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‘Only scratching the surface:’ Texas just became the first state to purchase bitcoin
The state of Texas recently purchased about $5 million worth of bitcoin through a BlackRock-administered exchange-traded fund, a representative for the state comptroller’s office confirmed in an email to The Dallas Morning News on Monday.
The purchase came several months after Texas Gov. Greg Abbott signed into law Senate Bill 21, a high-profile and controversial legislative effort that enabled the Texas comptroller’s office to establish a publicly funded strategic cryptocurrency reserve.
It also amounts to one of the first-ever cryptocurrency transactions by a state government amid a broader federal and state government embrace of the recently surging crypto industry. Other states, including New Hampshire and Arizona, have passed similar crypto reserve bills.
And last year, Wisconsin’s and Michigan’s pension funds also purchased crypto, although with the comptroller’s purchase Texas has now become the first state to actually fund such a reserve.
“The industry is maturing and growing — it’ll continue to become more mainstream, and I think Texas staking out a leadership position will be very beneficial to Texans over time, similar to what the oil and gas industry has done over the last century,” said Lee Bratcher, president of the Texas Blockchain Council, a crypto lobbying group that championed the state legislative effort.
“I think we’re only scratching the surface,” Bratcher said.
The state made the roughly $5 million purchase through BlackRock’s iShares Bitcoin Trust ETF (IBIT), a fund managed by the major asset management firm that trades in U.S. dollars but generally reflects the price of bitcoin. As of early afternoon Monday, IBIT was trading around $48, reflecting a roughly 20% loss over the past month and a 13% decrease since the beginning of the year.
Those valuations broadly align with the recently highly volatile price of bitcoin: Early this year — amid a crypto frenzy inspired largely by the new, extremely crypto-friendly Trump administration — the world’s predominant cryptocurrency soared to above $100,000 for the first time in its history, and then in early October reached an all-time high above $126,000.
Since then, though, as fears have grown about a cooling economy and a potential AI bubble that could send the stock market plummeting, valuations of cryptocurrencies have also dipped. One bitcoin traded at around $85,000 on Monday, near the digital coin’s lowest price since April.
FILE – In this April 3, 2013 photo, a 25 Bitcoin token is displayed in Sandy, Utah. (AP Photo/Rick Bowmer, File)
Rick Bowmer / AP
‘Placeholder investment’
The state of Texas made its purchase late last month at a price around $87,000, according to a social media post by Bratcher, who said he first learned of the state’s purchase through a recent Zoom call that included acting Texas Comptroller Kelly Hancock. The comptroller’s office did not respond to a question from The News asking about the specific price the state paid for its IBIT purchase.
The ETF purchase is “a placeholder investment,” said Kevin Lyons, a representative for the comptroller’s office, until the agency formally contracts with what it’s referring to as a cryptocurrency custodian. The agency is now reviewing responses from a request for information it issued and will later award an official contract, Lyons said.
While the new state law did not include a specific funding amount, Texas legislators have since allocated $10 million to the reserve. The amount represents a tiny fraction of the state’s $338 billion state budget, although the legislation’s supporters have argued it still amounts to an important measure of support for an emerging industry.
“I think with Texas leading in this way, it’s going to reap benefits for many decades to come across the state,” Bratcher said. “From a job creation perspective to a tax revenue perspective and everything in between.”
Earlier this year, addressing legislators ahead of a vote on SB 21, state Rep. Giovanni Capriglione, R-Southlake — one of the driving forces behind the crypto push — struck a similar note, calling the reserve bill “a forward-thinking measure” that was about “recognizing digital assets not as a trend but as a strategic opportunity” and “strengthening the state’s fiscal resilience.”
Yet even if Texas’ public crypto investment remains minuscule, many economists and fiscal watchdogs have criticized SB 21 along with other recent pro-crypto legislation on multiple fronts, arguing it amounts to a lobbyist-driven effort that’s likely to benefit the crypto industry much more than the state’s residents.
