Texas refuses to sell as its $10 million Bitcoin bet sinks to $6.6 million

Texas kept its 197,844-share position in BlackRock's iShares Bitcoin Trust (IBIT) unchanged during the second quarter even as the stake's market value fell to about $6.62 million.

The Texas Treasury Safekeeping Trust Company reported the same number of IBIT shares in its June 30 Form 13F as it did in an amended March 31 filing, showing no shares were sold during a quarter in which Bitcoin continued its 2026 decline.

TTSTC is the state-created investment manager that holds the Texas Strategic Bitcoin Reserve and oversees about $165 billion across state funds, endowments and other portfolios.

Texas previously allocated $10 million to the Strategic Bitcoin Reserve and used BlackRock's ETF as an interim vehicle while preparing to move toward direct Bitcoin custody.

The latest filing shows Texas maintained its ETF exposure rather than reducing it as Bitcoin prices fell.

BlackRock reported IBIT's net asset value at $33.48 per share on June 30, down from $38.62 at the end of March. That puts the 197,844 shares disclosed by TTSTC at about $6.62 million at quarter-end.

IBIT's NAV fell 13.31% during the quarter as Bitcoin declined 13.25% to $59,101.49 from $68,129.64, BlackRock said.

TTSTC's two regulatory filings, however, report both the share count and the stated value of the IBIT position as unchanged.