Texas completed a $10 million Bitcoin acquisition on November 20, becoming the first U.S. state to hold BTC in its treasury. The purchase was executed through BlackRock's spot Bitcoin ETF at an average price of $87,000 per coin. The state plans to transition to self-custody infrastructure in future phases.

Five spot altcoin exchange-traded funds are scheduled to debut within the next six days, according to Bloomberg intelligence data. ETH, SOL, and XRP recorded combined inflows of $318M in the past 24 hours, while Bitcoin spot ETFs experienced outflows of $151.08M. The divergence suggests a shift in institutional capital allocation toward alternative cryptocurrencies.

Monad launched its mainnet on November 25, 2025, alongside its native MON token, which rose 62% to $0.04 in early trading. The network onboarded more than 100 applications and accumulated $115 million in total value locked within hours of going live. Trading activity concentrated on Coinbase, Bybit, and Upbit, with first-day volume reaching $1.2 billion.

Texas completed a $5 million purchase of BlackRock's IBIT on November 20, marking the first deployment from its Strategic Bitcoin Reserve, according to the Texas Blockchain Council. The reserve operates under the Texas Treasury Safekeeping Trust Company with a $10 million budget authorized by Governor Greg Abbott in June through Senate Bill 21.

Reliance Global Group has liquidated its Bitcoin, Ethereum, Cardano and XRP holdings to consolidate its digital asset treasury entirely into Zcash. The decision, announced November 25, 2025, followed a strategic review by the company's Crypto Advisory Board led by Blake Janover. The board identified Zcash as offering stronger long-term institutional value based on privacy architecture, compliance capabilities and institutional adaptability.

U.S. spot XRP exchange-traded funds have attracted approximately $587 million in net inflows across fewer than 10 trading sessions, data show. The figure exceeds the roughly $568 million accumulated by Solana ETFs over 20 consecutive days since their October 28 launch. Grayscale and Franklin Templeton products contributed around $164 million in a single session on November 24.

Matt Hougan, Chief Investment Officer at Bitwise, has outlined a valuation framework for digital asset treasury companies, arguing most should trade below net asset value. He identified illiquidity, operational expenses, and execution risk as key discount factors. Only firms consistently increasing crypto-per-share through debt issuance, lending, derivatives, or discounted acquisitions can justify premium valuations, according to Hougan.

Polymarket has received regulatory clearance from the Commodity Futures Trading Commission to operate a fully compliant intermediated trading platform in the United States. The approval requires the prediction market platform to meet federal exchange standards, including enhanced surveillance systems and regulatory reporting protocols.