Texas has appointed two industry insiders — a CleanSpark executive and a bitcoin mining company CEO — to its Strategic Bitcoin Reserve committee, signalling the state's intent to move beyond passive exposure. The committee is tasked with finding a custodian to transition reserve assets currently held in BlackRock's spot bitcoin ETF, IBIT, into direct bitcoin holdings. The shift reflects a broader trend among U.S. states pursuing sovereign-level bitcoin strategies, with Texas preferring self-custody over fund-based exposure. Appointing executives with operational mining backgrounds suggests the committee will prioritise technical expertise in custody and security infrastructure as Texas formalises its approach to holding bitcoin on behalf of the state.
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