Bitcoin Magazine

Texas Becomes First U.S. State to Buy $5M of BlackRock’s Spot Bitcoin ETF

On November 20, Texas became the first U.S. state to buy Bitcoin for its Strategic Reserve, acquiring $5 million at roughly $87,000 per BTC, according to Lee Bratcher, President of the Texas Blockchain Council.

The purchase was made through BlackRock’s iShares Bitcoin Trust (IBIT) while the state finalizes plans for self-custody.

The move signals growing state-level interest in Bitcoin as a reserve asset. Texas had previously explored strategic Bitcoin legislation last year, wanting to create a Bitcoin reserve without using taxpayer funds. 

In June of this year, the Texas governor signed the legislation into law, creating a state Strategic Bitcoin Reserve.

Institutional investors are increasingly following suit. Harvard University’s endowment recently tripled its IBIT holdings to $442.8 million, making it the university’s largest publicly disclosed investment. 

Emory University and Abu Dhabi’s Al Warda Investments have also significantly increased Bitcoin ETF exposure.

Bitcoin’s price is currently trading near $87,500, roughly 30% below its all-time high. Lee Bratcher was the first to disclose this news. 

“Texas will eventual self-custody bitcoin,” Bratcher said, “but while that RFP process takes place, this initial allocation was made with BlackRock’s IBIT ETF.

Bratcher is the President and Founder of the Texas Blockchain Council, an industry association with over 100 member companies and hundreds of individuals promoting Texas as a hub for Bitcoin and blockchain innovation. 

He actively championed the state’s Bitcoin reserve legislation, working on the ground to guide it through the state Senate.

Texas isn’t the only state interested in buying bitcoin 

In the legislation explored last year, Texas State Representative Giovanni Capriglione filed a bill to create a Strategic Bitcoin Reserve for the state. 

The legislation proposed that the state buy and hold bitcoin as a strategic asset, store it in cold storage for at least five years, allow resident donations, and enable state agencies to accept and convert cryptocurrencies to bitcoin. 

It also mandated transparency through yearly audits and reports. Modeled after a federal proposal by President Donald Trump and Senator Lummis, the bill mirrored the growing global interest of bitcoin. 

Earlier this month, New Hampshire became the first government worldwide to approve a $100 million Bitcoin-backed municipal bond. The state’s Business Finance Authority (BFA) authorized the conduit bond, allowing private companies to borrow against over-collateralized Bitcoin held in custody, with repayment risk resting solely on the collateral. 

Borrowers must post roughly 160% of the bond’s value in Bitcoin, and automated liquidation protects bondholders if values drop. Fees and any BTC appreciation will fund the state’s Bitcoin Economic Development Fund. 

This move follows New Hampshire and Arizona’s earlier creation of a Strategic Bitcoin Reserve. 

This post Texas Becomes First U.S. State to Buy $5M of BlackRock’s Spot Bitcoin ETF first appeared on Bitcoin Magazine and is written by Micah Zimmerman.

Bitcoin Magazine

Kazakhstan Plans $1 Billion National Bitcoin and Crypto Reserve Fund

Kazakhstan is preparing to establish a national cryptocurrency reserve fund worth between $500 million and $1 billion, a landmark step that could make the Central Asian nation one of the first to integrate digital assets into its sovereign wealth strategy.

The fund will be seeded with assets seized or repatriated from abroad, along with proceeds from state-backed bitcoin mining operations. 

Central bank governor Timur Suleimenov said in London this week that the fund will invest “very carefully” through regulated instruments such as exchange-traded funds (ETFs) and shares of companies involved in digital finance, rather than holding cryptocurrencies like bitcoin directly.

The initiative, slated for launch by early 2026, represents Kazakhstan’s most concrete move yet to institutionalize its crypto strategy after years of experimenting with mining and tightening control over private operators. 

Officials said the program will be managed under the Astana International Financial Centre (AIFC) — the country’s fintech hub — and may eventually include foreign investment partners.

