Texas Acting Comptroller Kelly Hancock has appointed four external members to a new Strategic Bitcoin Reserve Advisory Committee, advancing the launch of one of the first government-managed bitcoin reserves in the United States.
The committee will guide the Comptroller’s office on bitcoin pricing, storage, and management practices as the state prepares to shift from an exchange-traded fund (ETF) position into direct bitcoin ownership.
Committee structure and mandate
The five-member panel, created under Senate Bill 21, includes:
- Kelly Hancock, Acting Comptroller
- Gary Vecchiarelli, president and chief financial officer of CleanSpark
- Jamie McAvity, founder and chief executive of Cormint Data Systems
- Carla Reyes, law professor at Southern Methodist University
- Laurie Dotter, chair of the Investment Advisory Board for the Employees’ Retirement System of Texas
Under Hancock’s direction, the committee is expected to shape policies for how the state values, custodies, and manages its bitcoin holdings, including risk frameworks and operational procedures.
Texas has also issued a Request for Proposals to hire a third-party provider to acquire, safeguard, and administer the state’s bitcoin. The transition from the current ETF exposure to direct custody is expected to conclude within about 60 days after a provider is selected.
Background on appointees
Vecchiarelli brings experience in building governance and trading structures for digital asset operations at CleanSpark, a bitcoin mining and energy-focused firm.
McAvity oversees Cormint Data Systems’ 130-megawatt bitcoin mining facility in Fort Stockton, giving the committee direct exposure to large-scale mining operations and infrastructure.
Reyes specializes in digital asset and commercial law at Southern Methodist University and serves on the Commodity Futures Trading Commission’s Innovation Advisory Committee, adding regulatory and legal expertise.
Dotter contributes traditional investment and governance experience from her role with the Employees’ Retirement System of Texas and the Comptroller’s broader investment board.
Texas’ bitcoin reserve and ETF exposure
Texas became the third state to approve a strategic bitcoin reserve when Governor Greg Abbott signed SB 21 in June 2025, following similar moves in Arizona and New Hampshire.
The state initially seeded its reserve with a $10 million allocation to shares of the IBIT bitcoin ETF, described as a temporary vehicle ahead of direct bitcoin custody.
Public filings from the Texas Treasury Safekeeping Trust Co. over the past year have not listed ownership of IBIT shares, and the Comptroller’s office has not clarified the current status of that position. Officials have stated that the long-term objective is to move reserve assets from the ETF into direct bitcoin holdings once custody arrangements are finalized.
Shift toward direct ownership
Texas’ push for direct bitcoin ownership marks a shift from simple price exposure via an ETF to control of the underlying asset itself.
For market participants, a major state economy building formal infrastructure for direct custody signals a deeper and more durable commitment to treating bitcoin as a strategic asset. Decisions made by the committee on valuation, storage, and risk management could serve as a model for other state or local governments considering similar reserves.
National policy backdrop
The state-level initiative comes as Congress debates the American Reserve Modernization Act, which would create a national bitcoin reserve under the U.S. Treasury.
Key provisions in the bill include:
- Consolidating federally held digital assets into a formal reserve
- Requiring public audits of the reserve
- Imposing a 20-year lockup period on government-held bitcoin
The proposal, co-led by Representatives Begich and Golden, is bipartisan, underscoring a growing willingness in Washington to treat bitcoin as a strategic component of national reserves. If enacted, the long holding period and consolidation of assets could remove a substantial volume of bitcoin from active circulation, potentially creating a steady source of demand.
Market context
Texas’ move comes amid choppy but sizable participation in U.S. spot bitcoin ETFs. In April 2026, these products recorded net inflows of about $2.44 billion, followed by $1.26 billion in outflows over a six-day stretch in May.
Since their launch in January 2024, cumulative net inflows have exceeded $58 billion, pointing to sustained long-term engagement from large market participants despite short-term volatility. Bitcoin’s price has reflected this backdrop, briefly touching the $82,000 area in early May before pulling back to the mid-$70,000s.
Against this environment, Texas’ decision to pursue direct holdings—paired with the potential creation of a federal reserve structure—adds a new policy dimension to bitcoin’s role in both state and national balance sheets.
Learn how institutional moves like Texas’s strategy affect crypto markets in our breakdown of US Bitcoin strategic reserve implications.
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