Crypto Pulse Media

American Bitcoin reported a $153.2 million net loss for 2025, primarily driven by a $227.1 million non-cash mark-to-market loss on bitcoin under fair value accounting rules.
The company grew its bitcoin reserve to more than 6,000 BTC after year-end and generated $185.2 million in annual revenue as it scaled its mining operations and accumulation efforts.
American Bitcoin
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reported a net loss of $153.2 million for full-year 2025, as accounting-related unrealized losses on its bitcoin holdings weighed on results despite significant revenue growth and the expansion of its strategic reserv
The company generated $185.2 million in revenue during its first year operating as a standalone public company, reflecting increased bitcoin production following its mining fleet expansion and optimization.
The loss was primarily driven by a $227.1 million non-cash mark-to-market loss on its bitcoin holdings due to fair value accounting adjustments, the company said in a statement on Thursday. American Bitcoin also reported adjusted EBITDA of -$157.3 million for the year.Despite the loss, the company rapidly expanded its bitcoin holdings, ending 2025 with 5,401 BTC on its balance sheet. American Bitcoin mined 1,654 BTC between the beginning of the second quarter and year-end, including 783 BTC in the fourth quarter, it said. Approximately one-third of its year-end bitcoin holdings came from mining, with the remainder acquired through strategic transactions and at-the-market purchases.
In the statement, Eric Trump, American Bitcoin co-founder and chief strategy officer, said the company launched in March 2025 with the goal of accumulating bitcoin at scale. "By year-end, we held 5,401 BTC on the balance sheet, and that figure has since grown to more than 6,000 BTC," Trump said.In the statement, Eric Trump, American Bitcoin co-founder and chief strategy officer, said the company launched in March 2025 with the goal of accumulating bitcoin at scale. "By year-end, we held 5,401 BTC on the balance sheet, and that figure has since grown to more than 6,000 BTC," Trump said.
Q4 revenue growth and mining expansion
American Bitcoin reported $78.3 million in Q4 revenue, up 22% from $64.2 million in the prior quarter, as production increased following its fleet growth and operational improvements, the firm said. For the full year, American Bitcoin achieved approximately 50% gross margin, allowing it to accumulate bitcoin at a structural discount to spot prices, including a 53% gross margin in the fourth quarter, according to the company.
The firm said it maintained approximately 25 exahash per second of installed capacity across roughly 78,000 ASIC machines, with an average fleet efficiency of approximately 16.3 joules per terahash as of Dec. 31. American Bitcoin operates its mining platform in partnership with Hut 8, which provides access to high-density ASIC infrastructure. Hut8 separately reported a net loss of $248 million for 2025 on Wednesday.
American Bitcoin said it also reduced general and administrative expenses to 9% of revenue in the fourth quarter, down from 13% in the previous quarter, while generating $150.5 million in gross proceeds through its at-the-market equity program during the period.
Chief Executive Officer Mike Ho said the company focused on disciplined execution during its first year as a public company, expanding its mining platform and increasing its bitcoin reserve through production and capital markets activity. He added that the company plans to continue optimizing its fleet and deploying additional capacity when returns justify it, while prioritizing growth in bitcoin holdings and balance sheet flexibility.
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MEV Capital’s assets under management fell 80% from a peak of $1.5 billion to about $300 million following millions in direct losses linked to deUSD depeg in October.
Belem Capital said it terminated its management mandate with MEV Capital and internalized the firm’s institutional asset management team to consolidate risk and execution frameworks.
Onchain asset manager MEV Capital saw its assets under management drop by 80% to approximately $300 million as of Feb. 25, down from a peak of $1.5 billion in October 2025, according to DefiLlama data.
The four-month decline in AUM follows a stablecoin depeg event on Oct. 10 that triggered automatic liquidations across multiple protocols, leading to direct losses exceeding $10 million for the firm, The Big Whale claimed in a Wednesday report.
Capital, which maintains offices in Vilnius and Dubai with a predominantly French team, was heavily exposed to yield strategies involving deUSD, the stablecoin issued by Elixir.
The depeg last year served as the initial shock to the firm's operations, with a source close to the matter describing the situation as "a true industrial catastrophe," per The Big Whale report.
The asset contraction has translated into a sharp revenue decline. According to DefiLlama data, the firm’s gross protocol revenue fell to $804,720 in Q1 2026, an 86.8% decrease from the $6.10 million reported in Q4 2025 and a 92.4% drop from its Q1 2025 peak of $10.62 million. Quarterly earnings followed a similar trajectory, sliding from $608,910 in Q4 2025 to $99,020 in the most recent quarter.
