Texas maintains 197,844 shares in BlackRock Bitcoin ETF as value drops to 6.6 million

Texas held its 197,844 shares in BlackRock's iShares Bitcoin Trust (IBIT) steady during Q2, despite the market value declining to approximately 6.62 million dollars. The Texas Treasury Safekeeping Trust Company reported the same share count in its June 30 Form 13F as in the amended March 31 filing, indicating no sales occurred during a period when Bitcoin continued its decline. Texas previously allocated 10 million dollars to the Strategic Bitcoin Reserve and utilized BlackRock's ETF as a temporary measure while preparing for direct Bitcoin custody. BlackRock reported IBIT's net asset value at 33.48 dollars per share on June 30, down from 38.62 dollars at the end of March, reflecting a 13.31% decrease in NAV as Bitcoin fell 13.25% to 59,101.49 dollars from 68,129.64 dollars. The filings show Texas did not reduce its ETF exposure despite the drop in Bitcoin prices. The unchanged share count contrasts with the market value, which was about 3.38 million dollars less than the original 10 million dollar allocation. Texas has indicated that the reserve used its appropriation to acquire IBIT as a temporary investment before establishing direct custody infrastructure.