Crypto-backed Howard Lutnick confirmed by Senate as U.S. Commerce Secretary
According to Cointelegraph, Howard Lutnick, a cryptocurrency supporter who has hundreds of millions of dollars in exposure to Bitcoin, has been approved by the Senate as U.S. Secretary of Commerce.
US SEC confirms receipt of Bitwise’s spot XRP ETF application
According to The Block, the U.S. Securities and Exchange Commission (SEC) confirmed on Tuesday that Cboe BZX Exchange, a subsidiary of the Chicago Board Options Exchange Group, submitted 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 within 21 days from the date of publication of the document in the Federal Register. After that, the agency may decide to approve, disapprove or "start the process." The 19b-4 document is the second step in the two-step process of proposing a crypto ETF to the SEC. Once confirmed, the document will be published in the Federal Register, thereby initiating the SEC's approval process. The SEC has previously confirmed XRP spot ETF applications submitted by 21Shares and Grayscale, but has not yet confirmed applications from Canary Capital and WisdomTree. According to Bloomberg ETF analysts James Seyffart and Eric Balchunas, there is a 65% chance that an XRP-based ETF will be approved.
US SEC Seeks Public Feedback on Approving Grayscale and Bitwise Ethereum ETF Options Trading
According to The Block, the U.S. Securities and Exchange Commission (SEC) is seeking public comments on whether options trading should be approved on three spot Ethereum ETFs. According to a regulatory filing released on Tuesday, the SEC has sought public comment on whether to allow Cboe Exchange, Inc. to list and trade options on Grayscale Ethereum Trust ETF, Grayscale Ethereum Mini Trust ETF, and Bitwise Ethereum ETF. The public can submit comments within 21 days of the publication of the Federal Register. After that, the SEC may decide to approve, disapprove, or "initiate relevant procedures." 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 been vying for permission to trade options since then. The SEC also approved spot Bitcoin ETFs more than a year ago and allowed options trading on these products at the end of 2024.
John Reed Stark, a former SEC official, wrote on the X platform that the SEC's lawsuit against Coinbase may have ended because the regulator's newly formed cryptocurrency task force is seeking to resolve previous enforcement actions against the exchange. Stark explained why the SEC asked for a 28-day extension to respond to Coinbase's petition for permission to appeal. He said: "According to the 3-page joint motion, the SEC's review of cryptocurrency-related issues is 'ongoing', and the extension will give the SEC time to conduct an 'appropriate review' as it prepares a response to Coinbase's petition. In other words, the SEC's lawsuit against Coinbase may have ended." Stark estimated that the SEC's lawsuit against Binance will also usher in the same result. He cited a joint motion filed on February 11, in which both parties believed that the SEC's cryptocurrency task force "may affect and promote the potential resolution of this case." The same is true for Ripple, which has been embroiled in litigation with the SEC since 2020. "It is expected that all cryptocurrency-related appeals, including those in the Ripple case, will be suspended, and more likely to be withdrawn entirely."
Fed's Daly: Cryptocurrency is an emerging industry and we do not want to suppress innovation due to fear.
Charles Schwab creates digital asset manager position to expand cryptocurrency services
According to The Daily Hodl, citing Barron's, as financial services giant Charles Schwab expands its business tentacles into crypto asset investment, the company is setting up a new executive position. This new position is the head of digital assets, who will be responsible for Schwab's overall crypto asset strategy. Joe Vietri, who was previously the head of the financial services giant's branch network, will serve as the first head of digital assets. Schwab manages approximately $10.33 trillion in total client assets and has provided clients with exposure to cryptocurrencies through regulated products such as Bitcoin spot ETFs, which were approved in the United States in January 2024. Under Vietri's leadership, the financial services giant is planning to expand its range of cryptocurrency products. During last month's fourth-quarter earnings call, Worster said Schwab's clients are increasingly interested in crypto assets.
Google is exploring using Google Sign-In to log into Bitcoin wallets
According to Crypto Briefing, Google Cloud Asia Pacific Web3 expert Kyle Song revealed in his speech at the Hong Kong Bitcoin Technology Carnival that Google is working to make Bitcoin wallets as user-friendly as Web2 applications. Google's vision is to enable users to log in to Bitcoin wallets using existing Google accounts. The purpose of this goal is to make Bitcoin closer to mainstream users. Song said that the launch of the spot Bitcoin ETF in 2024 has opened up a more convenient path for large Web2 companies such as Google to enter the Bitcoin industry. Since last year, the tech giant has been working with companies and developers in the Bitcoin field. Song said: "We are exploring ways to lower the entry barrier so that Web2 users can easily use Bitcoin." When talking about bridging the technical gap between traditional finance and blockchain-based finance, Song pointed out that Google is focusing on improving security. Song said: "We are also working on solutions to solve the trust problem between on-chain systems and off-chain systems. Google is particularly considering how to use advanced cryptographic technologies such as zero-knowledge proofs (ZKP) to improve reliability."
