How much BTC did Texas buy?

TLDR

Texas reportedly bought $10 million of Bitcoin exposure via BlackRocks IBIT on 20 Nov, which at about $87,000 per BTC implies roughly 115 BTC per a report from the Texas Blockchain Councils president Bitcoin Magazine.

1. The purchase was through the IBIT ETF, not direct on-chain BTC Bitcoin Magazine.
2. Texas plans to self-custody later; IBIT was used while custody procurement proceeds CoinGape.
3. This is described as the first U.S. state-level BTC buy, pending formal state documentation CoinGape.

Deep Dive

1. Amount And Implied BTC

The figure cited is $10 million purchased on 20 Nov via IBIT, at roughly $87,000 per BTC according to the Texas Blockchain Council president in the report above. That price implies approximately 114.94 BTC (rounded to 115).

2. Vehicle And Custody

Texas used BlackRocks IBIT for the initial allocation, while it works through a request-for-proposals process for eventual self-custody CoinGape. Using an ETF can simplify compliance and execution, with later self-custody aimed at direct control.

3. First State-Level Purchase

Coverage frames this as the first U.S. state to buy BTC exposure for a strategic reserve, referencing earlier strategic-reserve legislation and the 20 Nov allocation CoinGape. While these reports cite the Texas Blockchain Council, formal state treasury documentation would further validate the action.

Conclusion

Texass reported $10 million via IBIT suggests roughly 115 BTC of economic exposure, with plans to move toward self-custody. If formal state disclosures follow, this could mark a meaningful precedent for public treasuries allocating to BTC, with custody choices shaping risk, transparency, and operational control.