Texas launches cryptocurrency reserve with $5 million Bitcoin purchase

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Texas continues to embrace the volatile and controversial digital currency. Photo via David McBee/Pexels

Texas has launched its new cryptocurrency reserve with a $5 million purchase of Bitcoin as the state continues to embrace the volatile and controversial digital currency.

The Texas Comptroller’s Office confirmed the purchase was made last month as a “placeholder investment” while the office works to contract with a cryptocurrency bank to manage its portfolio.

The purchase is one of the first of its kind by a state government, made during a year where the price of Bitcoin has exploded amid the embrace of the digital currency by President Donald Trump’s administration and the rapid expansion of crypto mines in Texas.

“The Texas Legislature passed a bold mandate to create the nation’s first Strategic Bitcoin Reserve,” acting Comptroller Kelly Hancock wrote in a statement. “Our goal for implementation is simple: build a secure reserve that strengthens the state’s balance sheet. Texas is leading the way once again, and we’re proud to do it.”

The purchase represents half of the $10 million the Legislature appropriated for the strategic reserve during this year’s legislative session, but just a sliver of the state’s $338 billion budget.

However, the purchase is still significant, making Texas the first state to fund a strategic cryptocurrency reserve. Arizona and New Hampshire have also passed laws to create similar strategic funds but have not yet purchased cryptocurrency.

Wisconsin and Michigan made pension fund investments in cryptocurrency last year.

The Comptroller’s office purchased the Bitcoin the morning of Nov. 20 when the price of a single bitcoin was $91,336, according to the Comptroller’s office. As of Friday afternoon, Bitcoin was worth slightly less than the price Texas paid, trading for $89,406.

University of Houston energy economist Ed Hirs questioned the state’s investment, pointing to Bitcoin’s volatility. That makes it a bad investment of taxpayer dollars when compared to more common investments in the stock and bond markets, he said.

“The ordinary mix [in investing] is one that goes away from volatility,” Hirs said. “The goal is to not lose to the market. Once the public decides this really has no intrinsic value, then it will be over, and taxpayers will be left holding the bag.”

The price of Bitcoin is down significantly from an all-time high of $126,080 in early October.

Lee Bratcher, president of the Texas Blockchain Council, argued the state is making a good investment because the price of Bitcoin has trended upward ever since it first launched in early 2009.

“It’s only a 16-year-old asset, so the volatility, both in the up and down direction, will smooth out over time,” Bratcher said. “We still want it to retain some of those volatility characteristics because that’s how we could see those upward moves that will benefit the state’s finances in the future.”

Bratcher said the timing of the state’s investment was shrewd because he believes it is unlikely to be valued this low again.

The investment comes at a time that the crypto industry has found a home in Texas.

Rural counties have become magnets for crypto mines ever since China banned crypto mining in 2021 and Gov. Greg Abbott declared “Texas is open for crypto business” in a post on social media.

The state is home to at least 27 Bitcoin facilities, according to the Texas Blockchain Council, making it the world’s top crypto mining spot. The two largest crypto mining facilities in the world call Texas home.

The industry has also come under criticism as it expands.

Critics point to the industry’s significant energy usage, with crypto mines in the state consuming 2,717 megawatts of power in 2023, according to the comptroller’s office. That is enough electricity to power roughly 680,000 homes.

Crypto mines use large amounts of electricity to run computers that run constantly to produce cryptocurrencies, which are decentralized digital currencies used as alternatives to government-backed traditional currencies.

A 2023 study by energy research and consulting firm Wood Mackenzie commissioned by The New York Times found that Texans’ electric bills had risen nearly 5%, or $1.8 billion per year, due to the increase in demand on the state power grid created by crypto mines.

Residents living near crypto mines have also complained that the amount of job creation promised by the facilities has not materialized and the noise of their operation is a nuisance.

“Texas should be reinvesting Texan’s tax money in things that truly bolster the economy long term, living wage, access to quality healthcare, world class public schools,” said state Sen. Molly Cook, D-Houston, who voted against the creation of the strategic fund. “Instead it feels like they’re almost gambling our money on something that is known to be really volatile and has not shown to be a tide that raises all boats.”