And while Texas has recently embraced bitcoin mining and other facets of the industry, with even Abbott pushing to make the state a global “crypto leader,” critics have pointed out that cryptocurrency itself has long been plagued by concerns about scams, corruption and energy use.
“It’s also backwards to our values in Texas,” John Griffin, a finance professor at the University of Texas at Austin, said earlier this year.
“Basically you have a conservative legislature saying, ‘We want less government,’ and yet here’s a case where you are wanting or encouraging government to speculate and possibly prop up an asset class.”
Texas
Texas can require public schools to display Ten Commandments in classrooms, court rules
DALLAS — Texas can require the Ten Commandments to be displayed in public schools, a U.S. appeals court ruled Tuesday in a victory for conservatives who have long sought to incorporate more religion into classrooms.
The 9-8 decision by the 5th U.S. Circuit Court of Appeals delivered a boost to backers of similar laws in Arkansas and Louisiana. Opponents have argued that hanging the Ten Commandments in classrooms proselytizes to students and amounts to religious indoctrination by the government.
In a lengthy majority opinion, the conservative-leaning appeals court in New Orleans rejected those arguments in Texas, saying the requirement does not step on the rights of parents or students.
“No child is made to recite the Commandments, believe them, or affirm their divine origin,” the ruling says.
The American Civil Liberties Union and other groups that challenged the Texas law on behalf of parents said in a statement that they anticipate appealing the ruling to the U.S. Supreme Court.
“The First Amendment safeguards the separation of church and state, and the freedom of families to choose how, when and if to provide their children with religious instruction. This decision tramples those rights,” they said in the statement.
The mandate is one of several fronts in Texas that opponents have fought over religion in classrooms. In 2024, the state approved optional Bible-infused curriculum for elementary schools, and a proposal set for a vote in June would add Bible stories to required reading lists in Texas classrooms.
The decision over the Ten Commandments law reverses a lower federal court ruling that had blocked about a dozen Texas school districts — including some of the state’s largest — from putting up the posters. The Texas law signed by Republican Gov. Greg Abbott took effect in September, marking the largest attempt in the nation to hang the Ten Commandments in public schools.
From the start, the law was met almost immediately by a mix of embrace and hesitation in Texas classrooms that educate the state’s 5.5 million public school students.
The mandate animated school board meetings, spun up guidance about what to say when students ask questions, and led to boxes of donated posters being dropped on the doorsteps of campuses statewide. Although the law only requires schools to hang the posters if donated, one suburban Dallas school district spent nearly $1,800 to print roughly 5,000 posters.
Texas Attorney General Ken Paxton, a Republican, called the ruling “a major victory for Texas and our moral values.”
“The Ten Commandments have had a profound impact on our nation, and it’s important that students learn from them every single day,” he said.
Tuesday’s ruling comes after the appeals court heard arguments in January in the Texas case and a similar case in Louisiana. In February, the court cleared the way for Louisiana to enforce its law requiring the display of the Ten Commandments in classrooms.
Republican Louisiana Attorney General Liz Murrill said the Texas ruling “adopted our entire legal defense” of the law in her state. In Alabama, Republican Gov. Kay Ivey also signed a similar law earlier this month.
“Our law clearly was always constitutional, and I am grateful that the Fifth Circuit has now definitively agreed with us,” Murrill said in a statement posted to social media.
Judge Stephen A. Higginson, in a dissenting opinion joined by four others on the court, wrote that the framers of the Constitution “intended disestablishment of religion, above all to prevent large religious sects from using political power to impose their religion on others.”
“Yet Texas, like Louisiana, seeks to do just that, legislating that specific, politically chosen scripture be installed in every public-school classroom,” Higginson wrote.
The law says schools must put donated posters “in a conspicuous place” and requires the writing to be a size and typeface that is visible from anywhere in a classroom to a person with “average vision.” The displays must also be 16 inches wide and 20 inches tall.
Texas’ law easily passed the GOP-controlled Legislature and Republicans, including President Donald Trump, have backed posting the Ten Commandments in classrooms.
