According to Cointelegraph, Howard Lutnick, a supporter of cryptocurrencies, has been confirmed by the Senate as the U.S. Secretary of Commerce. He has a multi-billion dollar exposure in the Bitcoin sector.
The U.S. SEC has confirmed receiving Bitwise's spot XRP ETF application
According to The Block, the U.S. Securities and Exchange Commission (SEC) confirmed on Tuesday that the Cboe BZX Exchange, a subsidiary of the Chicago Board Options Exchange Group, has filed an application on behalf of Bitwise for the listing and trading of shares of the Bitwise XRP Spot ETF. In a document confirming the proposal, the SEC requested comments to be submitted within 21 days of the publication of the filing in the Federal Register. Thereafter, the agency may decide to approve, disapprove, or "institute proceedings" on the matter. The 19b-4 filing is the second step in the two-step process for proposing a crypto ETF to the SEC. Once confirmed, the filing will be published in the Federal Register, triggering the SEC's approval process. The SEC has previously confirmed the XRP spot ETF applications from 21Shares and Grayscale, but has not yet confirmed the applications from Canary Capital and WisdomTree. According to Bloomberg ETF analysts James Seyffart and Eric Balchunas, the likelihood of approval for an XRP-based ETF is 65%.
According to The Block, the U.S. Securities and Exchange Commission (SEC) is seeking public comment to determine whether to approve options trading on three spot Ethereum ETFs. In a regulatory filing released on Tuesday, the SEC is seeking feedback on whether to allow the Cboe Exchange, Inc. to list and trade options on the Grayscale Ethereum Trust ETF, Grayscale Ethereum Mini Trust ETF, and Bitwise Ethereum ETF. The public can submit comments within 21 days of the publication in the Federal Register. Thereafter, the SEC may decide to approve, disapprove, or "institute proceedings" on the matter. The agency has not yet approved options trading on spot Ethereum ETFs. In May 2024, the SEC approved several spot Ethereum ETFs, and companies have since been seeking permission for options trading. The SEC also approved spot Bitcoin ETFs over a year ago and allowed options trading on these products by the end of 2024.
John Reed Stark, a former U.S. SEC official, posted on the X platform that the SEC's lawsuit against Coinbase may have ended, as the regulator's new Crypto Assets Working Group is seeking to resolve its previous enforcement actions against the exchange. Stark explained why the SEC requested a 28-day extension to respond to Coinbase's petition for leave to appeal. He stated: "According to the joint motion spanning 3 pages, the SEC's review of crypto-related issues is 'ongoing,' and the extension will give the SEC time for 'appropriate review' as it prepares its response to Coinbase's petition. In other words, the SEC's lawsuit against Coinbase may have ended." Stark estimates that the SEC's lawsuit against Binance will likely have the same outcome. He cited a joint motion filed on February 11, where the parties acknowledged that the SEC's Crypto Assets Special Working Group "may impact and facilitate the potential resolution of this case." The same is true for Ripple, which has been embroiled in litigation with the SEC since 2020, as "all crypto-related appeals, including the Ripple case, are expected to be stayed, and more likely withdrawn entirely."
Fed's Daly: Cryptocurrencies are an emerging industry, don't want to stifle innovation out of fear
Fed's Daly: Cryptocurrencies are an emerging industry, don't want to stifle innovation out of fear.
Charles Schwab establishes a digital assets executive role to build out crypto services
According to The Daily Hodl, citing a report from Barron's, as financial services giant Charles Schwab expands its business into the crypto asset investment space, the company is creating a new executive position. This new role is the Head of Digital Assets, who will be responsible for Schwab's overall crypto asset strategy. Joe Vietri, who previously served as the head of the firm's branch network, will take on the inaugural Head of Digital Assets position. With over $10.33 trillion in client assets under management, Schwab has already provided clients with exposure to cryptocurrencies through regulated products like Bitcoin spot ETFs, which were approved in the U.S. in January 2024. Under Vietri's leadership, the financial services giant plans to expand its crypto product offerings. During Schwab's Q4 earnings call last month, CEO Walt Bettinger stated that the firm's clients are showing increasing interest in crypto assets.