State Sen. Charles Schwertner, R-Georgetown, who authored the bill that created the fund, said at the time it passed that it will allow Texas to “lead and compete in the digital economy.”

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This story was originally published by The Texas Tribune and distributed through a partnership with The Associated Press.

A Houston company has raised additional funding as it grows its encrypted lodging booking platform. Photo via Gustavo Fring/Pexels

Houston-based travel tech startup raises nearly $1M to continue expansion

token-based travel

A travel booking technology company that's looking to alleviate some of the stresses of finding and making hotel reservations has raised additional seed funding.

Houston-based Pinktada has raised additional funding to the tune of $975,000. Ireland-based Selenean Capital contributed to the seed funding round, joining the company's previous investor True Global Ventures 4 Plus, which has invested $2 million to date. According to Crunchbase data, the latest investment brings the company's total to $3.9 million.

“Selenean Capital’s approach to partnership is identifying real world future needs and then working relentlessly to achieve those goals," says Davin Browne, Selenean’s CEO, in a news release. "Pinktada encapsulates this perfectly with a transformational approach to the hotel booking model built around a brilliant team. We look forward to the partnership and journey with them."

Founded in 2020, Pinktada launched its booking platform earlier this year. The technology — backed by NFT encryption — allows users to sell or trade existing lodging reservations. As many hotels and third-party booking sites offer cheaper non-refundable booking options, Pinktada gives travelers a secure alternative if their plans change. The company's hotel partners can benefit from the transactions, too, per the company's statement.

“We are thrilled with the market validation we are receiving,” says Mark J. Gordon, chief hospitality officer, in the release. “We launched in May with properties in Hawaii and the Dominican Republic, have since added exquisite hotels in Mexico, New York, Miami and San Francisco, and have another 18 in the process of being on-boarded. More important though is the caliber of our partners, which are leading hotel industry names.”

According to the company, membership grew 20 percent in August and 40 percent in September as the platform added new hotel partners.

“We could not be more excited about our prospects," says Lyon Hardgrave, Pinktada’s CEO, in the release. “This investment reflects the significant progress we have made this year. It will allow us to accelerate the onboarding of new hotels, dial up marketing efforts, and continue to evolve our technology to embrace other large opportunities.”

Houston Texans fans can now make purchases with cryptocurrency, thanks to Houston-based BitWallet. Image via houstontexans.com

Houston Texans taps local startup to be exclusive cryptocurrency platform

ready player crypto

The Houston Texans are making a major pass into the crypto space.

A new partnership has made it the first team in the NFL to allow the sale of its suites through digital currency.

In an agreement announced this week, the Houston Texans have partnered with Houston-based cryptocurrency company, BitWallet, to become the official digital currency wallet of the organization. The partnership goes into effect immediately.

Through this partnership, fans now can use cryptocurrency to purchase single game suites, using BitWallet as the means to convert the cryptocurrency into U.S. dollars.

"We are proud to partner with BitWallet to offer an exciting option for our fans who are looking to enjoy Texans gameday in one of our suites," says Houston Texans President Greg Grissom. "BitWallet is a perfect collaborator as we continue our efforts to move our organization forward in new and innovative ways."

BitWallet was founded by CEO John Perrone in 2017 and has raised $2.1 million in seed over one round, according to CrunchBase.

"Digital currency has become a primary means of payment and by partnering with BitWallet, the Texans are leading the way in the NFL," Perrone says. "I am honored that BitWallet is the first to offer Texans fans this service."

Detractors are suspicious of the anonymity that comes with blockchain technology. Supporters say it's exactly the point. Photo via David McBee/Pexels

Houston expert weighs in on the trustworthiness of cryptocurrency

houston voices

Interest in cryptocurrencies reignited during the pandemic, driven in part by trillions of dollars in stimulus money that left many investors with “free money” to put to work. And while bitcoin recently tumbled nearly 55 percent from its peak, it remains the most valuable crypto asset in the world, with a market capitalization of around $589 billion. Its investors argue that it’s still a safer bet than stocks during this period of economic upheaval.

