Texas held onto its entire 197,844-share Bitcoin ETF position in BlackRock's IBIT through the second quarter, even as the stake's market value slid to about $6.62 million. The state's own filings still list the position at a value roughly $980,000 higher than BlackRock's reported net asset value, and the holding now sits well below the $10 million Texas originally set aside for it.
The Texas Treasury Safekeeping Trust Company (TTSTC) reported the same 197,844 IBIT shares in its June 30 Form 13F that it held in an amended March 31 filing. No shares were sold during a quarter in which bitcoin kept falling.
Texas holds its ETF stake steady
TTSTC is the state-created manager that runs the Texas Strategic Bitcoin Reserve and oversees about $165 billion across state funds, endowments and other portfolios. Texas allocated $10 million to the reserve and used BlackRock's exchange-traded fund as an interim vehicle while it prepares to move toward direct Bitcoin custody.
IBIT's value drops with bitcoin's decline
BlackRock reported IBIT's net asset value at $33.48 per share on June 30, down from $38.62 at the end of March. That puts Texas's 197,844 shares at about $6.62 million at quarter-end. IBIT's NAV fell 13.31% during the quarter as bitcoin declined 13.25% to $59,101.49 from $68,129.64, BlackRock said.
State filings lag the market
TTSTC's two regulatory filings, however, report the share count and the stated value of the position as unchanged. The amended March filing lists the 197,844 shares with a value of $7.602 million, and the June filing repeats the same figures.
That figure closely reflected the position's worth near the end of the first quarter, when IBIT traded near $38 per share. By June 30, the same number of shares was worth roughly $980,000 less based on BlackRock's reported NAV, leaving TTSTC's entry at odds with the market value at the reporting date.
The position also remained well below the original allocation. At the June 30 valuation, the shares were worth about $3.38 million less than the $10 million Texas originally appropriated to the Strategic Bitcoin Reserve, though that comparison assumes the full appropriation corresponds to the disclosed IBIT shares.
Source: CryptoSlate
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