Today’s edition of the weekly recap spotlights recent comments from Bitcoin investor Michael Saylor, in addition to the latest venture capital activity in the crypto sector. Strategy expands Bitcoin holdings The company formerly known as MicroStrategy acquired 7,633 BTC for $742.4 million at an average price of $97,255 per Bitcoin (BTC) during the week ending February 9. The acquisition brings Strategy’s total holdings to 478,740 BTC. On Saturday, Feb. 15, Strategy founder Michael Saylor told his over $4 million followers: “When you buy Bitcoin, you strengthen the network. When you sell Bitcoin, you weaken it.” Singapore-based entrepreneur Julian Hosp clapped back : “This is literally the textbook definition of a Ponzi scheme. Reminds me of that scene in The Big Short: ‘Why are they confessing?’ ‘They’re not confessing… they’re bragging.'” At last check Sunday, Bitcoin was down 0.8%. Source: CoinGecko Milei faces backlash over LIBRA token crash President Javier Milei’s endorsement of $LIBRA , a meme coin aimed at supporting Argentine small businesses, helped drive the project to $4.4 billion market capitalization before a 95% collapse. Eight wallets connected to the LIBRA team withdrew $107 million shortly after the peak, according to Lookonchain analysis. Milei subsequently deleted his endorsement and denied any connection to the project, condemning “filthy rats of the political caste” attempting to exploit the situation. Crypto VC funding shows strength in February HashKey Group secured $30 million at a $1.50 billion valuation, leading a week that saw total funding exceed $150 million. Payment solutions and infrastructure projects dominated the investment sector during the second week of February. You might also like: OpenSea revamp: Can OS2 set the stage for a potential comeback? NFT market records volume decline NFT sales volume dropped 35.15% to $112.7 million, according to CryptoSlam data, with notable changes across leading collections. Major collections, including Pudgy Penguins and Azuki, experienced sales drops of 55.29% and 79.17%, respectively. Pump.fun launches mobile app amid legal challenges The meme coin generator expanded its platform accessibility by releasing iOS and Android applications, offering features similar to its web interface, including free Solana-based token creation and trading capabilities. The mobile launch comes shortly after the platform faced a proposed class-action lawsuit over alleged U.S. securities law violations. Tether invests in Juventus soccer club Tether Investments acquired a minority stake in Italian Serie A team Juventus, though financial details remain undisclosed. The investment aims to create new connections between sports and digital assets. Ethereum developers debate network upgrade approach Ethereum ( ETH ) core developers face critical disagreements over the implementation of EVM Object Format (EOF). The proposed EOF system would perform safety checks on EVM bytecode before execution rather than during. You might also like: Crypto VC funding: HashKey Group raises $30m, Plasma secures $24m, Holonym Foundation buys Gitcoin Abu Dhabi fund makes major Bitcoin ETF investment Abu Dhabi’s sovereign wealth fund Mubadala Investment Company invested $436.9 million in BlackRock’s spot Bitcoin ( BTC ) ETF during Q4 2023. It coincides with BlackRock securing an Abu Dhabi commercial license. The investment supports BlackRock’s position as the largest spot Bitcoin ETF manager, with nearly $56 billion in assets under management. Bybit resolves regulatory concerns CEO Ben Zhou announced Bybit’s removal from France’s regulatory blacklist after more than two years of remediation efforts with the country’s financial regulator. Meme coin trader profits from Broccoli token surge A strategic trader earned over $10 million by quickly purchasing and selling newly launched Broccoli -themed tokens on Four.Meme, capitalizing on enthusiasm following Binance founder CZ’s reveal of his pet dog. The trader used a “sniping” strategy to acquire approximately 50% of each Broccoli token’s supply at launch. Pig butchering crypto scams show growth Chainalysis reported a 40% year-over-year increase in illicit revenue from pig butchering scams during 2024, with crypto deposits into these schemes growing by 210%. The scams, primarily originating from Southeast Asian centers, have become more globally distributed, using romance-based trust-building to lure victims into fraudulent investments. SEC acknowledges