Texas Strategic Bitcoin Reserve

The Texas Comptroller of Public Accounts, on behalf of the Texas Treasury Safekeeping Trust Company, issued Request for Proposals No. 908-26-1778WS to procure custody and liquidity services for the Texas Strategic Bitcoin Reserve established under Senate Bill 21. The procurement seeks qualified respondents to provide secure custodial technologies including cold storage solutions and liquidity services to facilitate the purchase and management of Bitcoin and other qualifying cryptocurrencies. Respondents must meet essential qualifications including a Texas Money Transmitter License, Financial Crimes Enforcement Network (FinCEN) registration, TX-RAMP or FedRAMP certification, and SOC 2 Type II audit reports, with preferred qualifications encompassing Qualified Custodian or Liquidity Provider status, substantial Texas business presence, and relevant banking licenses. Deliverables include comprehensive cybersecurity controls, website development and maintenance, legislative support including biennial reporting, advisory committee consultation, and general institutional client services provided at no additional cost. The evaluation criteria employs a best value standard weighted at 40% for respondent qualifications and experience, 40% for narrative and preliminary work plan, and 20% for proposed costs, structured as a flat annual fee model rather than assets under management. Key dates include a written questions deadline of May 22, 2026, official responses posted by May 29, 2026, proposal submissions due June 15, 2026 at 2:00 p.m. Central Time, presentations by top-scoring respondents on July 31, 2026, and contract execution targeted for August 28, 2026. The initial contract term runs through August 31, 2029, with three optional one-year renewal periods extending through August 31, 2032, and work commencement no later than 60 days following contract execution.

The Trust Company intends to award contracts to both a primary service provider and a secondary service provider for redundancy and contingencies, though no specific set-aside designations for disadvantaged enterprises are noted in the procurement documents. A State of Texas Subcontracting Plan is required for all responding vendors when subcontracting opportunities are probable, with specific provisions for Veteran Heroes United in Business (VetHUB) certified subcontractors; all vendors must complete and submit this plan to be considered responsive. Respondents must demonstrate good faith effort by notifying at least two VetHUB-certified entities of each subcontracting opportunity with a minimum seven business days for response, with supporting documentation required as part of the submission. The Trust Company currently holds approximately $10 million in Bitcoin acquired through iShares Bitcoin Trust EFT as an interim measure and anticipates transitioning to direct Bitcoin custody under the selected service provider(s). While specific budget ranges or award values are not explicitly stated in the procurement documents, the anticipated contract value and scope indicate this is a significant engagement given the strategic nature of the Bitcoin reserve holdings and the comprehensive service requirements across custody, technology, and advisory functions.