Beyond the AUM erosion, the company is facing an operational vacuum. Laurent Bourquin, MEV Capital’s chief executive and a former Société Générale executive, has stepped back from public view, according to The Big Whale. Of 15 employees previously at the firm, about 10 have departed, the outlet reported. A source close to Bourquin told The Big Whale he is “taking a break.”
Belem Capital internalizes team
Luxembourg-based Belem Capital said Wednesday it has internalized the institutional asset management team from MEV Capital, which had historically managed the fund's portfolios. According to a statement from Belem, the management mandate with MEV Capital has concluded, and all investment operations are now centralized on Belem's internal platform.
Belem Capital is a digital asset investment platform offering regulated DeFi exposure to institutional investors, including banks, asset managers and family offices. The integration consolidates a team of 10 specialists across asset management, risk, and technology, it said.
Meanwhile, tokenization protocol Midas has severed its relationship with MEV Capital. In a post on X, Midas said it had appointed RockawayX as the strategy manager for its mMEV and mevBTC products, effective immediately.
RockawayX, a digital asset firm with $2 billion in assets under management, will assume responsibility for ongoing risk monitoring and strategy oversight. Midas added that all pending redemptions have been processed at the latest verified price.
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Founded and led by prominent financial policy expert Dr. Christopher J. Brummer, Bluprynt aims to simplify global compliance for digital assets.
The round, announced on Thursday, also brought in venture capital firms Selah Ventures and Quona Capital, alongside individual investors such as Nubank co-founder Edward Wible.
Crypto disclosure firm Bluprynt secured $4.25 million in an oversubscribed seed funding round from major industry players, including Coinbase Ventures and Robinhood.
The round, announced on Thursday, was led by Valor Capital Group and also brought in venture capital firms Selah Ventures and Quona Capital, alongside individual investors like Nubank co-founder Edward Wible. These investors join Bluprynt’s pre-seed backers, which include former CFTC chair Chris Giancarlo and entrepreneur Mark Cuban, according to the company.
Founded and led by prominent financial policy expert Dr. Christopher J. Brummer, Bluprynt aims to simplify global compliance for digital assets. Brummer previously compared the company's taxonomy to streamline the process of compliance with filing taxes to the software used to file taxes. Brummer is the CEO of Bluprynt and is a Georgetown law professor.
The raise comes at a pivotal moment for crypto: market focus is moving from early experimentation to real-world adoption, and regulated financial institutions are bringing more core activity onchain," the firm said in the statement. "Banks, asset managers, stablecoin issuers and payment companies now entering these markets need compliance infrastructure that aligns with supervisory expectations—while keeping pace with blockchains’ technical realities, where transactions are rule-driven, plug-and-play, and executed in real time."
Institutional interest in crypto has also ballooned over the past year or two, with major financial institutions like banks, public companies, and exchange-traded funds increasingly holding and building products around crypto. Regulators across the globe have begun to figure out how to regulate crypto.
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In the U.S., crypto regulation has turned a page since President Donald Trump came into office in January 2025. Over the summer, Trump signed into law a bill that regulates stablecoins on a federal level, which agencies are now looking to implement. Lawmakers have now pivoted their focus to passing broad crypto legislation, though it has hit some speed bumps along the way over the treatment of stablecoin rewards and concerns around Trump and his family's crypto ventur
On the agency side, two key regulators, the Commodity Futures Trading Commission and the Securities and Exchange Commission, have joined forces to modernize their crypto rules.
As a company, we’ve understood from the start that clarity drives market structure, so we’ve been building for this moment," Brummer told The Block. "As Congress ships new rules into production, firms that issue, custody and facilitate RWAs, stablecoins and other onchain assets can finally scale with confidence—with the right tools. This funding accelerates our work turning legal clarity into operational infrastructure that embeds compliance into market workflows and regulatory tools."
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#NVDATopsEarnings

STS Digital said it has raised $30 million in a strategic funding round led by CMT Digital, with participation from Payward, the infrastructure provider behind Kraken, and other investors.
The firm said it will use the capital to expand market-making capabilities and scale its institutional platform offering access to more than 400 tokens across spot, “vanilla and exotic options,” and structured products.
Digital asset trading firm STS Digital said Thursday it has secured $30 million in strategic capital to expand its institutional digital asset derivatives infrastructure.
According to a statement shared with The Block, CMT Digital led the round, with participation from Payward, Strobe Ventures, Arrington Capital, F-Prime, and BitRock Capital. Payward, the financial infrastructure company behind Kraken, reported $2.2 billion in adjusted revenue for 2025 earlier this month.
