Texas saved its 197,844-share place in BlackRock’s iShares Bitcoin Belief (IBIT) unchanged throughout the second quarter even because the stake’s market worth fell to about $6.62 million.
The Texas Treasury Safekeeping Belief Firm reported the identical variety of IBIT shares in its June 30 Type 13F because it did in an amended March 31 submitting, displaying no shares had been offered throughout 1 / 4 by which Bitcoin continued its 2026 decline.
TTSTC is the state-created funding supervisor that holds the Texas Strategic Bitcoin Reserve and oversees about $165 billion throughout state funds, endowments and different portfolios.
Texas beforehand allotted $10 million to the Strategic Bitcoin Reserve and used BlackRock’s ETF as an interim car whereas making ready to maneuver towards direct Bitcoin custody.
The most recent submitting exhibits Texas maintained its ETF publicity moderately than lowering it as Bitcoin costs fell.
BlackRock reported IBIT’s web asset worth at $33.48 per share on June 30, down from $38.62 on the finish of March. That places the 197,844 shares disclosed by TTSTC at about $6.62 million at quarter-end.
IBIT’s NAV fell 13.31% throughout the quarter as Bitcoin declined 13.25% to $59,101.49 from $68,129.64, BlackRock mentioned.
TTSTC’s two regulatory filings, nevertheless, report each the share depend and the acknowledged worth of the IBIT place as unchanged.
The amended March submitting lists 197,844 shares with a price of seven,602. The June submitting repeats precisely the identical figures.
The $7.602 million determine intently mirrored the place’s worth across the finish of the primary quarter, when IBIT traded close to $38 per share. By June 30, the identical variety of shares was price roughly $980,000 much less based mostly on BlackRock’s reported NAV.
That leaves TTSTC’s unchanged worth entry at odds with the market worth of the place on the second-quarter reporting date.
The filings nonetheless make the state’s funding choice clear. Texas entered the second quarter with 197,844 IBIT shares and completed it with the identical quantity regardless of the decline in Bitcoin.
The place additionally remained effectively beneath the $10 million initially allotted to the Strategic Bitcoin Reserve.
On the June 30 valuation, the 197,844 shares had been price about $3.38 million lower than that unique appropriation, though the comparability assumes the total $10 million reserve allocation corresponds to the IBIT shares disclosed by TTSTC.
Texas has individually mentioned the reserve used its appropriation to accumulate IBIT as an interim funding earlier than establishing infrastructure for direct Bitcoin custody.
The June submitting subsequently exhibits Texas absorbed the second-quarter decline with out lowering its disclosed BlackRock Bitcoin ETF place, leaving the state holding the identical 197,844 shares as their market worth fell to about $6.62 million.
