(Seoul=Yonhap Infomax) Kyung Pyo Hong – Texas has become the first US state government to invest directly in a Bitcoin exchange-traded fund (ETF).


According to CoinDesk on the 25th (local time), the State of Texas announced a $5 million investment in BlackRock’s spot Bitcoin ETF, the iShares Bitcoin Trust (IBIT).


Texas is actively pursuing the accumulation of cryptocurrency reserves at the government level, having passed legislation earlier this year allocating $10 million for this purpose.


Other US states, such as Michigan, have increased their exposure to Bitcoin ETFs indirectly through pension funds.


Similarly, New Hampshire and Arizona are also working to establish their own cryptocurrency reserves.


Bitcoin was trading at $87,698, down 0.64% from 24 hours earlier.

Bitcoin Chart
[Source : Yonhap Infomax]


kphong@yna.co.kr

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