Texas Holds 197,844 IBIT Shares Despite $3.4M Paper Loss

Woofun AI reports that Texas maintained its entire position in BlackRock's IBIT throughout the second quarter, refusing to liquidate despite significant market depreciation. The Texas State Treasury Commission (TTSTC) held steady on its 197,844 shares, absorbing the volatility rather than exiting the investment.

Valuation discrepancies emerged as IBIT's net asset value fell from $38.62 at the end of March to $33.48 on June 30. While the 197,844 shares were worth approximately $7,602,000 near the first quarter when prices hovered around $38, the June 30 valuation placed the holding at roughly $6.62 million. This represents a decline of about $980,000 from the earlier quarter-end figure, creating a divergence between the actual market value and the static figures reported in regulatory documents.

Per Woofun AI, the TTSTC's filings listed the share count and stated value as unchanged, ignoring the $3.38 million gap between the current worth and the original $10 million reserve allocation. This discrepancy highlights the state's decision to retain the assets despite the second-quarter downturn, with the June 30 data confirming the position's reduced market reality against the initial appropriation.

The June filing confirms that Texas absorbed the decline without reducing its disclosed BlackRock Bitcoin ETF position. The state continues to hold the same 197,844 shares, now valued at approximately $6.62 million, signaling a long-term commitment to the Bitcoin asset class despite short-term losses.