Texas purchased $5 million in BlackRock's iShares Bitcoin Trust ETF on November 20, 2025, making it the first U.S. state to directly invest in Bitcoin, according to state records. The acquisition occurred when Bitcoin traded near $87,000. The state allocated $10 million total for cryptocurrency holdings within its $60 billion permanent school fund, with $5 million remaining for future investments.

Tokyo-listed Metaplanet withdrew $130 million from its $500 million Bitcoin-collateralized facility on November 25, 2025, to purchase additional BTC. The company now holds over 1,200 BTC valued above $105 million. Total borrowings reached $230 million following a prior $100 million draw in October.

Japan's Financial Services Agency will require licensed cryptocurrency exchanges to maintain dedicated liability reserves starting in 2026. The reserves will enable platforms to compensate users immediately following security breaches, fraud, or operational failures. Reserve amounts will be calculated based on trading volume and incident history.

Bitcoin advocates are calling for a boycott of JP Morgan after MSCI proposed excluding companies holding over 50% crypto from major indexes starting January 2026. MicroStrategy, with Bitcoin comprising over 90% of its balance sheet, faces potential forced selloffs totaling $2.8 billion, according to JP Morgan research. The move has reignited tensions between traditional finance and cryptocurrency proponents.

Bit Digital reported $30.5 million in revenue for the third quarter of 2025, a 33% increase from the prior year. The company expanded its Ethereum holdings fivefold to 153,547 ETH, valued at approximately $590.5 million as of October 31, 2025. Its AI cloud services unit, WhiteFiber, generated $18 million in revenue during the period.

Coinbase finalized the acquisition of Vector.fun, a Solana-native trading platform, on November 21, 2025. The deal integrates Vector's technology into Coinbase's decentralized exchange infrastructure while bringing the 13-member team onboard. Vector.fun specializes in low-cost perpetuals and spot trading on Solana, which recorded over $1 trillion in DEX volume in 2025.

Mt. Gox moved 10,422.6 BTC valued at $936 million to a previously unused wallet address on Tuesday, marking the first major distribution activity in eight months. Blockchain data show the funds originated from the exchange's cold storage and arrived at address 1ANkDML9LtVv1E1EF7cwPFEkSv6Bpojwyt, with no subsequent outflows recorded as of November 18, 2025.

Grayscale Investments filed an S-1 registration statement with the Securities and Exchange Commission on November 13, 2025, seeking to convert its Dogecoin Trust into a spot exchange-traded fund. The trust holds physical DOGE tokens and has designated Coinbase as prime broker and custodian. Bloomberg ETF analyst Eric Balchunas projected a potential launch as early as November 24, 2025, pending the SEC's standard 20-day review period.

The global stablecoin market reached $300 billion by November 2025, marking 48% growth from January levels. The European Central Bank warned that large-scale redemptions could trigger mass Treasury sales, potentially disrupting European monetary policy and reserve management. Dollar-pegged tokens control 99.58% of market share, with major issuers holding most reserves in U.S. Treasury securities.