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🚨 Texas is moving its Bitcoin reserve from ETF exposure to direct BTC custody.
That sounds like a small operational change.
It’s actually a major signal.
The first phase of institutional adoption was about access.
That’s why Bitcoin ETFs exploded.
But direct custody suggests something different:
Institutions are starting to care about ownership, not just exposure.
An ETF tracks Bitcoin.
Direct custody holds Bitcoin.
The distinction becomes more important when Bitcoin starts being treated as a reserve asset rather than a speculative investment.
Gold ETFs helped institutions gain exposure.
Central banks still hold physical gold.
Bitcoin may be entering a similar phase.
The market spent years asking when institutions would buy Bitcoin.
The next question may be whether institutions eventually want to hold the asset itself.
$BTC