Strategy announces $2 billion convertible bond issuance to support future Bitcoin purchases
According to The Block, hours after issuing a profit warning, Strategy (formerly MicroStrategy) said on Tuesday that it plans to issue $2 billion in zero-interest convertible senior bonds. Strategy intends to use the proceeds from the issuance for general corporate purposes, including the acquisition of Bitcoin. The bonds will mature on March 1, 2030 unless repurchased, redeemed or converted in advance. According to the announcement, Strategy will settle the conversion in cash, Class A common stock, or a combination of both. Strategy also plans to grant initial purchasers the option to purchase up to $300 million in additional bonds within five business days after the issuance. Earlier on Tuesday, Strategy issued a profit warning in a 10-K filing with the U.S. SEC due to a potential increase in tax burdens. Strategy reviewed its net loss for the fiscal year ending December 31, 2024, mainly due to a $1.79 billion impairment loss on digital assets. The company warned that "profitability may not be restored in the future," especially if its Bitcoin holdings suffer significant fair value losses. It added that a significant decline in the market value of Bitcoin could have an adverse effect on the company's ability to repay its debts. Strategy said its enterprise analytics software business did not generate positive cash flow in 2024 and the company may need to rely on equity or debt financing to meet its financial obligations. The success of obtaining such financing depends largely on the market value of its Bitcoin holdings, and a significant decline in the value of Bitcoin could trigger liquidity risks, which in turn could force the company to sell Bitcoin at unfavorable prices. The company explained that this could have a significant impact on its financial performance and future financing prospects. Strategy acquired a total of approximately 258,320 BTC in 2024. After the latest acquisitions between February 3 and 9, 2025, the company currently holds 478,740 BTC, valued at more than $46 billion.
Earlier yesterday, it was reported that Strategy did not conduct any stock sales or Bitcoin purchases last week .
DigitFT to launch tokenized version of $6.3 billion Invesco fund
According to Bloomberg, Singapore blockchain platform DigitFT will offer a tokenized version of the $6.3 billion Invesco private credit fund. Institutional investors can use U.S. dollars or stablecoins USDC and USDT to purchase tokenized shares of the underlying assets of the Invesco fund, according to a statement from DigitFT on Wednesday. DigitFT CEO Henry Zhang said that the Invesco fund invests in senior secured loans of companies and has 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 provides daily liquidity. Currently, most tokenized private credit funds have redemption cycles of quarterly or even longer, which makes them less attractive to investors seeking greater flexibility." Henry Zhang said that compared with the settlement time of up to 5 days for the underlying fund, DigitFT aims to eventually provide instant settlement for the tokenized version of the Invesco fund.
Crypto Custody Company BitGo Adds OTC Trading Business and Considers IPO
Crypto custody company BitGo Inc. has launched a global digital asset over-the-counter trading platform as it plans to go public, Bloomberg reported. As cryptocurrency prices rise and demand for cryptocurrencies from institutional investors such as hedge funds increases, BitGo has made this business expansion. Earlier this month, people familiar with the matter revealed that the company is considering an initial public offering. BitGo said in a statement on Tuesday that the over-the-counter trading desk will provide spot and options trading services and lending services to institutional investors to facilitate margin trading. Since the beginning of last year, the company has begun serving some selected customers, with trading volumes of billions of dollars and a loan book of more than $100 million. In addition to the United States, the trading desk is also available in other jurisdictions including Hong Kong and countries in the Middle East.
Bullish obtains Hong Kong virtual asset trading platform license
According to Sing Tao Daily, the Hong Kong Securities and Futures Commission has granted virtual asset trading platform licenses again. The latest one is Bullish, a virtual asset trading platform, which has been approved, bringing the number of licensed virtual asset trading platforms in Hong Kong to 10. In an earlier interview with this newspaper, Liu Dehao, senior vice president and head of global sales of Bullish, said that Hong Kong is an important business point and currently has more than 100 employees in Hong Kong. He hopes to focus on institutional business after obtaining the license. It is worth noting that Bullish has previously acquired CoinDesk, a comprehensive media, event and index platform. There are currently 8 platforms on the list of applicants for virtual asset trading platforms. Ye Zhiheng, executive director of the intermediary agency department of the Securities and Futures Commission, said a few days ago that the market is becoming more and more clear about the standards for the Securities and Futures Commission to issue licenses, and new licenses will be issued again, but whether all applicants obtain licenses depends on whether they meet the requirements.