STS Digital said it will use the fresh capital to scale its institutional-grade spot and options platform, deepen its market-making capabilities, and strengthen its balance sheet and liquidity position.
The funding round comes as crypto derivatives, particularly options, continue to gain traction among institutional clients for hedging, yield strategies, and volatility exposure, according to the firm.
Digital asset options is the fastest-growing product category within the asset class and the market demands principals with resilient balance sheets, best-in-class execution, and disciplined risk management,” STS Digital CEO Maxime Seiler said in the statement. “This funding allows us to scale with focus and intent, alongside partners who will help shape the next phase of crypto derivatives.”
STS Digital describes itself as a regulated principal trading firm specializing in digital asset derivatives and institutional market access. The company claims to offer clients the ability to trade more than 400 tokens across spot, “vanilla and exotic options,” and structured products through a unified platform spanning UI, API, and voice channels. The firm is regulated by the Bermuda Monetary Authority.
In August 2024, STS Digital acquired Swiss crypto market maker Flovtec. The acquisition integrated Flovtec's trading infrastructure and proprietary algorithms into STS Digital's platform, expanding the firm's market-making capabilities and liquidity solutions, according to a statement at the time.
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The OCC announced today that it is seeking public comment on its new proposed rulemaking for implementing the GENIUS Act.
The GENIUS Act will take effect on the earlier of 18 months after enactment, which would make it Jan. 18, 2027.
The Office of the Comptroller of the Currency is seeking feedback on its new proposal to implement the Guiding and Establishing National Innovation for U.S. Stablecoins (GENIUS) Act.
The OCC has given thoughtful consideration to a proposed regulatory framework in which the stablecoin industry can flourish in a safe and sound manner,” said Comptroller of the Currency Jonathan V. Gould in the Wednesday statement.
The GENIUS Act, enacted in July 2025, is a landmark legislation that established the first federal regulatory framework for payment stablecoins in the U.S., setting crucial requirements for issuer eligibility, asset reserves, custody, and others.
According to the statement, the proposal covers all the regulations the OCC is required to promulgate under the GENIUS Act, while those related to other laws, such as the Bank Secrecy Act, will be addressed in a separate rulemaking.
The OCC is giving a 60-day window for feedback on the proposal.
The 376-page proposal clarifies the OCC's jurisdiction for implementing the stablecoin regulations.
The OCC stated that it will have authority over certain issuers, including subsidiaries of national banks or federal savings associations, federal qualified payment stablecoin issuers, state qualified payment stablecoin issuers, and foreign stablecoin issuers.
The proposal stipulates standards for payment stablecoin issuers that align with the GENIUS Act. This includes reserve requirements mandating at least one-to-one backing with identifiable, highly liquid assets.
Capital and liquidity requirements for issuers would be tailored "case-by-case" depending on the issuer's risk profile. It also stipulates that issuers must redeem stablecoins at par within two business days generally, and maintain a robust, "principles-based" risk management system regarding operational transitions, cybersecurity, and third-party risks.
The OCC's proposal for the landmark stablecoin bill is just one piece in a government-wide effort to implement the GENIUS Act through coordinated rulemaking by the primary regulators, with others including the Federal Reserve, the Federal Deposit Insurance Corporation, and the National Credit Union Administration.
According to the proposal, the GENIUS Act’s effective date is the earlier of 18 months after the enactment date, which would make it Jan. 18, 2027, or 120 days after the primary regulators issue final regulations implementing the Act.
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The regulatory authority selected four companies, Revolut, Monee Financial Technologies, ReStabilise, and VVTX to test stablecoins in “real-world conditions with appropriate safeguards.”
FCA wants to observe UK stablecoin issuers’ ability to transact across payments, settlement and trading.
The UK’s push toward stablecoin adoption moved a step forward Wednesday as the country’s financial regulator selected four firms, including Revolut, to test fiat-pegged tokens in a controlled sandbox.
Out of 20 applicants, the Financial Conduct Authority selected Revolut, Monee Financial Technologies, ReStabilise and VVTX to take part in the trials, according to a statement.
The Regulatory Sandbox programme allows firms to trial stablecoin products in real-world conditions with appropriate safeguards," the regulator said. "It will help the FCA assess its proposed policy in a live environment and ensure future rules are clear, effective and support responsible innovation."
The move comes after the Bank of England said last month it plans to move ahead with stablecoin development. “Stablecoins have the potential to modernise retail and wholesale payments, enabling faster, cheaper and more efficient transactions,” Executive Director Sasha Mills said.
In the United States, overarching stablecoin legislation is in place via the GENIUS Act, signed into law last July, though regulators have yet to finalize how the rules will be implemented.In the United States, overarching stablecoin legislation is in place via the GENIUS Act, signed into law last July, though regulators have yet to finalize how the rules will be implemented.
