of Cormint Data Systems, also joined the committee. Cormint operates a 130-megawatt Bitcoin mining facility in Fort Stockton, which the company described as one of the most efficient mining facilities in the country.
The committee also includes Carla Reyes, a Southern Methodist University law professor who serves on the Commodity Futures Trading Commission’s Innovation Advisory Committee. Reyes also testified before Congress on blockchain policy.
Gary A. Vecchiarelli, CPA, president and CFO of CleanSpark, completes the panel. The Office of the Comptroller cited his work on the structure of the Bitcoin trading desk CleanSpark, yield strategies, and digital asset systems.
The Kingdom is looking for a Crypto Custodian
At the same time, the Comptroller’s office issued a request for proposals for a qualified crypto custodian to support the reserve. The RFP includes secure custody, liquidity services, and asset management.
According to the office, the fund has $10 million of exposure through BlackRock’s iShares Bitcoin Trust. The RFP outlines a plan to switch from ETF-based exposure to direct Bitcoin holdings within 60 days of signing the contract.
The custodian’s search places Texas among the most active US states pursuing a legal Bitcoin reserve structure. The state’s management approach focuses on direct storage, financial control, and support for additional digital assets over time, according to the RFP.
The Federal Reserve system is still evolving
Meanwhile, the federal government has continued work on its Strategic Bitcoin Reserve. President Donald Trump signed an executive order on March 6, 2025, directing the Treasury Department to create a safe deposit box using Bitcoin that has already been seized through criminal and public forfeiture.
The order prohibited the Ministry of Finance from selling those assets. Assets linked to the US government seizure are estimated at 328,372 BTC, making it the country’s largest known holder of Bitcoin.
In January 2026, Patrick Witt, executive director of the President’s Council of Digital Assets Advisors, said that legal issues still need to be resolved before the Federal Reserve can be abolished. In May 2026, Witt said that a major legislative breakthrough had been achieved and that an announcement was imminent.
On Capitol Hill, Senator Cynthia Lummis and Representative Nick Begich supported the American Reserves Modernization Act. The bill would allow the Treasury to buy up to 200,000 BTC each year for five years.
Under the proposal, the Treasury would hold Bitcoin for at least 20 years. If Congress passes the bill, the purchase of the first Bitcoin on the open market of the Treasury is expected to be in the fourth quarter of 2026.