A renewed interest in cryptocurrencies — digital currencies that rely on blockchain technology, in which transactions are verified and records maintained by a decentralized system that uses cryptography — is widespread. Large corporations like Tesla, Mass Mutual and KPMG Canada have announced plans to hold cryptocurrency assets in treasury or accept them as payment. Meanwhile, major financial institutions are offering customers more digital asset investment options. Twelve years after bitcoin’s birth, mainstream investors are honing in on the currency, too.

In the midst of this market fascination, a fundamental question still remains. What exactly is cryptocurrency, and why should we care? And what about other industry buzzwords, like blockchain, decentralized exchanges or non-fungible tokens (NFTs)? Are they all just fads that will fade away?

Some have called cryptocurrency a Ponzi scheme, a tool for illicit activities, or a short-term fascination that will be irrelevant in a few years. It’s an understandable mindset, since there’s no intrinsic value in cryptocurrencies — not unlike the U.S. dollar after it stopped being backed by gold in the 1970s. But it’s also a shortsighted one. Blockchain technology, which allows users to exchange information on a secure digital ledger, is extremely useful because it automates contractual arrangements through computer programming.

I’m a firm believer that cryptocurrencies and the blockchain technology that underpins them are here to stay, and understanding how this technology has transformed our environment, and how it will continue to evolve, is critical to succeeding in business.

First steps

Bitcoin took the first major steps towards a truly electronic cash system in 2008, in the midst of one of the worst financial collapses of all time. Governments worldwide were bailing out financial institutions that had been deemed “too big to fail.” Perceptions of economic inequality spurred movements such as Occupy Wall Street, which was fueled by a distrust in banks.

Bitcoin, on the other hand, wasn’t created by a trusted source — in fact, no one knows exactly who invented it. In a 2008 white paper, “Bitcoin: A Peer-to-Peer Electronic Cash System,” Satoshi Nakamoto — the pseudonymous individual presumed to have developed bitcoin — described the currency as a way to securely facilitate financial transactions between parties without having to involve a central intermediary. No longer would people have to put their trust in the large financial institutions that failed them during the financial crisis.

Detractors find the lack of a central authority with blockchain worrisome, but proponents say it’s exactly the point: You no longer have to trust the person or institution you’re dealing with. You only have to trust the algorithms that run the program — and presumably an algorithm will never run off with your money.

Instead, blockchain enables a cooperative of members to run the shared network ledger required to keep track of a currency’s credits and debits. No one can shut down the system so long as a group of computers anywhere in the world is able to connect to the internet and run bitcoin’s software.

Because of bitcoin, today we can uniquely own digital assets and transfer them with the certainty that people can’t spend the same cryptocurrency twice. The transactions that bitcoin-like applications make possible are registered in permanent and immutable digital records for all to see in a common ledger.

By enabling fast and easily verifiable transactions, blockchain technology is also streamlining business operations in banking, supply chains, sustainability, healthcare and even voting. Development in these sectors and others is continuing at an intense pace. Annual global funding of blockchain projects now runs in the billions of dollars. From 2020 to 2021 alone, it jumped from several billion to nearly $30 billion.

Second generation

Since bitcoin’s arrival, we’ve seen a second, more sophisticated generation of cryptocurrencies evolve, with Ethereum as their flagship. Ethereum has its own programming language, enabling users to write and automate self-executing smart contracts, allowing for the creation of tokens for a specific use. For example, imagine that when Uber was founded, it had created an Uber token, and only people who owned Uber tokens could use the rideshare service. Tokens currently power thousands of decentralized applications that give people more privacy and control in a variety of areas, such as internet browsing, financial services, gaming and data storage, among others.

Some critiques of cryptocurrency remain. One growing concern is that cryptocurrencies require a significant amount of energy to run their networks, leading to higher transaction costs, energy waste and limited scalability. Newer cryptocurrencies are attempting to find ways to verify transactions that require less energy.

