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Texas became the first US state to add Bitcoin exposure to a state-managed investment portfolio by purchasing about $5 million of BlackRock’s IBIT ETF through its newly created Texas Strategic Bitcoin Reserve.
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SB 21 shifted Texas from a crypto mining hub to an active digital asset investor. The bill authorizes the state comptroller to buy, hold and sell Bitcoin using a legislature-approved $10-million fund.
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The initial allocation is small relative to Texas’ overall investment portfolio, which holds more than $667 million in S&P 500…