Google is exploring using "Google Login" to log into Bitcoin wallets
According to Crypto Briefing, in a speech at the Hong Kong Bitcoin Tech Festival, Google Cloud's Asia-Pacific Web3 expert Kyle Song revealed that Google is working to make Bitcoin wallets as user-friendly as Web2 applications, with the vision of allowing users to log into Bitcoin wallets using their existing Google accounts, in an effort to bring Bitcoin closer to mainstream users. Song stated that the launch of spot Bitcoin ETFs in 2024 has opened a more convenient path for large Web2 companies like Google to enter the Bitcoin industry. The tech giant has been collaborating with companies and developers in the Bitcoin space since last year. Song said, "We are exploring ways to lower the barrier to entry so that Web2 users can easily use Bitcoin." Regarding bridging the technological gap between traditional finance and blockchain-based finance, Song noted that Google is focused on enhancing security. He said, "We are also researching solutions to address the trust issues between on-chain and off-chain systems. Google is particularly considering how to use advanced cryptographic techniques like zero-knowledge proofs (ZKP) to improve reliability."
MicroStrategy announces $2 billion convertible bond offering to support future Bitcoin purchases
According to The Block, just hours after issuing an earnings warning, MicroStrategy (formerly Strategy) announced on Tuesday that it plans to offer $2 billion in zero-coupon convertible senior notes. MicroStrategy intends to use the proceeds from this offering for general corporate purposes, including acquiring Bit. Unless redeemed, repurchased or converted earlier, these notes will mature on March 1, 2030. According to the announcement, MicroStrategy will settle conversions in cash, Class A common stock, or a combination of the two. MicroStrategy also plans to grant the initial purchasers an option to purchase up to an additional $300 million in notes within five business days after the offering. Earlier on Tuesday, MicroStrategy filed a 10-K with the SEC, warning of potential increased tax liabilities. The company reviewed its net loss for the fiscal year ended December 31, 2024, primarily due to a $1.79 billion impairment loss on its digital assets. MicroStrategy warned that it "may not be able to regain profitability" in the future, especially if there are significant fair value declines in its Bitcoin holdings. It added that a significant drop in Bitcoin's market value could adversely impact its ability to service its debt, and that it may need to rely on equity or debt financing, which would largely depend on the market value of its Bitcoin holdings.
Here is the English translation:According to previous news yesterday, Strategy did not conduct any stock sales or Bitcoin purchases last week.
DigitFT will launch a tokenized version of the $6.3 billion Invesco fund
According to Bloomberg, the Singapore blockchain platform DigitFT will provide a tokenized version of the $6.3 billion Invesco private credit fund. DigitFT's statement on Wednesday said that institutional investors can use US dollars or stablecoins USDC and USDT to purchase tokenized shares of the underlying assets of the Invesco fund. DigitFT CEO Henry Zhang said the Invesco fund invests in senior secured loans of companies and has had an annualized net return of 4.5% since its inception in 2006. Henry Zhang said in an interview: "This is the first and only tokenized private credit fund that offers daily liquidity, as most tokenized private credit funds have quarterly or even longer redemption cycles, making them less attractive to investors seeking higher flexibility."
Crypto custodian BitGo adds OTC trading business and is considering an IPO
According to Bloomberg, crypto custodian BitGo Inc. has launched a global digital asset OTC trading platform as it plans to go public. With the rise in crypto prices, the demand for cryptocurrencies from institutional investors such as hedge funds has increased, leading BitGo to expand its business. Earlier this month, sources revealed that the company is considering an initial public offering.
