Overview
- The Texas Comptroller posted a request for proposals on May 7 seeking a third-party custodian and liquidity provider to convert the Strategic Bitcoin Reserve’s roughly $10 million IBIT ETF exposure into directly held Bitcoin.
- Vendors have until June 15 to submit proposals and the winning firm must complete the ETF-to-custody transition within 60 days of contract execution.
- The RFP requires the provider to acquire, hold, manage and report assets in the name of the State of Texas and to offer institutional controls such as key management, secure storage and transaction support.
- Acting Comptroller Kelly Hancock named a four-person advisory committee (Laurie Dotter, Jamie McAvity, Carla Reyes and Gary Vecchiarelli) to advise on custody, valuation, risk controls and public reporting.
- The contract also mandates liquidity services for purchases and sales and a public website showing holdings, values and educational materials, a step that could shape how other U.S. states run crypto reserves and affect local transparency for taxpayers.