Tether minted 1 billion USDT on the Tron network 2 hours ago
According to Onchain Lens, 2 hours ago, Tether minted another 1 billion USDT on the Tron network. So far, Tether has minted 3 billion USDT in 2025.
According to Bloomberg, Reeve Collins, one of the original founders of Tether, is launching his own stablecoin. Collins' Pi Protocol will provide holders with possible returns from tokenized real-world assets. This is different from earlier stablecoins such as USDT and USDC, which are pegged to fiat currencies, and algorithm-backed DAI, which simply track the value of the US dollar. The stablecoin protocol will be launched on the Ethereum and Solana blockchains in the second half of 2025. It is not clear how the stablecoin will generate income, however, some existing tokens will be distributed through income generated by tokenized "real-world assets" such as US Treasuries. It is reported that Collins served as CEO of Tether from 2013 to 2015 after co-founding Tether with Brock Pierce and Craig Sellars.
Curve founder’s new project Yield Basis raises $5 million at a $50 million token valuation
According to The Block, Michael Egorov, founder of decentralized exchange Curve Finance, is working on a new project called Yield Basis and has raised funds for it. According to a presentation on January 11, 2025, Yield Basis aims to initially help tokenized Bitcoin and Ethereum holders earn income through market making by mitigating impermanent loss. The presentation wrote that Yield Basis raised $5 million in a token round at a fully diluted valuation of $50 million. The project will sell 10% of its "YB" token supply to investors, or 100 million of a total of 1 billion tokens. The token unlocking schedule for investors includes a six-month lock-up period, followed by a linear unlocking over two years. People familiar with the matter said that Yield Basis started the fundraising process last month and raised funds within two weeks; investor interest was "huge" and the round was "15 times oversubscribed." When contacted for comment, Egorov confirmed that he was working on the Yield Basis project and had raised funds at the above valuation. He also verified the details in the presentation. The project's token, YB, will be allocated to different categories. According to the presentation, 30% of the total supply is allocated for community incentives, which will be distributed through liquidity mining. Other allocations include 25% to the team, 15% to development reserves, 10% to Curve technology licensing, and 10% to cooperation. Egorov said: "Curve technology licensing is likely to be used to vote for the crvUSD stable pool. This seems to be the most in line with the Curve ecosystem and will also help YB." Egorov also revealed that Yield Basis is currently in the "production test" stage and is undergoing testing and auditing before the full launch of the liquidity pool, but the entire system, including the token, will take longer to launch.
LIBRA Token Co-creator Hayden Davis Claims He Paid Bribe to Argentine President’s Sister
According to CoinDesk, a key figure behind the Libra token boasted that he had paid his way into the inner circle of Argentine President Javier Milei months before the scandal-ridden meme coin failed to launch. According to the text messages reviewed, Hayden Davis, CEO of Kelsier Ventures, claimed that he could "control" Milei because he had been paying a heavyweight in Javier Milei's government and the president's sister, Karina Milei. Davis claimed in a text message in mid-December last year, "I control that guy," adding, "I send money to his sister and he will sign anything I say and do what I want." It is unclear whether there was any money exchanged between Davis and Milei's inner circle before Libra was launched. In the text messages in December last year, Davis claimed that he could let Milei promote related projects on social media. Two months later, Milei's tweets about Libra fueled its price surge. But after finding on-chain evidence showing suspicious transactions, Milei deleted the tweet just five hours after it was posted, and Libra's price had already plummeted. In response, Hayden Davis, co-founder of the Libra token, denied bribing the Argentine president in a statement, calling the media reports "politically motivated." When asked if he denied making such accusations via text messages, his public relations representative said there was no memory or record of Hayden's phone.
FTX's next round of repayment distribution will begin on May 30
According to FTX creditor Sunil, the registration date for FTX's next round of distribution is set for April 11, 2025, and the distribution will begin on May 30, 2025. This distribution will be paid to claims with amounts exceeding $50,000, as well as those claims with amounts below $50,000 that were approved but did not receive payment in the first distribution.
FTX begins paying small claims, with first payment amounting to $800 million
According to FTX creditor Sunil, FTX has started paying accounts with claims less than $50,000 today. The total amount of this round of repayments is $1.2 billion, and about $800 million has been paid so far, covering 162,000 accounts, accounting for 35% of the estimated 460,000 eligible claim accounts. Among them, 50% is paid to the original holders and the other 50% is paid to the debt acquirer. According to Arkham, FTX has begun to distribute funds to creditors through two distribution service providers, Kraken and BitGo.