Bullish obtains Hong Kong virtual asset trading platform license
According to the Hong Kong Economic Journal, the Hong Kong Securities and Futures Commission has issued another virtual asset trading platform license, the latest being to the virtual asset trading platform Bullish, increasing the number of licensed virtual asset trading platforms in Hong Kong to 10.
Tether minted 1 billion USDT on the Tron network 2 hours ago
According to Onchain Lens monitoring, 2 hours ago, Tether minted another 1 billion USDT on the Tron network. So far in 2025, Tether has minted 30 billion USDT.
According to Bloomberg, Reeve Collins, one of the original founders of Tether, is launching his own stablecoin. Pi Protocol by Collins will provide holders with potential yields from tokenized real-world assets, unlike early stablecoins like USDT and USDC pegged to the dollar, and algorithmic DAI. The stablecoin protocol will launch on Ethereum and Solana blockchains in the second half of 2025. It is unclear how this stablecoin will generate yields, but some existing tokens will distribute income generated from tokenized "real-world assets" like US Treasuries.
Curve founder's new project Yield Basis raises $5 million at a $50 million token valuation
According to The Block, Curve Finance founder Michael Egorov is undertaking a new project called Yield Basis and has raised funding for it. According to a January 11, 2025 pitch deck, Yield Basis aims to help tokenized Bitcoin and Ethereum holders earn yield through market making, while mitigating Impermanent Loss. The pitch deck states that Yield Basis raised $5 million in a token round at a fully diluted valuation of $50 million. Investors will receive 10% of the total 1 billion YB token supply, with a 6-month lock-up followed by a 2-year linear vesting.
LIBRA token co-founder Hayden Davis claims he bribed the sister of the Argentine president
According to CoinDesk, a key figure behind the Libra token has boasted that, months before this meme coin scandal and failed launch, he had already greased the wheels to access the inner circle of Argentine President Javier Milei. According to reviewed messages, Kelsier Ventures CEO Hayden Davis claimed that by continuously paying a high-level figure in Milei's government - who also happens to be the president's sister, Karina Milei - he could "control" Milei.
The next FTX payout distribution will begin on May 30
According to FTX creditor Sunil, the registration date for the next FTX distribution is set for April 11, 2025, and the distribution will begin on May 30, 2025. The recipients of this distribution will be: claims over $50,000, and those under $50,000 that have been approved but did not receive payment in the first distribution.
FTX Begins Paying Small Claims, Initial Payout Reaches $800 Million
According to FTX creditor Sunil, FTX has today initiated payments to accounts with claims under $50,000. This round of payments totals $1.2 billion, of which approximately $800 million has already been paid out, covering 162,000 accounts, or 35% of the estimated 460,000 eligible claims. 50% of the payments went to original holders, and the other 50% went to claim purchasers. According to Arkham, FTX has begun distributing funds to creditors through distribution services Kraken and BitGo.
Later, Kraken Completes First Fund Distribution from FTX Estate, Pays Over 46,000 Creditors.
Coinbase International to List EURC Perpetual Contract
According to the Coinbase International Exchange announcement, its platform and Coinbase Advanced will add support for the EURC perpetual contract (EURC-PERP) trading. The market is expected to open for trading on or after February 19, 2025 at 9:30 UTC.
Grayscale Announces Launch of Grayscale $PYTH Trust
According to Solid Intel, Grayscale has announced the launch of Grayscale $PYTH Trust, a new investment product aimed at providing investors with access to decentralized price data through the Pyth network.
Abstract Chain Investigates Wallet Fund Theft Incident, Suspected to Be Related to Cardex App
According to The Block, Abstract Chain is investigating reports of wallet fund theft by some users, initially suspecting it is related to the blockchain fantasy game Cardex. The Abstract team stated on platform X that the issue seems to be limited to the Cardex app and not a problem with the Abstract Global Wallet (AGW) across the network. The team is currently investigating further and has advised users to refrain from interacting with Cardex for the time being. Cardex is a blockchain-based fantasy game that launched on February 11. Multiple users in Abstract's official Discord channel have reported their funds being stolen, ranging from hundreds to over $100,000.