JUST IN: Kazakhstan to launch $1 billion crypto reserve fund using seized assets by 2026: Bloomberg pic.twitter.com/Mg9ylWTtst

— Bitcoin Magazine (@BitcoinMagazine) November 7, 2025

Kazakhstan’s plan to turn seized assets into strategic capital

Plans for a state-run crypto fund first surfaced in 2024, when the country’s Agency for Financial Monitoring proposed consolidating confiscated wallets and mined tokens into a national reserve. 

The goal, according to officials, was to “repurpose illicitly obtained digital assets” to strengthen Kazakhstan’s economic sovereignty.

By transforming seized or idle crypto holdings into a structured investment pool, Kazakhstan aims to turn what was once a compliance challenge into a source of growth and diversification. 

The model echoes similar efforts in the U.S. and Europe, where seized crypto has increasingly been managed through regulated channels.

The U.S.’s crypto reserve, created under a March 2025 executive order, serves as a strategic stockpile of government-owned digital assets — mainly Bitcoin — acquired through forfeiture proceedings. 

Rather than purchasing new cryptocurrencies with taxpayer funds, the initiative focuses on managing these existing holdings to support national interests and strengthen America’s leadership in the digital asset space. 

A push beyond oil

For decades, Kazakhstan’s economy has relied heavily on oil exports, leaving it vulnerable to commodity cycles. President Kassym-Jomart Tokayev has championed economic reforms to reduce that dependence and push the nation toward technology, innovation, and digital finance.

The crypto reserve fund aligns with that vision. By focusing on ETFs and blockchain-linked equities, the central bank hopes to gain exposure to bitcoin’s upside while avoiding the custodial and volatility risks of holding tokens outright.

The fund also dovetails with broader ambitions to turn Kazakhstan into Central Asia’s leading fintech center. The government’s flagship “Alatau CryptoCity” project — envisioned as a testing ground for blockchain startups and crypto-based payments — will complement the reserve fund.

This post Kazakhstan Plans $1 Billion National Bitcoin and Crypto Reserve Fund first appeared on Bitcoin Magazine and is written by Micah Zimmerman.

Bitcoin Magazine

Trump Doubles Down on Crypto Leadership, Defends CZ Pardon on 60 Minutes

President Donald Trump made headlines Sunday in a wide-ranging interview on 60 Minutes, emphasizing that maintaining U.S. dominance in the crypto space is a top priority for him. 

“I only care about one thing: will we be number one in crypto,” Trump told Norah O’Donnell, highlighting what he described as the importance of the sector due to global competition.

President Trump framed crypto as a high-stakes, winner-takes-all industry, likening it to artificial intelligence in terms of national importance. 

“In crypto, it’s a kind of industry where basically you’re going to have number one and you’re not going to have a number two. And right now we’re number one by a long shot,” he said. 

President Trump also pointed to China’s booming crypto initiatives, noting, “China is getting into it very big,” and insisted that U.S. leadership is crucial to prevent other nations from dominating the market.

The President credited his sons with being more engaged in the industry than he is, while highlighting that their business pursuits demonstrate the sector’s growth and potential. 

Trump also suggested that his previous campaigns, which openly supported crypto, helped secure what he called the “crypto vote,” framing his advocacy as a continuation of his broader efforts to bolster American technological leadership.

BREAKING: President Trump says, “I only care about one thing: will we be number one in crypto”

“China is getting into it very big” pic.twitter.com/LuMHAQLlnf

— Bitcoin Magazine (@BitcoinMagazine) November 3, 2025

Trump’s pardon of CZ 

The whole conversation around crypto also touched on Trump’s semi-controversial pardon of Binance founder Changpeng Zhao, known as CZ. 

U.S. prosecutors accused Binance of allowing illicit transactions with sanctioned entities and failing to implement proper anti-money-laundering controls. CZ pleaded guilty, stepped down as CEO, and paid a personal fine of $50 million.

On October 23, President Donald Trump granted a full pardon to Zhao following months of lobbying by Zhao and allies, who argued his prosecution was politically motivated, and comes amid his efforts to explore partnerships with Trump family crypto ventures. 

White House press secretary Karoline Leavitt framed the move as ending the “Biden Administration’s war on crypto.” The decision cleared Zhao’s record and could reshape U.S. policy toward cryptocurrency.

