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

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 $6.62 million.

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.

The latest filing shows Texas maintained its ETF exposure rather than reducing it as Bitcoin prices fell.

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.

IBIT's NAV fell 13.31% during the quarter as Bitcoin declined 13.25% to $59,101.49 from $68,129.64, BlackRock said.

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.

The $7.602 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.

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.

At the June 30 valuation, the 197,844 shares were worth about $3.38 million less than that original appropriation, although the comparison assumes the full $10 million reserve allocation corresponds to the IBIT shares disclosed by TTSTC.

Texas has separately said the reserve used its appropriation to acquire IBIT as an interim investment before establishing infrastructure for direct Bitcoin custody.

The June filing therefore shows Texas absorbed the second-quarter decline without reducing its disclosed BlackRock Bitcoin ETF position, leaving the state holding the same 197,844 shares as their market value fell to about $6.62 million.

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