Robinhood Plans to Launch Crypto Products in Singapore by 2025
According to Bloomberg, Robinhood plans to launch crypto products in Singapore by 2025 through its acquisition of the European digital asset exchange Bitstamp. The company aims to roll out these services by the end of 2025, under the guidance of local regulators. Robinhood acquired Bitstamp for $200 million in June 2024, partly due to Bitstamp's license in Singapore, which will help Robinhood expand its business there. Bitstamp received in-principle approval from the Monetary Authority of Singapore last year. Additionally, Robinhood plans to expand its Asia-Pacific operations in 2025, with Singapore as a base to further grow its presence in the Asian market.
OKX Becomes the First Global Crypto Exchange to Operate in Europe with MiCA License
According to the official announcement, OKX has announced that it has become the first global cryptocurrency exchange to obtain a MiCA license and operate in the European Economic Area (EEA). This is a significant milestone for OKX and the entire crypto industry in the EEA. OKX has now, through its European headquarters in Malta, provided compliant and localized crypto services to over 400 million users in the 28 EEA countries. Users in France, Germany, Spain, and other member states can now conveniently access OKX's cutting-edge crypto products, supported by local payment methods and multiple fiat currency options. Star posted on platform X, stating that "OKX is now live in 28 EEA countries and compliant with MiCA regulations. Compliance and regulation are crucial, and we are committed to providing users with a secure, transparent, and fully compliant trading experience. By supporting euro trading pairs, free bank transfers, and localized services, we are making crypto trading more accessible. Going forward, we will continue to optimize our products and services to enhance the user experience, allowing everyone to easily enjoy the Web3 world."
Crypto Security Platform Blockaid Raises $50 Million Series B Led by Ribbit Capital
According to Bloomberg, the crypto security platform Blockaid has recently completed a $50 million Series B funding round, led by Ribbit Capital, with participation from GV (formerly Google Ventures), as well as existing investors Variant and Cyberstarts. This funding will help Blockaid address the growing cybercrime risks in the digital asset space. In 2024, Blockaid successfully blocked 71 million potential attacks, preventing $5.3 billion in losses. The company expects the number of cyber attacks to surge to "hundreds of millions" in 2025 due to user growth and token price appreciation. Blockaid plans to use the funds to expand operations and increase R&D investment, with the goal of doubling its workforce this year. CEO Ido Ben-Natan stated that the company is facing staffing challenges due to the surge in demand driven by changes in the US regulatory environment.
Altius Labs Raises $11 Million in Pre-Seed Funding Led by Founders Fund and Pantera
According to Bloomberg, the crypto startup Altius Labs has completed an $11 million Pre-Seed funding round, led by Founders Fund and Pantera, with participation from Archetype, Reforge, DCG, No Limit Holdings, Amber Group, and others. The project's angel investors, including Berachain, Movement, Ethena Labs, Ritual, dao5, Solana Foundation, and Hudson River Trading, also joined the round. Altius Labs was co-founded by Anit Chakraborty, a former software engineer at Hudson River Trading, and Annabelle Huang, a former managing partner at Amber Group. The company is developing a modular execution stack that is VM-agnostic, allowing seamless integration with any L1, L2, and application chains to improve performance and enhance interoperability. The project aims to help other crypto projects replicate Solana's success.
Bankless Ventures Announces Launch of Second Fund, Targeting $50 Million
According to the official announcement, Bankless Ventures has announced the launch of its second fund (Fund II), with a target of raising $50 million. Over the past 21 months, Bankless Ventures has invested in multiple early-stage projects, and Fund I has deployed 90% of its $40 million capital. The company plans to add an additional investment partner in Fund II to further enhance its strategic execution.
