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Texas kept its IBIT position unchanged despite bitcoin decline
Texas Treasury Safekeeping Trust Company reported holding 197,844 shares of BlackRock's iShares Bitcoin Trust through June 30, even as IBIT's net asset value fell 13.3% in the quarter.
Texas kept its 197,844-share position in BlackRock’s iShares Bitcoin Trust, or IBIT, unchanged during the second quarter, even as the investment’s market value dropped to about $6.62 million, according to Texas Treasury Safekeeping Trust Company filings reviewed by CryptoSlate.
TTSTC, the state-created investment manager overseeing about $165 billion across state funds, endowments, and other portfolios, reported the same IBIT share count in its June 30 Form 13F as in an amended March 31 filing, indicating no shares were sold during a quarter when bitcoin continued to fall.
BlackRock said IBIT’s net asset value declined 13.31% during the quarter, while bitcoin declined 13.25% to $59,101.49 from $68,129.64. Based on that NAV, the disclosed 197,844 shares equated to roughly $6.62 million at quarter-end.
Texas previously allocated $10 million to its Strategic Bitcoin Reserve and used IBIT as an interim vehicle while preparing to move toward direct bitcoin custody, the reporting states, with the latest filing showing the state maintained its ETF exposure despite the price drop.
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