Later news came out that Kraken completed the first fund distribution of FTX estate and paid compensation to more than 46,000 creditors .
Coinbase International will launch EURC perpetual contracts
According to the announcement of Coinbase International Exchange, its platform and Coinbase Advanced will add support for EURC perpetual contracts (EURC-PERP). The market is expected to open for trading on or after 9:30 UTC on February 19, 2025.
Grayscale Announces the Launch of Grayscale $PYTH Trust
Grayscale has announced the launch of Grayscale $PYTH Trust, its newly launched investment product designed to provide investors with access to decentralized price data via the Pyth network, according to Solid Intel.
According to The Block, Abstract Chain is investigating wallet thefts reported by some users, initially suspecting that it is related to the blockchain fantasy game Cardex. The Abstract team said on the social platform X that the problem seems to be limited to the Cardex application, not a network-wide Abstract Global Wallet (AGW) problem. At present, the team is investigating further and reminds users not to interact with Cardex for the time being. Cardex is a blockchain-based fantasy game that went online on February 11. Multiple users reported in Abstract's official Discord channel that their funds, ranging from a few hundred dollars to more than $100,000, have been stolen.
Robinhood plans to launch crypto products in Singapore by 2025
According to Bloomberg, Robinhood plans to launch crypto products in Singapore in 2025 through its acquired European digital asset exchange Bitstamp. The company plans to launch these services by the end of 2025, under the guidance of local regulators. Robinhood acquired Bitstamp for $200 million in June 2024, in part because of Bitstamp's license in Singapore, which will help Robinhood expand its business in Singapore. Bitstamp received in-principle approval from the Monetary Authority of Singapore last year. In addition, Robinhood also plans to expand its business in the Asia-Pacific region in 2025, and use Singapore as a base to further expand its footprint in the Asian market.
OKX officially becomes the first global crypto exchange to obtain MiCA license and operate in Europe
According to official news, OKX announced that it has officially become one of the first global cryptocurrency exchanges to obtain a MiCA license and conduct business in Europe. This is an important milestone for OKX and the entire European Economic Area (EEA) crypto industry. Currently, OKX now provides compliant and localized cryptocurrency services to more than 400 million users in 28 countries in the European Economic Area (EEA) through its European headquarters in Malta. Whether users are in France, Germany, Spain, or other member states, they can easily use OKX's cutting-edge crypto products, which support local payment methods and multiple fiat currency options. Star posted on the X platform that "OKX is now officially launched in 28 European Economic Area (EEA) countries and complies with MiCA regulations. Compliance and supervision are crucial, and we are committed to providing users with a safe, transparent, and fully compliant trading experience. By supporting euro trading pairs, free bank transfers, and localized services, we make cryptocurrency trading more convenient. In the future, we will continue to optimize our products and services, enhance user experience, and allow every user to easily enjoy the Web3 world."
Crypto security platform Blockaid completes $50 million Series B financing, led by Ribbit Capital
According to Bloomberg, the crypto security platform Blockaid recently completed a $50 million Series B financing round, led by Ribbit Capital, with participation from GV (formerly Google Ventures) and existing investors Variant and Cyberstarts. The financing will help Blockaid cope with the growing risk of cybercrime in the digital asset sector. In 2024, Blockaid successfully intercepted 71 million potential attacks and avoided $5.3 billion in losses. The company expects that as users grow and token prices rise, cyberattacks will surge to "hundreds of millions" in 2025. Blockaid plans to use the funds to expand operations and increase investment in research and development, and expects its headcount to double this year. CEO Ido Ben-Natan said the company is currently facing the challenge of staff shortages due to changes in the U.S. regulatory environment and a surge in demand.
Altius Labs Completes $11 Million Pre-Seed Round of Financing, Led by Founders Fund and Pantera
According to Bloomberg, crypto startup Altius Labs has completed a $11 million Pre-Seed round of financing, led by Founders Fund and Pantera, with participation from Archetype, Reforge, DCG, No Limit Holdings, Amber Group, etc. In addition, angel investors from projects such as Berachain, Movement, Ethena Labs, Ritual, dao5, Solana Foundation, and Hudson River Trading also participated in this round of financing. Altius Labs was co-founded by Anit Chakraborty, a former software engineer at Hudson River Trading, and Annabelle Huang, a former managing partner of Amber Group. It is committed to developing a modular execution stack that is independent of the virtual machine (VM) and can be independent of a single binary implementation and network design to achieve seamless integration with any L1, L2, and application chain to improve performance and enhance interoperability. The goal of the project is to help other crypto projects replicate Solana's success.