Bankless Ventures emphasized that the crypto industry will see the emergence of new frontiers, such as AI agents, stablecoins, and zero-knowledge technologies, and the firm will continue to deploy capital in these cutting-edge areas.
Tether Plans to Acquire 51% Stake in South American Energy Company Adecoagro for $1.24 Billion
According to Solid Intel, Tether is planning to acquire a 51% controlling stake in the South American energy company Adecoagro, with an estimated valuation of $1.24 billion.
MARA Holdings Completes Acquisition of Texas Wind Farm, Expands Energy Infrastructure
According to CoinDesk, MARA Holdings (MARA) has completed the acquisition of a wind farm in Texas, adding 114 MW of wind capacity and 240 MW of interconnection capacity, further expanding its energy infrastructure. The company plans to use the wind farm to power its Bitcoin mining operations, utilizing the latest-generation ASIC miners to reduce Bitcoin production costs. MARA stated that by recycling old equipment and leveraging renewable energy, it expects to significantly lower its mining costs. MARA is currently the second-largest publicly traded Bitcoin holder, with 45,659 BTC on its balance sheet.
JPMorgan Report: US-Listed Bitcoin Miners Account for 29% of Global Hash Rate
According to CoinDesk, a report released by JPMorgan shows that Bitcoin miners listed in the US accounted for 29% of the global Bitcoin network's computing power as of February 2025, nearly double the figure from the same period last year. The report noted that the network's computing power increased by 6% this month, but miners' average daily earnings fell by 13% due to the drop in Bitcoin prices. JPMorgan's analysis pointed out that the 14 tracked Bitcoin mining companies saw their combined computing power grow by about 95% year-over-year to 244 EH/s, while the global network's computing power grew by 45%. Additionally, due to the slight decline in Bitcoin prices, the mining economy is under pressure, leading to a 6% decrease in miners' daily earnings to around $53,600.
K33 Research: Bitcoin market in a "slump" since the US election
According to The Block, K33 Research head Vetle Lunde analyzed in a report that Bitcoin is still in a low volatility range, as risk-averse traders have pushed yields, volatility, and trading volume to multi-month lows, causing Bitcoin to decline slightly by 2% this week. Lunde wrote that while the Trump administration's support for cryptocurrencies is a long-term positive factor for Bitcoin and the entire crypto industry, short-term uncertainty has led to a sluggish market. Bitcoin's various indicators are softening across the board, with trading volume, yields, option premiums, and ETF inflows all falling to pre-US dollar election levels. Amid this slump, volatility has also fallen to multi-month lows. Lunde emphasized that currently, 37% of the top 100 US companies have a 30-day volatility higher than Bitcoin, a situation not seen since October 2023. However, he also warned that such low volatility periods rarely last long, and traders should be prepared for sudden changes. Lunde stated that the overall risk-averse sentiment indicates that traders are prepared for downward volatility, and the current moderate leverage levels suggest a lower risk of liquidation waves.
Bubblemaps: A trader turned $1.09 million into $109 million by trading the MEME coin TRUMP
According to The Block, blockchain analysis platform Bubblemaps claimed in a social media post on Tuesday that an anonymous crypto trader named Naseem profited $109 million by trading the MEME coin TRUMP. Based on research conducted with YouTube influencer Coffeezilla, Naseem successfully "sniped" the TRUMP token shortly after its launch. On-chain data shows that the address starting with 6QSc2 initially purchased $1.09 million worth of the tokens, which were then distributed across at least 9 wallets. While the research could not conclusively prove that Naseem was behind these trading activities, the Bubblemaps team wrote in the report that there are "too many undeniable connections" to ignore. Bubblemaps offered Naseem the opportunity to respond to the potential insider trading allegations, which he denied. Although Naseem was able to purchase over $1 million worth of TRUMP tokens in the first second of trading, partly due to paying an $84,000 priority transaction fee, he claimed he was not directly informed of the token's launch time.