Grayscale XRP Trust proposal The regulator published details of NYSE Arca’s proposal to list Grayscale XRP (XRP) Trust shares, beginning a review process that could extend up to 240 days after an initial 45-day period. You might also like: Cardano price could surge after Globant deal, Hoskinson VIP meeting Binance and SEC agree to 60-day case pause Judge Amy Berman Jackson approved a 60-day stay in the legal dispute between Binance and the SEC, with both parties required to file a joint status report by April 14. The pause comes at the request of both parties, citing the SEC’s newly formed crypto task force aimed at developing clear regulatory frameworks. Coinbase reports strong Q4 performance The leading U.S. crypto exchange posted $2.27 billion in fourth quarter revenue, exceeding estimates of $1.84 billion and marking a 138% year-over-year increase. Trading volume reached $439 billion, up 185% from the previous year, with transaction revenue hitting $1.56 billion, a 194% year-over-year increase. Doodles announces Solana token launch The NFT brand revealed plans for DOOD, a Solana ( SOL )-based token with a total supply of 10 billion, following Pudgy Penguins’ successful Pengu ( PENGU ) token launch. Token allocation includes 30% for the Doodles community, 25% for ecosystem funding, and varying percentages for team, new initiatives, liquidity, and company reserves. OpenSea confirms token launch and marketplace update The leading NFT marketplace announced its SEA token through the OpenSea Foundation. It also rolled out the OS2 open beta marketplace, which will include memecoins and other tokens. The SEA token aims to reward active and loyal users as well as early adopters. Metaplanet advances Bitcoin accumulation strategy The Tokyo-based firm confirmed receiving funds from the EVO FUND bondholder, outlining plans to increase its Bitcoin reserves to 21,000 BTC by 2026 as part of ‘Asia’s Largest Ever’ raise. The company is adjusting its financial strategy to direct raised funds toward Bitcoin acquisition. Worldcoin faces Brazilian ban Brazil’s National Data Protection Authority (ANPD) maintained its ban on Worldcoin after the project’s appeal was rejected, citing concerns over biometric data consent and consumer behavior influence. Trump nominates new CFTC chair President Donald Trump plans to appoint a16z crypto’s head of global policy, Brian Quintenz, to lead the Commodity Futures Trading Commission, according to Bloomberg’s report citing White House documents. You might also like: NFT sales suffer, Pudgy Penguins plunge: Here’s the latest Goldman Sachs increases Bitcoin ETF holdings The investment bank expanded its spot Bitcoin ETF position in Q4 2024. Its latest 13F filing reveals ownership of $1.27 billion (24.07 million shares) in BlackRock’s iShares Bitcoin Trust ETF. The position represents an 88% increase in share ownership from the previous quarter. BitGo plans public offering The U.S.-based crypto custodian BitGo is preparing for an initial public offering by the second quarter of 2025. Investors valued the company at $1.75 billion during a $100 million Series C funding round in August 2023. Uniswap launches Unichain layer-2 network The popular Ethereum decentralized exchange introduced Unichain, a new layer-2 blockchain that has already processed over 88 million test transactions. Uniswap positions Unichain as “the fastest chain in the industry,” focusing on improved transaction speeds for traders and developers. WazirX announces recovery plan for hack victims The exchange completed its asset rebalancing, planning to return 85% of users’ portfolio values as recorded on July 18, with initial distributions scheduled for April. Users can now view their lost assets’ values in both USD and Indian rupees following the $230 million hack in July 2024. Bitcoin hard drive searcher explores new recovery approach James Howells, who claims to have lost 8,000 Bitcoins worth $784 million in a Newport, South Wales landfill in 2013, is now discussing a potential land purchase with investors to carry out recovery efforts. Previous attempts to gain Newport Council’s permission for retrieval have been unsuccessful. CZ distances himself from meme coins, NFTs Former Binance CEO Changpeng Zhao publicly stated he has never purchased meme coins or NFTs. Instead, Zhao emphasized his focus on “fundamentals” in crypto through holdings limited to Bitcoin and BNB. Read more: Shiba Inu price forms a death cross as Shibarium woes mount
