Texas Names Bitcoin Committee, Issues RFP to Shift $10M from IBIT to Direct Custody

On May 29, 2026, Texas advanced its Strategic Bitcoin Reserve by appointing a five-member advisory committee and publishing RFP 908-26-1778WS for a custodian to convert its $10 million IBIT position into directly held BTC. The reserve originated under Senate Bill 21 (signed June 22, 2025) with an initial $5 million IBIT allocation in November 2025. Proposals are due June 15, with the on-chain migration required within 60 days of award, expected around August 2026. The move establishes the first U.S. state precedent for sovereign direct custody over ETF exposure and coincides with federal reserve discussions.