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Texas purchases $5 million in Bitcoin at an average price of $87k per coin.
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The state announced that it invested in Bitcoin via BlackRock’s IBIT but plans to custody in the near term.
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The BTC/USD pair has signaled potential bullish sentiment but more whales are needed to fuel momentum.
Texas has become the first state to purchase Bitcoin (BTC) as a hedge against inflation. Lee Bratcher, the President of the Texas Blockchain Council announced that the state bought $5 million worth of Bitcoin on November 20, 2025.
Notably, the State announced that it allocated half of the budget meant to purchase Bitcoin to BlackRock’s IBIT. The state scooped its BTC holding at an average price of $87k
CORRECTION: Texas purchased $5M on Nov. 20th. $10M is allocated from general revenue but not all $10M has been allocated.@BitcoinMagazine
— Lee ₿ratcher (@lee_bratcher) November 25, 2025
Texas Doubles Down on Bitcoin
Texas has aligned with President Donald Trump’s commitment to make the United States the global crypto hub. The State has been implementing a strategic Bitcoin treasury through the proper legal channels year-to-date.
Under Governor Greg Abbott, Texas has transformed into a crypto-friendly state leading other states peacefully. The state is currently only allowed to invest in Bitcoin since the law states that the average market capitalization over the prior 24 months must exceed $500 billion.
Why is the BTC Price Still Down?
Bitcoin price has suffered low bullish momentum as more whale traders remain reluctant to buy the dip. However, CryptoQuant’s analysts believe that the Bitcoin price has already formed a local bottom and is well-positioned to rebound in the near future.
Has Bitcoin Found Its Bottom? Cohorts Tell the Whole Story
— CryptoQuant.com (@cryptoquant_com) November 25, 2025
“BTC may have formed a local bottom, supported by a strong rebound and accumulation from:
100–1k BTC holders.
>10k BTC holders.
However, the crucial 1k–10k BTC cohort is still distributing, preventing a full… pic.twitter.com/dGU4CBD1Bw
CryptoQuant noted that although Bitcoin holders with more than 10k and those with between 100 and 1k in account balance have been accumulating, the group of Investors with between 1k and 10k coins has been distributing. As such, until Bitcoin price consistently closes above $92k, a more choppy outlook is likely in the near term.