Bankless Ventures Announces Second Fund with $50 Million Target
According to official news, Bankless Ventures announced the launch of Fund II, with a goal of raising $50 million. In the past 21 months, Bankless Ventures has entered into multiple early-stage investment projects, and Fund I has completed 90% of the capital deployment, with a scale of $40 million. It also plans to add an investment partner to Fund II to further enhance strategic execution. The company emphasized that in the future, the crypto industry will usher in emerging fields such as AI agents, stablecoins and zero-knowledge technology, and Bankless Ventures will continue to deploy capital in these cutting-edge fields.
According to Solid Intel, Tether is planning to acquire a 51% controlling stake in South American energy company Adecoagro, with a transaction valuation of approximately US$1.24 billion.
MARA Holdings completes acquisition of Texas wind farm, expanding energy infrastructure
According to CoinDesk, MARA Holdings (MARA) has completed the acquisition of a wind farm in Texas, adding 114 megawatts of wind power capacity and 240 megawatts of connection capacity, further expanding its energy infrastructure. The company plans to use wind farms to provide energy for Bitcoin mining, using the latest generation of ASIC mining machines to reduce the cost of Bitcoin production. MARA said that by recycling old equipment and using renewable energy, it is expected to significantly reduce mining costs. MARA is currently the second largest publicly traded Bitcoin holding company, holding 45,659 Bitcoins on its books.
JPMorgan report: US-listed Bitcoin miners account for 29% of global computing power
According to CoinDesk, a report released by JPMorgan shows that US-listed Bitcoin miners accounted for 29% of the global Bitcoin network computing power in February 2025, almost double the same period last year. The report pointed out that the computing power of the Bitcoin network rose by 6% this month, but due to the decline in Bitcoin prices, miners' daily profits fell by 13%. JPMorgan analysis pointed out that the combined computing power of the 14 Bitcoin mining companies tracked increased by about 95% from last year to 244 EH/s, while the global network computing power increased by 45% year-on-year. In addition, due to the slight decline in Bitcoin prices, the mining economy is under pressure, resulting in miners' daily profits being reduced to about US$53,600, a 6% decrease from January. The report also mentioned that some mining companies such as IREN performed well, with a 27% increase in stock prices in the first two weeks of February; while Greenidge Generation fell by 20%.
K33 Research: Bitcoin market in "low state" since US election
According to The Block, Vetle Lunde, head of research at K33 Research, analyzed in a report that Bitcoin is still in a low volatility range. Bitcoin fell slightly by 2% this week as risk-averse traders pushed down yields, volatility and trading volumes to multi-month lows. Lunde wrote that although the Trump administration, which supports cryptocurrencies, is a long-term positive factor for Bitcoin and the entire crypto industry, short-term uncertainty has led to sluggish market activity. Bitcoin's various indicators are weakening across the market. Trading volume, yields, option premiums and ETF inflows have all fallen to pre-US dollar election levels. Amid these downturns, volatility has also fallen to multi-month lows. Lunde emphasized that 37% of the top 100 US companies currently have a higher 30-day volatility than Bitcoin, which has not been seen since October 2023. But he also warned that such periods of low volatility rarely last for long, and traders should be prepared for sudden changes. "Overall risk aversion suggests that traders are prepared for downside volatility, while current modest leverage levels suggest that there is less overhang from a wave of liquidations," Lunde said. Lunde's analysis of CME Bitcoin futures shows that premiums have recently fallen below 5%, which he noted is a rare occurrence. When looking at data from 2021 to 2025, Lunde found that low premiums generally coincide with weaker market performance, a condition that could be affected by the prolonged bear market in 2022. Lunde stressed that Bitcoin tends to perform best under a strong basis regime and called for caution amid current market uncertainty.
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 according to its analysis, anonymous cryptocurrency trader Naseem is an account that has made a profit of $109 million by trading the Meme coin TRUMP. According to research conducted in conjunction with YouTube blogger Coffeezilla, Naseem successfully "sniped" the TRUMP token shortly after its launch. On-chain data shows that an address starting with 6QSc2 was used to purchase tokens worth $1.09 million for the first time, and then the tokens were dispersed into at least 9 wallets. Although the study cannot conclusively prove that Naseem is ultimately behind these trading activities, the Bubblemaps team wrote in the report that indirect evidence shows that "there are too many connections that cannot be ignored." Bubblemaps allowed Naseem to respond to potential insider trading issues, which Naseem denied. Although he was able to buy more than $1 million worth of TRUMP tokens within the first second of trading, partly due to paying $84,000 in priority transaction fees, Naseem said he was not directly informed of the issuance time of the tokens.
