Texas acquired $5 million in BlackRock's iShares Bitcoin Trust (IBIT) as an initial step toward establishing the Texas Strategic Bitcoin Reserve. The purchase follows legislation passed earlier this year allocating $10 million for bitcoin accumulation. Texas aims to become the first U.S. state to operate a legislatively funded strategic bitcoin reserve under direct state management.

Bitcoin has rebounded toward the $87,000 to $90,000 range after declining from $106,000 to $80,600 over 10 days. While whale holders with over 10,000 BTC continue selling, mid-sized holders in the 10–1,000 BTC range are accumulating. Data shows demand from accumulator addresses reached 365,000 BTC on November 23, up from 254,000 BTC on November 1.

A major institutional player executed a $2 billion Bitcoin options strategy on Deribit, positioning for a recovery toward six-figure price levels. The trade structure suggests conviction that recent market liquidations have cleared the path for upward movement. Retail investors continue selling while larger holders accumulate.

Texas completed a $10 million Bitcoin acquisition on November 20, 2025, at approximately $87,000 per coin, becoming the first U.S. state to establish a formal government digital asset reserve. The purchase was executed through BlackRock's iShares Bitcoin Trust (IBIT) as an interim measure while the state finalizes its self-custody infrastructure. The transaction follows legislation signed in June 2025 that authorized a Strategic Bitcoin Reserve with cold-storage requirements and minimum holding periods.

Bitcoin is trading near $87,000 following a decline from all-time highs, with funding rates flipping negative for the first time this cycle. Analyst Darkfost notes that traders shifted to short positions only after a 30% correction, suggesting late-stage capitulation. The metric dropped below the 0.01% neutral threshold used by exchanges including Binance, indicating short-side dominance.

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.

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.

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.