States Rush to Build Crypto Infrastructure Amid Federal Gridlock

While federal lawmakers debate digital asset legislation, US states have taken steps to create their own crypto infrastructure. In November 2025, Texas made its first purchase of around $5 million in Bitcoin through the BlackRock iShares Bitcoin Trust (IBIT) ETF. This move followed a $10 million allocation approved under SB 21, which Governor Greg Abbott signed into law in June 2025.

The purchase price ranged from roughly $87,000 to $91,000 per coin. New Hampshire and Arizona enacted their own strategic reserve laws months earlier, and over 30 additional states have introduced similar bills as of mid-2026.

Texas's approach of routing the purchase through BlackRock's IBIT ETF is notable, as it leverages a liquid and institutionally familiar wrapper rather than setting up custodial infrastructure from scratch. This move reflects the growing interest in treating Bitcoin as a reserve asset alongside traditional holdings like gold and bonds.