Key Takeaways Texas acquired $10 million in BTC on Nov. 20 as part of its newly approved Strategic Bitcoin Reserve initiative. The state made the initial purchase through BlackRock’s IBIT ETF, with plans to self-custody in the future. Texas has become the first U.S. state to purchase Bitcoin for its treasury, acquiring $10 million worth of BTC on November 20 as part of its newly established Strategic Bitcoin Reserve.
pull down to refresh
related posts
10 sats \ 0 replies \ @0xbitcoiner 25 Nov
WTF
reply
10 sats \ 0 replies \ @bitcoingraffiti 26 Nov
Lol, I wonder how these 'paper Bitcoin' fanatics in the comment section here imagine how these ETFs eventually cash out their selling clients. If I was an ETF operator I'd be really stupid not to buy the real Bitcoin. What else was I gonna do with my clients money? You're gonna go bankrupt pretty quickly if you didn't own the underlying. And the higher Bitcoin went, the quicker you get liquidated. If Bitcoin went 10x, only 10% needed to be sold for bankruptcy.
I conclude the ETFs fully own the underlying.
reply
10 sats \ 0 replies \ @TheBTCManual 26 Nov
Lol the strategic Bitcoin IOU, possibly rehypothicated, paying management fees strategic reserve has been established!
reply
10 sats \ 3 replies \ @Ge 26 Nov
Lol this was expected I mean is it really a step in right direction?
reply
10 sats \ 2 replies \ @DarthCoin 26 Nov
No is not.
reply
0 sats \ 1 reply \ @spiderman 27 Nov
The great state of Texas is rugpulling itself with blackrock. What's wrong?
More on chain sats for me
reply
0 sats \ 0 replies \ @Ge 27 Nov
It's just crazy to see the player.
That are getting into this and have no idea what they're getting into blows my mind.
reply
10 sats \ 0 replies \ @SevenOfNine 26 Nov
According to Texas, there's nothing better than looking at your paper Bitcoin through a hall of mirrors.
reply
0 sats \ 0 replies \ @denlillaapan 25 Nov
themz not reeeaaaal bitcoin. Oh lol, the Stackers are too funny
reply