Some people also worry about ongoing volatility in cryptocurrency markets. A third generation of cryptocurrencies has emerged to address this concern: so-called “stablecoins,” which are pegged to a government-issued currency, a commodity, assets, or basket of assets. For some, stablecoins are serving as an onramp into the world of crypto from the world of traditional finance.

Before a new technology becomes part of everyday life, we often see a long period of development, improvement and consumer adoption. Cryptocurrency and blockchain markets are still in this early development stage, but they’re also moving quickly into the mainstream. The total market capitalization of cryptocurrencies late last year briefly reached the $3 trillion mark, or roughly 15 percent of the U.S. GDP, and there’s been more than $100 billion locked into decentralized finance applications.

Large companies like IBM, Amazon and Bank of America are leading the way by tapping into blockchain technology in their daily business activities. It won’t be long until this market, previously characterized by speculation and wild volatility, will be transformed into a stable infrastructure framework. But companies need to get up to speed on the industry now. Those that commit to doing so will be the ones that thrive.


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This article originally ran on Rice Business Wisdom and was written by Manolo Sánchez, an adjunct professor of operations management at the Jones Graduate School of Business at Rice University.

Could RadioShack make a come back? Photo via Getty Images

Former Texas electronics giant RadioShack reboots as cryptocurrency company

shacking up?

Although the RadioShack electronics retail chain essentially crumbled following bankruptcy filings in 2015 and 2017, the name has survived for 100 years. In a bid to make RadioShack relevant for another 100 years, the brand’s new owner is making a play for one of the hottest, and most controversial, emerging business sectors in the world — cryptocurrency.

Seeking to capitalize on RadioShack’s global brand name, Miami-based owner Retail Ecommerce Ventures is propelling RadioShack (once based in Fort Worth) into the promising yet murky territory of cryptocurrency. Cryptocurrency is digital currency built on a technology platform known as blockchain; bitcoin is perhaps the best-known type of cryptocurrency. In November, the size of the global cryptocurrency market surpassed $3 trillion.

“The need for a bridge between the CEOs who control the world’s corporations and the new world of cryptocurrencies will most likely come in the form of a well-known, century-old brand. RadioShack is perfect,” RadioShack proclaims on its website.

High-profile investors like Elon Musk have enthusiastically hopped on the cryptocurrency bandwagon. Yet other big-name investors, such as Warren Buffett, cast doubt on the viability of the scam-prone, highly volatile cryptocurrency market.

The owner of RadioShack clearly shares space on the Musk bandwagon. On its website, RadioShack — whose name still appears on hundreds of stores operated by independent dealers — recently revealed plans for a cryptocurrency platform called RadioShack DeFi (short for decentralized finance). The company touts RadioShack DeFi’s ability to profit from a 100-year-old brand name that’s recognized in more than 190 countries and once encompassed more than 8,000 stores.

The concept calls for people to freely swap existing cryptocurrency tokens for newly created RADIO cryptocurrency tokens through the RadioShack DeFi platform.

“It is our hypothesis that the best way for crypto to be more mainstream is for an established brand name in the tech space to lead the way. … Despite its pullback in the last 10 years, the brand is resolutely embedded in the global consciousness — ripe to be pivoted to lead the way for blockchain tech to mainstream adoption by other large brands,” RadioShack declares.

Retail Ecommerce Ventures bought RadioShack’s brand assets in 2020. The business also owns the ecommerce business of Pier 1, formerly based in Fort Worth, along with obsolete retail brands such as Dressbarn, Linens ’n Things, and Stein Mart.

Interestingly, RadioShack’s cryptocurrency setup would run on a system called Atlas USV that’s owned by entrepreneurs Tai Lopez and Alex Mehr — the same guys who own Retail Ecommerce Ventures and, thus, RadioShack.

“Lopez and Mehr are clearly staking the success of the entire operation on the strength of the RadioShack brand with consumers,” PCMag.com observes.

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This article originally ran on CultureMap.

