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Texas Allocates $5 Million to BlackRock Bitcoin ETF for State Reserve

Texas has allocated $5 million to BlackRock's iShares Bitcoin Trust as an interim measure while establishing custodial contracts for its strategic bitcoin reserve, a spokesperson from the State Comptroller's Office said Tuesday. The state secured $10 million in legislative funding earlier this year and solicited industry input on compliance frameworks for bitcoin reserve establishment. Upon completion of remaining procedural steps, Texas is positioned to become the first U.S. state government to formally launch long-term crypto asset investments.
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