GM. Texas just made its first state-level Bitcoin purchase, buying $5 million in IBIT to kick off its official Bitcoin reserve under new legislation.

Meanwhile, Avail launched its Nexus mainnet for unified liquidity, Grayscale filed for a Zcash ETF, and Strategy rolled out a Bitcoin credit dashboard for investors.

State buys, chain bridges, and market resilience define the day. 👇

Texas Begins Bitcoin Reserve With $10 Million Investment

Texas reportedly completed a $5 million IBIT acquisition, initiating deployment of funds authorized under its new Bitcoin reserve law. The Texas Blockchain Council said the trade occurred on November 20, though officials have not yet released confirming documentation.

The purchase draws from a $10 million allocation created by SB 21, which established a state-managed Bitcoin reserve inside the Treasury Safekeeping Trust. Comptroller staff said the IBIT position serves as a placeholder while Texas finalizes a long-term custody arrangement.

If fully validated, the IBIT stake would join existing trust holdings such as SPY and a Janus Henderson strategy today, officials said. The addition would become the portfolio’s third line and one of the earliest Bitcoin exposures ever undertaken by any US state.

Other states like New Hampshire and Arizona are advancing similar reserve plans as interest grows in government-level digital-asset accumulation. Advocacy groups expect additional state proposals to surface early next year when legislative sessions reconvene nationwide.

Avail Launches Nexus Mainnet for Unified Liquidity

Avail launched its Nexus Mainnet, connecting rollups, appchains, and decentralized apps to enable unified liquidity across multiple blockchains. The system uses intent-based routing and multi-source liquidity to streamline user activity across Ethereum, Polygon, Base, and additional integrated networks.

Co-founder Anurag Arjun said Nexus replaces fragmented bridges with verifiable execution across interconnected ecosystems using Avail’s modular infrastructure. The company said Nexus offers single-step cross-chain actions, eliminating gas-token switching and complex bridging procedures for end users.

Developers can deploy SDKs and APIs to integrate multi-chain functionality through unified collateral pools and shared data availability. Early adopters such as Lens Protocol and Lumia are leveraging Nexus for intent-driven trading and liquidity aggregation across supported networks.

Grayscale Files for Zcash (ZEC) Exchange-Traded Fund

Grayscale filed with the SEC to convert its existing Zcash Trust into a regulated exchange-traded fund. The move follows Zcash’s 1,000% price rally over the past year amid growing interest in privacy-focused cryptocurrencies. If approved, it would be the first ETF offering direct exposure to the privacy coin for US investors.

Zcash employs zero-knowledge proofs to conceal transaction details while maintaining verifiable integrity between counterparties. Grayscale said the product aligns with its broader expansion following Bitcoin, Ethereum, Solana, and Dogecoin ETF launches. The asset currently trades near $502, far below its $3,192 record, according to CoinGecko data compiled on Thursday.

Strategy Unveils Bitcoin Credit Dashboard for Investors

Strategy introduced a new credit rating dashboard to ease investor anxiety after Bitcoin’s sharp retracement and DAT sector losses. The firm said its preferred stock value supports roughly 70 years of dividend payments even under flat market conditions. Founder Michael Saylor added that Bitcoin holdings still exceed convertible debt by nearly sixfold at the current price.

Analysts at Bitget Wallet said Strategy’s stable cash flow and diversified operations mitigate forced liquidation risk during downturns. CryptoQuant CEO Ki Young Ju noted the company’s holdings help prevent further Bitcoin drawdowns by removing supply pressure. Despite volatile valuations, Strategy maintains positive funding capacity with an mNAV ratio of 1.16 as of Tuesday.

Data of the day

Ethena’s USDe stablecoin saw total value locked drop from $14.8 billion in October to $7.6 billion this month. The 50% contraction follows the unwinding of leveraged looping strategies that once amplified growth across DeFi lending protocols. Despite shrinking collateral, onchain transaction volume exceeded $50 billion in November, signaling persistent usage beyond speculative demand.

Analysts attribute the decline to falling perpetual funding rates, which pushed yields below borrowing costs for USDC-based carry trades. DeFi platforms like Aave saw cascading deleveraging as traders exited unprofitable loops, accelerating TVL outflows across protocols. Ethena said USDe continues to hold its peg, though the event highlights leverage sensitivity within yield-bearing stablecoins.

More breaking news

• Kevin Hassett, a crypto-linked Trump ally and current White House economic director, has reportedly emerged as the frontrunner to succeed Jerome Powell as Federal Reserve Chair.

• Polygon co-founder Sandeep Nailwal reignited debate over reverting POL back to MATIC, saying retail users still recognize and trust the original ticker name.

• US Bancorp is piloting a dollar-backed stablecoin on Stellar, citing its built-in controls and compliance features as key advantages for regulated banking clients.

• Kraken launched its Mastercard-powered Krak Card offering 1% Bitcoin cashback and multi-asset spending as it prepares for an upcoming US initial public offering.

• Coinbase Ventures outlined 2026 investment priorities spanning RWA perpetuals, DeFi credit markets, specialized exchanges, and the growing overlap between crypto, AI, and robotics.

• Robinhood shares jumped 8% after acquiring 90% of MIAX Derivatives Exchange with SIG, strengthening its expansion into prediction markets and regulated derivatives trading.

• Naver Financial confirmed its $10 billion stock-swap merger with Upbit operator Dunamu, making the exchange a wholly owned subsidiary to fuel digital finance growth.

• Thailand ordered Sam Altman’s World project to delete 1.2 million iris scans for violating data protection laws, forcing it to halt local operations indefinitely.

• Tether’s gold reserves hit 116 tons (matching South Korea’s holdings) prompting Jefferies to suggest its buying spree has meaningfully influenced global bullion prices.

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