Both the FCA and the Bank of England are working in concert to develop a comprehensive set of regulations encompassing stablecoins, trading platforms, lending, staking, and custody, which are expected to be implemented later this year.
Wednesday's selection is a key component of the FCA's plan for crafting UK stablecoin rules.
We are supporting UK stablecoin issuers to ensure they can be trusted for payments, settlement and trading, said Matthew Long, director of payments and digital assets at the FCA. "It will benefit consumers and financial transactions and help to deliver the FCA's strategy and the Government's National Payments Vision."
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Coinciding with the FCA’s announcement of its stablecoin trial, Coinbase’s Brian Armstrong criticized the U.K.’s regulatory process, saying it puts the region's global crypto leadership at risk.
The U.K.’s Financial Conduct Authority (FCA) picked Revolut, Monee Financial Technologies, ReStabilise, and VVTX to test stablecoin issuance in its Regulatory Sandbox as regulators move toward a full rulebook.
The FCA said the cohort will trial stablecoin products in real-world conditions, with safeguards in place. The regulator plans to focus on issuance and review use cases that include payments, wholesale settlement and crypto trading. Testing begins in the first quarter of 2026, and the FCA said the results will feed into final stablecoin rules later in 2026.
We are supporting U.K. stablecoin issuers to ensure they can be trusted for payments, settlement and trading,” said Matthew Long, director of payments and digital assets at the FCA. “It will benefit consumers and financial transactions and help to deliver the FCA's strategy and the Government's National Payments Vision.
However, industry leaders have pushed back against the Bank of England’s (BoE) stablecoin caps, saying they limit innovation and prevent the U.K. from becoming the global hub it aims to be.
The BoE published a paper on Nov. 10, 2025, announcing stablecoin caps of between £5,000 and £20,000 for individuals and £1 million to £10 million for businesses. Armstrong asked U.K. users to sign a petition to Parliament for these caps to be reconsidered. The petition has 81,909 of the 100,000 required signatures
Stablecoin rules in the U.K. are being finalized, and are at risk of preventing the U.K. from being globally competitive in the digital economy,” Brian Armstrong, CEO and co-founder at Coinbase, wrote on X on Tuesday. He cited a Bank of England proposal to cap stablecoin holdings.
The government has repeatedly pledged to position London as a center for global digital asset activity. However, comprehensive legislation governing stablecoins and wider crypto activity is expected to be approved by parliament only later this year and won't come into force until 2027.
The regulatory timeline contradicts U.K.’s goal of remaining globally competitive within the industry, Andrew MacKenzie, CEO of sterling stablecoin developer Agant, told CoinDesk in a recent interview at Consensus Hong Kong. He said the introduction of rules is not moving fast enough to support the aspirations of the global crypto hub.
The U.K. has a long history of being a financial hub," said Armstrong. "Embracing and encouraging innovation, especially when other countries are moving fast here, is important for maintaining that.”
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#USJobsData

SEC Chairman Paul Atkins is a marquee speaker at a policy summit backed by Unicoin, whose CEO says the agency chief is being duped by his staff.
U.S. Securities and Exchange Commission Chairman Atkins is a top speaker at the Digital Chamber's DC Blockchain Summit next month, and the event's chief sponsor — Unicoin — is in a legal fight with the agency, claiming the SEC's chairman is being misled into perpetuating a legacy war on crypto.
The chief executive for Unicoin, which is the summit's "platinum" sponsor, says his company is not allowed to speak with the SEC's leaders due to the agency's ongoing legal action against the crypto platform. In May last year, the SEC sued the company and its executives, including CEO Alexander Konanykhin, accusing them of raising $100 million for tokens that weren't backed by real estate in the way the firm represented.
Konanykhin said that the legal clash is pursued by rogue agency enforcers (the "henchmen" of former SEC Chair Gary Gensler) that have misled current SEC Chairman Paul Atkins. (The case may have begun under Gensler's tenure, but the resulting lawsuit was filed last year under then-Acting Chair Mark Uyeda.)
"We are prohibited from talking to Atkins or other commissioners, so they have no way of knowing that they have been defrauded by 'dirty cops,' holdovers from Gensler's War on Crypto," Konanykhin wrote in a message to CoinDesk.
Unicoin executives may not be able to speak with Atkins, but the company is helping pay for the event at which Atkins and Commissioner Hester Peirce are the first two speakers highlighted on the summit's website, in a list that also includes Konanykhin.
