The Texas Comptroller of Public Accounts released a request for proposals on May 7, seeking qualified firms to provide custody and liquidity services for the Texas Strategic Bitcoin Reserve — a state-level Bitcoin holding currently valued at approximately $10 million. The reserve holds Bitcoin exposure through BlackRock’s iShares Bitcoin Trust (IBIT) as an interim structure while the state builds the infrastructure for direct custody.
RFP Details: Custody, Liquidity, and Security
The winning firm will be responsible for acquiring, holding, managing, and reporting Bitcoin and other qualifying crypto assets in the name of the State of Texas. The contract also includes liquidity services to support Bitcoin purchases and sales when needed. Security requirements are institution-grade, covering key management, operational controls, reporting tools, and secure custody infrastructure. While the reserve may eventually include other cryptocurrencies, Bitcoin remains the primary asset under current plans.
60-Day Transition Timeline
The selected provider must complete the transition from ETF exposure to directly custodied Bitcoin within 60 days of contract execution. This shift fundamentally changes how Texas controls its reserve: IBIT gives price exposure, but direct custody places the coins under a structure arranged specifically for the state. The comptroller's office also requires the contractor to build a public website displaying reserve holdings, valuations, and educational content.
Advisory Committee Named
Acting Comptroller Kelly Hancock appointed four members to the Texas Strategic Bitcoin Reserve Advisory Committee: Laurie Dotter (investment management), Jamie McAvity (Bitcoin mining), Carla Reyes (digital asset law), and Gary Vecchiarelli (finance and public company governance). The committee will advise on custody, risk controls, valuation, reporting, and digital asset management. Hancock stated the reserve must operate with "transparency, security and strong financial controls."
Firms have until June 15 to respond to the RFP. Texas will then evaluate candidates capable of supporting direct Bitcoin custody and state-level reserve reporting — a milestone that signals the state's push from legislative approval to operational execution.