Trump defended the pardon in his 60 Minutes interview, framing it as a corrective action against what he described as political bias from the Biden administration. 

“I know nothing about the guy, other than I hear he was a victim of weaponization by government… It’s a corrupt government,” Trump said, emphasizing that his decision was guided by his belief in protecting U.S. crypto leadership rather than personal connections or political gain.

This post Trump Doubles Down on Crypto Leadership, Defends CZ Pardon on 60 Minutes first appeared on Bitcoin Magazine and is written by Micah Zimmerman.

Bitcoin Magazine

Germany Proposes National Bitcoin Reserve, Views Bitcoin as ‘State-Free’ Money

Germany’s Alternative for Germany (AfD) party has introduced a proposal to create a national Bitcoin reserve. 

The initiative marks a potential turning point for Europe’s largest economy, which only a year ago was criticized for liquidating billions in seized Bitcoin holdings.

The motion, which needs to be approved, would make Germany the first major European nation to integrate Bitcoin directly into its national reserves, signaling a growing shift in Europe toward viewing Bitcoin not as a speculative asset, but as a sovereign reserve instrument. 

AfD’s vision for a Bitcoin as “state-free money”

The AfD’s motion, submitted last week, calls on the federal government to begin accumulating Bitcoin as part of its long-term reserve strategy. 

The proposal argues that the EU’s MiCA framework was designed for centrally issued tokens and should not apply to Bitcoin, which has no issuer or central authority. 

It urges the government to avoid regulatory burdens on non-custodial wallet providers and Lightning node operators, maintain Germany’s tax exemption on Bitcoin held for more than a year, and ensure that private mining or Lightning activity is not classified as commercial. 

The AfD frames Bitcoin as “state-free money” that protects individual freedom in contrast to the planned digital euro, which it warns could enable surveillance and control.

JUST IN: Germany’s second-largest party, AfD, introduced a motion to build a #Bitcoin reserve. pic.twitter.com/TeM4yUoIVe

— Bitcoin Magazine (@BitcoinMagazine) October 29, 2025

In the proposal’s Section I, point 5, the AfD criticizes the German government for failing to recognize Bitcoin’s strategic potential, specifically noting that Berlin has not considered holding Bitcoin as part of its national reserves. 

Later in the explanatory section, the document expands on this idea, describing Bitcoin as “Outside Money” and suggesting that, in times of global monetary and geopolitical instability, it could serve as a “potential, easily transferable asset within state currency reserves.”

The motion marks the first formal attempt in Germany’s legislature to position Bitcoin as a strategic national asset.

Germany: From seller to ‘hodler’

The proposal comes less than a year after the German government completed one of the largest state-level Bitcoin selloffs in history.

Between June and July 2024, German authorities sold nearly 50,000 BTC — originally seized from the operators of the piracy site Movie2k.to — worth about $3 billion at the time. 

The selloff triggered a market correction of roughly 18% and drew heavy criticism from the Bitcoin community, which argued that Germany squandered a chance to hold a scarce, appreciating asset.

By mid-July 2024, blockchain data confirmed that wallets linked to the German government were empty, after sending the final tranches of Bitcoin to exchanges and market makers.

A European race for Bitcoin sovereignty

Germany’s move follows closely on the heels of France, where the center-right Union of the Right and Centre (UDR) party, led by lawmaker Éric Ciotti, introduced an ambitious bill to create a “National Bitcoin Strategic Reserve.”

The French proposal targets 2% of Bitcoin’s supply — approximately 420,000 BTC — over a seven-to-eight-year period. It would fund accumulation through surplus energy-powered Bitcoin mining, reallocation of savings programs, and even partial tax payments in Bitcoin.

While both France’s and Germany’s initiatives face significant political hurdles, the timing underscores a recognition in Europe that Bitcoin could serve as a tool for financial sovereignty.

If the momentum continues, Europe could soon find itself not debating whether to hold Bitcoin — but who will hold it first.

This post Germany Proposes National Bitcoin Reserve, Views Bitcoin as ‘State-Free’ Money first appeared on Bitcoin Magazine and is written by Micah Zimmerman.