States are buying crypto now. Each one is writing different rules for it
Kazakhstan put $100 million into crypto funds, Russia opened Bitcoin to ordinary savers with a cap, and a US firm kept buying, while Washington's new overseers signal tougher scrutiny.
- Kazakhstan's central bank announced a $100 million investment across cryptocurrency-focused funds and a $90 million investment in ETFs focused on bitcoin. m:…8845
- Russia's Bank of Russia approved Bitcoin, Ether and USDT for non-qualified investors, effective November 17, 2026, with purchases capped at 300,000 roubles a year per intermediary. m:…9768
- Strive acquired 8,136 bitcoin in the third quarter of 2026 and a further 15,124 bitcoin between October 1 and October 30, 2026, the company says. Self-reported m:…4684
- Reporting institutions held 355,000 bitcoin-equivalent of spot ETFs at the end of the third quarter of 2025 and 307,000 by June 2026. m:…8845
- Crypto political action committees spent $40 million supporting Jon Husted and $24 million opposing Sherrod Brown, according to Galaxy Research. m:…8844
The buyers are states now
Kazakhstan is the clearest example of a state buying crypto as policy. The head of the central bank's operations department announced a $100 million investment across cryptocurrency-focused funds, and the central bank also announced a $90 million investment in ETFs focused on bitcoin. Galaxy Research reports that the funds include Ege DeFi and Brevan Howard Digital, and that Kazakhstan had already announced a National Bank allocation of up to $350 million in bitcoin and crypto-related investments in March 2026, after forming the Fund in September 2025. m:…8845 m:…8846
The buying sits alongside a rotation among big holders. Reporting institutions held 355,000 bitcoin-equivalent of spot ETFs at the end of the third quarter of 2025 and 307,000 by June 2026, and nine major funds including Millennium Management and Goldman Sachs cut their ETF holdings by 29% to 100% over the same period. The pattern Galaxy describes is long-term money accumulating while macro and tactical traders reduce exposure. m:…8845
A US company is playing the same accumulation game with shareholder money. Strive says it acquired 8,136 bitcoin during the third quarter ended September 30, 2026, and a further 15,124 bitcoin between October 1 and October 30, 2026. The company also says it completed a registered public offering of 7,000,000 shares of SATS stock on October 20, 2026, generating net proceeds of approximately $609.0 million, and reported GAAP net income of $509.0 million for the third quarter. It is evaluating opportunities to leverage its balance sheet including banking, brokerage, decentralized finance, reinsurance, structured asset-backed securities and tokenization. m:…4684
The rules are opening, with limits
Russia is opening access from the other direction, by letting ordinary savers in under strict limits. The Bank of Russia has approved a list of cryptocurrencies available to non-qualified investors, covering Bitcoin, Ether and USDT, and the ordinance takes effect on November 17, 2026. Non-qualified investors may buy through brokers, trust managers and crypto exchange offices, in exchange and over-the-counter markets, but purchases through a single intermediary may not exceed 300,000 roubles per year. m:…9768
Every investor must pass a test and read about cryptocurrency investment risks before transacting, and qualified investors have access to all cryptoassets without restriction. The Bank of Russia selected cryptocurrencies based on market capitalisation, average daily trading volume and a minimum of five years of pricing history on foreign exchanges. That is a deliberately narrow door: three assets, a low annual cap, and a test first. m:…9768
Not every central bank is moving the same way. Ukraine's central bank has opposed a crypto bill citing monetary sovereignty concerns, according to Galaxy Research, which sums up the split by saying governments are warming to bitcoin and crypto as assets and infrastructure, but the terms on which they do so vary. Kazakhstan integrates crypto into state infrastructure, Russia rations it to retail savers, and Ukraine holds back over sovereignty. m:…8845
Washington turns colder
In the United States the politics moved the other way. Democrats won both the House and Senate by wide margins, flipping seven Senate seats, 35 House seats, five governorships and up to 12 state legislative chambers, according to Galaxy Research. Galaxy expects Senator Elizabeth Warren is likely to become chair of Senate Banking and Representative Maxine Waters is positioned to helm the House Financial Services Committee, which would put crypto oversight under two of its toughest critics. m:…8844
Crypto money in politics did not buy the outcome its spenders wanted. Crypto political action committees spent $40 million supporting Jon Husted and $24 million opposing Sherrod Brown, Galaxy reports. Voters also sided against data centers in 40 out of 41 local ballot measures, and bitcoin was trading at $75,888 at the time of writing. m:…8844
Put together, the week describes two different crypto markets. One is state and long-term capital accumulating bitcoin and building rules around it, on terms each government sets for itself. The other is the US political market, where the new committee leadership points toward investigations and tighter oversight. The first market is patient and the second is about to get louder, and the gap between them is where the next crypto argument will be fought. m:…8845 m:…8844
What is still unresolved
- Whether the expected Senate Banking and House Financial Services leadership changes crypto legislation or only its oversight.
- How Russia's 300,000-rouble annual cap works in practice once the ordinance takes effect on November 17, 2026.
- Whether Kazakhstan's state crypto strategy, including its fund investments, delivers returns or mainly serves as infrastructure.
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