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Associated Press writer Audrey McAvoy contributed to this report from Honolulu, Hawaii.
Texas
Glam influencer who drowned during Texas Ironman had battled flu but ignored pleas to ditch race
The glam influencer who drowned during a Texas Ironman swim had been battling the flu – but ignored pals who begged her to pull out of the brutal endurance race, according to one friend.
“She was ill before the trip, she wasn’t okay,” Luis Taveira said of close friend Mara Flávia, 38, who died during Saturday’s race in The Woodlands.
“My wife and I spoke with her to say she was too weak for this race, although a couple of days ago when we talked to her, she insisted she was okay,” Taveira said of the Brazil-born influencer, according to sports website the Spun.
“I still cannot believe what’s happened. She was ill because of the flu.”
Flávia continued “training hard” even while “weakened” by her illness, the friend said.
Just two days before the competition, Flávia shared a picture of herself in a pink swimming costume and cap sitting by the edge of a pool.
“Just another day at work,” she wrote in Portuguese.
Her Instagram account was peppered with snaps, showing her working out in a gym, by the pool, or running outdoors.
“Not every victory is photogenic, not every growth is pretty to watch. Sometimes evolving is being silent, stepping back, saying no, crying in the background, and coming back the next day more aware,” she said in one motivational post.

In others, she said that skill “only develops with hours and hours of work” and sport is “the best tool for transformation.”
The Ironman Texas competition features three legs — a 2.4-mile swim, a 112-mile bike ride, and a 26.2-mile run. The women’s event got underway just after 6:30 a.m. Saturday, with fire crews alerted around an hour later that there was a lost swimmer.
Flávia’s body was found around 9 a.m. in about 10 feet of water.
Officials have ruled her preliminary cause of death was drowning, and relatives have paid tribute.
Flávia’s sister, Melissa Araújo, said her sibling “lived life intensely” – and revealed a piece of her had vanished, People reported.
“You were always synonymous with determination, with courage — with a strength that seemed too vast to be contained within you,” she wrote on social media.
“You never did anything halfway; perhaps that is why you left such a profound mark on the lives of everyone who crossed your path.
“A piece of me is gone, and I will have to learn to live without it. And it hurts in a way I cannot even explain.
“It is a strange silence, a void I knew existed all along — as if the world itself had lost a little of its color.”
Flávia’s partner, Rodrigo Ferrari, described the swimmer as his “love” and said not waking up next to her was hard.
“Ursa, you were the best person I have ever met in my life,” he wrote in a note shared on social media.
Texas
Fitness influencer drowns during swimming portion of Ironman Texas
A Brazilian fitness influencer has died after getting into difficulty during the swimming portion of an ironman event in Texas.
Mara Flavia Souza Araujo was reported as a “lost swimmer” around 7.30am at the Ironman Texas in Lake Woodlands near Houston on Saturday. According to KPRC 2 News, safety crews could not immediately locate Araujo. The 38-year-old’s body was discovered around 90 minutes later in 10ft of water by divers. She was pronounced dead on the scene.
Montgomery County Sheriff’s Department confirmed her identity in a statement to NBC on Monday.
“MCSO can confirm that Mara Flavia Souza Araujo, 38, of Brazil died while competing in the Ironman event in The Woodlands on Saturday,” the sheriff’s department told NBC News. “Preliminary investigations indicate she drowned during the swimming portion of the event.”
Araujo was an experienced triathlete and had completed at least nine ironman events since 2018. She had more than 60,000 followers on Instagram and had posted about the importance of making the most out of life in the days before her death.
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“Enjoy this ride on the bullet train that is life,” she wrote in Portuguese. “And even with the speed of the machine blurring the landscape, look out the window – for at any moment, the train will drop you off at the eternal station.”
Organizers of the race expressed their condolences on Saturday.
“We send our deepest sympathies to the family and friends of the athlete and will offer them our support as they go through this very difficult time,” race organizers said in a statement on Saturday. “Our gratitude goes out to the first responders for their assistance.”
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