As U.S. states compete to explore the frontiers of financial innovation, Texas has taken a historic step with its signature boldness and foresight. On November 20, 2025, the state made a groundbreaking investment decision: allocating $10 million to purchase Bitcoin through the iShares Bitcoin Spot ETF (IBIT) under global asset management giant BlackRock. This move not only makes Texas the first state in the U.S. to publicly include Bitcoin in its investment portfolio but also sends a strong signal to global financial markets about the gradual recognition of digital assets' value by mainstream institutions.

This investment was not a spur-of-the-moment venture but a carefully considered strategic move. While Bitcoin prices hovered around $87,000, the state Treasury investment team, led by the Texas State Comptroller, executed the operation with precision. Opting for an initial investment through BlackRock’s IBIT ETF reflects a prudent transitional strategy. As a financial product regulated by the U.S. Securities and Exchange Commission (SEC), the ETF provided Texas with a relatively standardized and liquid entry channel, effectively avoiding the technical complexities and security risks associated with directly holding and safeguarding cryptocurrencies. This approach granted the management team valuable time to learn and adapt.

However, Texas’s ambitions clearly extend beyond this. The ETF investment serves more as a "door opener" and a "testing ground." The state government has explicitly stated that this is only the first step in building its Bitcoin assets, with the long-term goal of transitioning to self-custody of Bitcoin. This plan is profoundly significant, as it means Texas will no longer rely on any third-party financial institutions but will directly control the private keys to its Bitcoin assets. This move stems not only from an extreme pursuit of asset security and autonomy but also aligns with Texas’s longstanding advocacy of "financial sovereignty," aiming to build an independent and risk-resistant fiscal reserve system in the digital age.

Texas’s decision undoubtedly sets a precedent for other观望ing U.S. states and even global institutional investors. It transcends mere financial investment, evolving into a forward-looking experiment in public fiscal strategy. This is not just about capital appreciation but also about how a local government proactively embraces change in the rapidly evolving digital economy, exploring diverse possibilities for its fiscal future. Global markets are closely watching how Texas’s bold attempt will influence the landscape of state-level and even national-level asset allocation in the years to come.