Spencer Randall, principal and co-founder of CryptoEQ, joins the Houston Innovators Podcast to discuss how his company has grown alongside the cryptocurrency industry. Photo courtesy of CryptoEQ

Houston startup shines bright as cryptocurrency's 'North Star'

Houston innovator's podcast episode 89

When Spencer Randall and his co-founders dreamt up the idea for CryptoEQ in 2018, they couldn't have even imagined how huge of a presence cryptocurrency would have in the world.

Within the past year, publicly traded companies holding Bitcoin on their balance sheet, El Salvador has announced its adopting Bitcoin as legal tender, dozens of other "altcoins" have emerged, and, as of earlier this month, thousands attended the biggest crypto event in the world.

Helping its users navigate it all is Houston-based CryptoEQ, which has, over the past 18 months, seen 10x growth in users and revenue — recently reaching the 30,000 user milestone.

"CryptoEQ is really built to be the North Star for digital asset research and information. We provide market insights for both newcomers and folks that are already well-versed in cryptocurrency and digital assets," Randall says on this week's of the Houston Innovators Podcast. "The idea of the company is to help shepherd folks along and guide them on their crypto journey."

The platform, which offers both free and paid membership, has expanded to be able to offer something for everyone, despite their cryptocurrency proficiency. In fact, recently the company entered into a partnership with The Cannon, an entrepreneurial hub with locations across Houston, to provide a one-of-a-kind crypto starter pack to help onboard innovators to the cryptosphere worldwide. The new offering launches this week.

"We have a lot of roots at the Cannon — we actually started building CryptoEQ at the original location of the Cannon. So, it's really cool to come full circle and buildout a crypto starter pack with the Cannon team," Randall says.

He shares more about the state of cryptocurrency and how he's seen his company grow on the episode. Listen to the full interview below — or wherever you stream your podcasts — and subscribe for weekly episodes.


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Rice University partners with astronaut foundation to offer new STEM scholarship

space scholars

Rice University has partnered with The Astronaut Scholarship Foundation (ASF) to offer a new scholarship opportunity for junior or senior STEM majors, beginning this spring.

The prestigious Astronaut Scholarship includes up to $15,000, mentorship, networking and a paid trip to the ASF Innovators Symposium and Gala. The scholarship is funded by the James A. Lovell Jr. Family Endowment, in honor of the late American astronaut and founder of the ASF.

“This scholarship opportunity represents an exciting new avenue for Rice STEM students to synthesize their experiences in courses and research and their commitment to advancing the public good as leaders in their field,” Danika Brown, executive director for the Center for Civic Leadership at Rice, said in a news release. “We are so grateful to the Lovell family and to the foundation for investing in Rice students, and we are confident that the foundation will be impressed with our nominees and that selected students will have a life-changing experience as astronaut scholars.”

The Rice Space Institute and the Center for Civic Learning recently hosted the ASF at the Ralph S. O’Connor Building for Engineering and Science.

At the ASF event, Jeff Lovell—son of James Lovell, who commanded Apollo 13 and flew on Apollo 8—announced the scholarship aimed at Rice STEM students. Charlie Duke, who served as spacecraft communicator for the Apollo 11 Moon landing and as the lunar module pilot for Apollo 16, also spoke at the event.

The ASF awarded 74 scholarships to students from 51 universities across the U.S. last May.

The ASF awarded its first seven $1,000 scholarships in 1986 to pay tribute to the Mercury 7 astronauts. It has since awarded more than $10 million to more than 850 college students.

So far, only students from Texas A&M University and the University of Texas at Austin have received the scholarship in Texas.

Houston hospital first in U.S. to use new system for minimally invasive surgery

sharper images

Houston’s Baylor St. Luke’s Medical Center has introduced an innovative new surgical imaging system that will allow surgeons to increase the number of minimally invasive procedures as well as reposition on the fly during operations.

Minimally invasive surgery has been shown across the board to improve patient outcomes with less chance of infection and shorter recovery times compared to traditional open surgery. However, the human body is not exactly easy to work on through small incisions, necessitating the development of state-of-the-art cameras and imaging technology to guide surgeons.

