Texas Launches BTC Reserve

Texas kicks off state reserve with $5M IBIT purchase

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Max Gonzalez, Litquidity Capital & Gannon Breslin
November 26, 2025

Good Morning,

Here's a quick preview of today’s content: Russian man detonates Airsoft grenades in botched crypto heist, Japan's FSA requires crypto exchanges hold reserves, Crypto crash ruins Thanksgiving for retail traders again, VanEck quietly backpedals BNB ETF staking, Saudi Arabia deploys its first quantum computer, and so much more

Happy Wednesday - Let’s dive in.

Market Snapshot

Click here to learn more about the Gannon’s portfolios and subscribe to the strategies on Autopilot.* Since inception (7/7/25), Gannon’s Crypto Portfolio is up +23.78%

  • Crypto markets steady as ETF rotation favors altcoins despite macro overhang

    • Bitcoin posted mild losses $87K (-2%) as strong equities session helped lift majors, even as traders remain cautious ahead of a $14B BTC options expiry

    • Altcoin ETFs - including XRP and SOL - traded in the green, with spot SOL ETFs logging 20 straight days of inflows since launch

    • ETF outflows and mixed macro data kept sentiment guarded, with BTC’s Sharpe ratio near zero

  • Total crypto market cap stands at $3.1T (-1% daily), with $154B in volume; Bitcoin holds 56.5% dominance, while Ethereum accounts for 11.5%

Headline Roundup
The major headlines driving crypto markets

  • Texas kicks off state reserve with $5M IBIT purchase (TB)

  • Polymarket set for US return following CFTC approval (DC)

  • Kevin Hassett, who has crypto ties, becomes primary Fed Chair candidate (TB)

  • Saudi Arabia deploys its first quantum computer (DC)

  • US Bank tests stablecoin on Stellar Network (DC)

  • JPMorgan shuts ShapeShift employee’s business account (TB)

  • Grayscale and Franklin XRP ETFs each clock $60M in day-one inflows (TB)

  • US hours account for nearly all of Bitcoin’s November losses (CD)

  • Metaplanet reveals move to add to $2.7B Bitcoin (DC)

  • VanEck quietly backpedals BNB ETF staking (CT)

  • Galaxy Digital explores Polymarket and Kalshi partnerships (TB)

  • Crypto crash ruins Thanksgiving for retail traders again (BBG)

  • Ethereum DATs heavily underwater (TD)

  • JPMorgan offers investors chance to win if Bitcoin's price drops (TB)

  • Portfolio diversification leading driver for crypto investment in 2025 (CT)

  • First US Spot DOGE ETF sees $1.4M in day-one volumes (TD)

  • Whale who called October crash places $44.5M long (CT)

  • Monad airdrop farmer spends full reward on gas for failed trades (CT)

  • USDT0 stablecoin passes $50B in transfers (TB)

  • MegaETH scraps plan after failures derail sale (CT)

  • SGX’s perp futures debuts with $35M volume (CD)

  • Bybit lowers barrier to elite wealth management solutions (CD)

  • Solana ETFs pull $369M in November (CT)

  • 21Shares taps Standard Chartered for custody (CT)

  • Solana treasury backs ‘double disinflation’ plan amid decline (CT)

  • Binance long/short ratio surges to 3.87 (TB)

  • Anthropic completes AI model upgrades with Claude (DC)

  • Pump.fun co-founder denies $436M cash out (CT)

  • TradeXYZ crosses $500M in daily volume (TD)

  • SKALE taps Layer 2 Base for AI-focused Layer 3 (TB)

Venture Capital

  • Crypto VC activity hits $4.6B in Q3 (CT)

  • Berachain disputes ‘framing’ of a $25M refund deal to Brevan Howard (CT)

M&A Announcements

  • Stablecoin issuer Paxos acquires crypto storage platform Fordefi (TB)

  • Private equity firm Bridgepoint buys majority of crypto audit specialist ht.digital (CD)

Launches

  • Kraken launches Bitcoin rewards Mastercard (DC)

  • Bitwise Dogecoin ETF debut imminent (DC)

  • Klarna to launch stablecoin on Tempo (DC)

  • Anchorage Digital rolls out rewards program (CD)

  • Naver launches stablecoin wallet amid Upbit merger (TB)

  • Taurus expands institutional footprint with validator role (CD)

  • TrustLinq launches crypto-to-fiat payment platform (CD)

  • St Mary Capital publishes analysis on potential 'Santa Rally' (CD)

Regulation

  • Japan's FSA requires crypto exchanges hold reserves (DC)

  • CFTC Chair Pham seeks CEOs for council amid expanding crypto oversight (TB)

  • South Korea’s stablecoin framework stalls (CT)

  • South Africa’s central bank flags stablecoins as financial risk (CT)

  • Crypto lawyer faces uphill battle in NY attorney general race (CT)

  • Upbit considers appeal of $25M fine by South Korean regulator (CD)

  • UAE’s new financial law pulls DeFi and Web3 into scope (CT)

  • KuCoin registers with Austrac to operate in Australia (CD)

  • Cameo wins restraining order against OpenAI (DC)

  • MoonPay granted New York trust charter (DC)

Cybersecurity

  • Russian man detonates Airsoft grenades in botched crypto heist (DC)

  • Malicious worm compromises crypto domains in supply-chain attack (CS)

Extra Reads

Chart of the Day

More than 8% of the total Bitcoin supply moved in the past seven days

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