This week in crypto, Michael Saylor’s latest remarks on Bitcoin sparked controversy, HashKey secured a $30 million funding round, and Pump.fun expanded its meme coin services with a mobile app launch. Meanwhile, Argentina’s President Javier Milei faced backlash over the LIBRA token collapse, and the NFT market saw a sharp decline. Here’s everything you need to know.
MicroStrategy Expands Bitcoin Holdings, Saylor Sparks Debate
MicroStrategy, now rebranded as Strategy, continued its aggressive Bitcoin accumulation strategy. The company purchased 7,633 BTC for $742.4 million at an average price of $97,255 per coin during the week ending February 9, bringing its total holdings to 478,740 BTC.
Following the acquisition, Strategy founder Michael Saylor stated:
“When you buy Bitcoin, you strengthen the network. When you sell Bitcoin, you weaken it.”
His comments drew criticism, with Singapore-based entrepreneur Julian Hosp comparing them to a Ponzi scheme, referencing The Big Short:
“Why are they confessing?” “They’re not confessing… they’re bragging.”
Bitcoin’s price fluctuated slightly, dipping 0.8% as of Sunday.
Milei Faces Backlash Over LIBRA Token Collapse
Argentina’s President Javier Milei faced political fallout after LIBRA, a meme coin he endorsed, collapsed by 95% after reaching a $4.4 billion market cap.
Analysis from Lookonchain revealed that eight wallets linked to the LIBRA team withdrew $107 million at the token’s peak before the crash.
Milei later deleted his endorsement, denying involvement and blaming “filthy rats of the political caste” for exploiting the situation. Calls for an official investigation into the scandal continue to grow.
Crypto VC Funding Gains Momentum as HashKey Secures $30M
The venture capital market for crypto remained strong in February.
- HashKey Group raised $30 million at a $1.50 billion valuation, leading a week where total industry funding exceeded $150 million.
- Payment solutions and infrastructure projects dominated investment rounds.
This continued interest in crypto startups and infrastructure projects suggests that institutional players remain committed to blockchain technology despite regulatory uncertainties.
NFT Market Struggles as Sales Volume Drops 35%
The NFT sector faced a significant downturn, with total sales volume declining by 35.15% to $112.7 million, according to CryptoSlam.
Notable collection sales declines:
- Pudgy Penguins: Down 55.29%
- Azuki: Down 79.17%
Market watchers attribute this sharp drop in NFT trading activity to waning investor interest and shifting liquidity to other areas of the crypto space.
Pump.fun Expands With Mobile App Amid Legal Challenges
Pump.fun, a leading meme coin creation platform, launched iOS and Android apps, enabling users to create and trade Solana-based tokens more easily.
The launch comes as the company faces a proposed class-action lawsuit alleging violations of U.S. securities laws. Despite legal scrutiny, Pump.fun’s expansion signals continued demand for meme coin trading platforms.
Tether Acquires Stake in Juventus Soccer Club
Tether made headlines with an investment in Italian Serie A team Juventus, further solidifying the intersection of crypto and sports sponsorships. Financial details remain undisclosed, but the deal aims to enhance crypto adoption in the sports industry.
Ethereum Developers Clash Over Network Upgrade
Ethereum core developers remain divided on the EVM Object Format (EOF) proposal, which would:
- Pre-check smart contract bytecode before execution, reducing inefficiencies.
- Streamline Ethereum’s smart contract security, but alter existing contract deployment processes.
The debate highlights ongoing scalability and security trade-offs Ethereum developers must navigate as the blockchain evolves.
Abu Dhabi Sovereign Fund Invests $436M in Bitcoin ETF
Mubadala Investment Company, Abu Dhabi’s sovereign wealth fund, made a $436.9 million investment in BlackRock’s spot Bitcoin ETF in Q4 2023.
This move aligns with growing institutional adoption of Bitcoin ETFs, reinforcing BlackRock’s position as the leading Bitcoin ETF provider with $56 billion AUM.
Bybit Resolves Regulatory Issues in France
Bybit CEO Ben Zhou announced that the crypto exchange had been removed from France’s regulatory blacklist, following over two years of compliance efforts.
This marks a significant regulatory win for Bybit as it seeks expansion across Europe and other global markets.
Meme Coin Trader Nets $10M from Broccoli Token Frenzy
A strategic trader turned $10 million in profit by purchasing and selling Broccoli-themed meme coins on Four.Meme.
The trader capitalized on hype following Binance founder CZ’s reveal of his pet dog, using a “sniping” strategy to acquire nearly 50% of new token supplies at launch.
Pig Butchering Crypto Scams Surge by 40%
Crypto-related pig butchering scams surged 40% YoY in 2024, with illicit deposits increasing 210%, according to Chainalysis.
These romance-based scams continue to expand beyond Southeast Asia, affecting victims worldwide.
SEC Begins Review of Grayscale XRP Trust
The SEC acknowledged NYSE Arca’s proposal to list Grayscale XRP Trust shares, initiating a review process that could take up to 240 days.
This signals growing institutional interest in XRP, though regulatory approval remains uncertain.
Binance and SEC Agree to 60-Day Legal Pause
A U.S. judge approved a 60-day stay in the SEC’s case against Binance, requiring a joint status update by April 14.
This temporary pause could lead to a potential settlement or regulatory clarity for Binance’s U.S. operations.
Coinbase Reports Strong Q4 Earnings
Coinbase posted $2.27 billion in Q4 revenue, exceeding estimates of $1.84 billion, with:
- 138% YoY revenue growth
- Trading volume hitting $439 billion
- Transaction revenue surging 194% YoY
These figures highlight robust crypto trading activity and growing institutional adoption.
Doodles Unveils Solana-Based Token, DOOD
NFT brand Doodles announced its DOOD token on Solana, following Pudgy Penguins’ successful token launch.
The tokenomics breakdown includes:
- 30% for the Doodles community
- 25% for ecosystem funding
- Remainder allocated to team, liquidity, and new initiatives
This move strengthens Solana’s position in the NFT and meme coin space.
Metaplanet Plans to Hold 21,000 BTC by 2026
Japanese firm Metaplanet confirmed increasing its Bitcoin holdings, aiming for 21,000 BTC by 2026.
This aligns with Asia’s growing institutional adoption of Bitcoin as a treasury asset.
Brazil Upholds Worldcoin Ban Over Privacy Concerns
Brazil’s National Data Protection Authority (ANPD) upheld its ban on Worldcoin, citing concerns over biometric data collection and user consent.
This raises broader questions about data privacy in blockchain projects.
Trump Taps Brian Quintenz as CFTC Chair
President Donald Trump nominated Brian Quintenz, a16z crypto’s global policy lead, as Commodity Futures Trading Commission (CFTC) chair.
Quintenz’s appointment signals a more pro-crypto stance in U.S. financial regulations.
This week saw major developments in crypto regulation, venture capital, meme coins, and NFT markets. With Bitcoin accumulation growing, regulatory clarity evolving, and institutional investment surging, the crypto industry is entering a crucial phase of mainstream adoption and innovation.
