Texas holds onto $10M Bitcoin stake as value falls to $6.6M

Texas maintained its 197,844-share position in BlackRock’s iShares Bitcoin Trust (IBIT) through the second quarter, the Texas Treasury Safekeeping Trust Company (TTSTC) reported on its June 30 Form 13F. An amended March 31 filing listed the same share count, indicating no recorded sales during the quarter.

BlackRock reported IBIT’s net asset value at $33.48 per share on June 30, down from $38.62 at the end of March. At the June NAV the 197,844 shares were worth about $6.62 million, compared with roughly $7.602 million at the end of March.

IBIT’s NAV fell 13.31% in the quarter as Bitcoin’s price declined 13.25% to $59,101.49 from $68,129.64, according to BlackRock’s figures.

Both TTSTC filings list the position’s stated value as $7,602,000 in the amended March filing and again in the June 30 filing. That stated value matched the market level near the end of the first quarter but differed from the NAV-based market value at the June 30 reporting date.

TTSTC manages the Texas Strategic Bitcoin Reserve and oversees about $165 billion across state funds, endowments and other portfolios. Texas appropriated $10 million for the reserve and used IBIT as an interim vehicle while preparing infrastructure for direct Bitcoin custody.

The filings show Texas entered the second quarter with 197,844 IBIT shares and finished it with the same amount, keeping the disclosed ETF position unchanged as the NAV declined. At the June 30 valuation, the holdings were about $3.38 million below the original $10 million appropriation, assuming the entire allocation corresponds to the disclosed IBIT stake.