Texas Prepares Shift from IBIT to Direct Bitcoin Custody

Texas holds 197,844 shares of BlackRock's iShares Bitcoin Trust ETF (IBIT) ahead of its planned direct shift to Bitcoin custody. The state ended the second quarter with the same number of IBIT shares it reported on March 31.

The June 30 net asset value (NAV) values this position at approximately $6.62 million, while a previous filing from March 31 put the same shares at around $7.64 million. The discrepancy is not explained in the filing.

Texas's procurement record indicates that it used $10 million to acquire IBIT, implying an acquisition cost of about $50.54 per share. Based on this calculation, the June 30 value would be approximately $3.38 million lower, a 33.8% paper decline.