Enter GE HealthCare’s Allia Moveo, now a part of the Baylor St. Luke’s Medical Center operating room. Using cutting-edge technology, it uses the same high-definition imaging usually seen in the catheterization lab at speeds fast enough to respond to shifting surgical conditions. Its cable-free setup allows surgeons to switch positions much faster, and it features advanced 3D imaging that compensates for breathing motion and interference from metal implants.

Its design supports a range of cardiovascular, vascular, non-vascular, interventional and surgical procedures, according to CommonSpirit Health, a nonprofit Catholic health network, of which Baylor St. Luke's is a member.

“This innovative platform enhances how our clinicians navigate complex minimally invasive procedures by improving mobility, image clarity, and workflow efficiency. It strengthens our ability to deliver precise, patient-centered care while supporting our teams with technology designed for the evolving demands of modern interventional medicine,” Dr. Brad Lembcke, president of Baylor St. Luke’s Medical Center, said in a news release from Baylor and the Texas Heart Institute.

Baylor St. Luke’s is the first hospital in the U.S. to use the Allia Moveo technology. The definition and responsiveness of the new system allow surgeons to navigate the body with greater accuracy and smaller incisions, even for very delicate operations.

“Allia Moveo gives us the flexibility and image quality needed to manage increasingly complex minimally invasive procedures with greater confidence,” Dr. Gustavo Oderich, vascular surgeon and professor of surgery at Baylor College of Medicine, added in the release. “The ability to quickly reposition the system, obtain high-quality 3D imaging, and integrate advanced guidance tools directly into the workflow enhances procedural accuracy. This technology supports our mission to push the boundaries of what is possible in endovascular and interventional surgery.”

Houston clocks in as one of the hardest working cities in America

Ranking It

Houston and its residents are proving their tenacity as some of the hardest working Americans in 2026, so says a new study.

WalletHub's annual "Hardest-Working Cities in America (2026)" report ranked Houston the 37th most hardworking city nationwide. H-town last appeared as the 28th most industrious American city in 2025, but it still remains among the top 50.

The personal finance website evaluated 116 U.S. cities based on 11 key indicators across "direct" and "indirect" work factors, such as an individual's average workweek hours, average commute times, employment rates, and more.

The U.S. cities that comprised the top five include Cheyenne, Wyoming (No. 1); Anchorage, Alaska (No. 2); Washington, D.C. (No. 2); Sioux Falls, South Dakota (No. 4); and Irving, Texas (No. 5). Dallas and Austin also earned a spot among the top 10, landing as No. 7 and No. 10, respectively.

Based on the report's findings, Houston has the No. 31-best "direct work factors" ranking in the nation, which analyzed residents' average workweek hours, employment rates, the share of households where no adults work, the share of workers leaving vacation time unused, the share of "engaged" workers, and the rate of "idle youth" (residents aged 16-24 that are not in school nor have a job).

However, Houston lagged behind in the "indirect work factors" ranking, landing at No. 77 out of all 116 cities in the report. "Indirect" work factors that were considered include residents' average commute times, the share of workers with multiple jobs, the share of residents who participate in local groups or organizations, annual volunteer hours, and residents' average leisure time spent per day.

Based on data from The Organisation for Economic Co-operation and Development (OECD), WalletHub said the average American employee works hundreds of more hours than workers residing in "several other industrialized nations."

"The typical American puts in 1,796 hours per year – 179 more than in Japan, 284 more than in the U.K., and 465 more than in Germany," the report's author wrote. "In recent years, the rise of remote work has, in some cases, extended work hours even further."

WalletHub also tracked the nation's lowest and highest employment rates based on the largest city in each state from 2009 to 2024.

ranking

Source: WalletHub

Other Texas cities that earned spots on the list include Fort Worth (No. 13), Corpus Christi (No. 14), Arlington (No. 15), Plano (No. 17), Laredo (No. 22), Garland (No. 24), El Paso (No. 43), Lubbock (No. 46), and San Antonio (No. 61).

Data for this study was sourced from the U.S. Census Bureau, Bureau of Labor Statistics, U.S. Travel Association, Gallup, Social Science Research Council, and the Corporation for National & Community Service as of January 29, 2026.

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This article originally appeared on CultureMap.com.

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