When asked about the confluence of Unicoin and its agency adversary at the upcoming summit, the organizers responded with a statement, saying, "Companies come to the Digital Chamber's DC Summit because it is an opportunity to educate and build bridges."
An SEC spokesman declined to comment on the situation.
Konanykhin's company has further sought to educate the SEC with a campaign involving trucks circulating around the center of Washington and past the agency, decorated with pointed messages that included the sentiment, "The War on Crypto is NOT over."
The CEO has been threading a needle in his sharp criticism of the SEC. He praised Atkins for "steadily repairing the damage on the crypto industry inflicted by his predecessor," but he insisted that the agency's enforcement staff is sabotaging Atkins by maintaining Gensler's legal fight with the digital assets sector, despite the fact the SEC dismissed or delayed the other major crypto enforcement cases pursued under Gensler.
Also, the current securities-fraud charges against Unicoin were made last year, when Republican Commissioner Uyeda was the stand-in chairman. The lawsuit was approved by a commission that then included two Republicans and a Democrat, with no dissenting statements issued. But Konanykhin says the enforcement lawyers got the approval rubber-stamped, arguing that "rejection of a staff recommendation is the exception rather than the rule."
The policy summit, among the most prominent annual crypto events in Washington, features a code of conduct that calls for "a safe and welcoming environment that fosters open dialogue and the free expression of ideas." While Konanykhin might want to tell Atkins that his enforcement crew "crudely fabricated absurd charges against Unicoin and its executives," the legal constraints against him won't permit that open dialogue.
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Safe{Labs}, the startup behind the popular multisig wallet, is rolling out a way for users to earn euro-denominated yield using a vault on Morpho.
Institutional DeFi advisory and research firm Steakhouse will curate the vault for Société Générale’s EUR CoinVertible stablecoin.
Safe{Labs}, the startup behind the multisig Safe{Wallet}, is launching an initiative to make it easier to access and earn using Societe Generale’s euro-pegged stablecoin, EUR CoinVertible. The move enables users to build their euro-denominated savings onchain, while earning DeFi-derived yield.
European users managing serious capital need the same quality of earning infrastructure that exists for dollar stablecoins,” said Rahul Rumalla, CEO at Safe Labs. “This is about bringing institutional-grade EUR yield into self-custody, with a product experience that works at scale.”
As part of the initiative, Safe will enable users to connect to a dedicated vault for EURCV on decentralized lending protocol Morpho, which will payout yield directly in their Safe wallets. The vault taps Steakhouse Financial to curate DeFi earning opportunities.
EURCV is a MiCA-compliant, euro-pegged stablecoin issued by the Societe Generale-FORGE subsidiary.
Institutional DeFi advisory and research firm Steakhouse will oversee the deployment of EURCV into Safe Morpho vault, its risk parameters, and list of acceptable collateral assets, while aiming to provide “optimal capital allocation,” according to an announcement. Steakhouse is one of the largest curators on Morpho, where it manages dozens of vaults.
Safe, which started as a noncustodial wallet project spun out by Gnosis, recorded a fivefold increase in revenue in 2025, having processed some $600 billion in transaction volume. Its smart contract-based multisig test is generally considered to be the go-to option for security-conscious DAOs, foundations, and other institutional crypto users.
As part of a plan to reach $100 million in annual recurring revenue by 2030, Safe is expanding into new opportunities. In November, Safe partnered with Hypernative to embed automated transaction protection and policy controls directly into its wallets.
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The company's stock has lost about two-thirds of its value since peaking last year, nearly in step with bitcoin's record price above $126,000.
GD Culture Group (GDC) has received board approval to sell part of its 7,500 bitcoin reserve to help fund a previously announced stock repurchase program, the company said.
The board authorization allows management to decide when and how to carry out the bitcoin sales. GD Culture emphasized it’s not obligated to sell any set amount and can alter or halt the plan at any time.
Facing a sharp decline in the stock price as the price of bitcoin has tumbled in recent months, the board approved a $100 million repurchase program earlier this month.
The company’s bitcoin holdings are currently worth about $497 million, according to data from CoinGecko. That value has dropped over time, with GD Culture carrying an unrealized loss of $344 million, down nearly 41% from its total acquisition cost of $841.5 million.
The company got its large bitcoin stash through the acquisition of Pallas Capital Holding. The move was, at the time, financed through the issuance of 39.18 million shares.
Other companies have also started divesting their bitcoin holdings. Earlier this week, Bitdeer sold all of its BTC to fund a move into AI data centers, while Riot Platforms reduced its BTC balance late last year.
GDC shares are higher by 7% on Wednesday alongside a modest bounce in the price of bitcoin to above $67,000. They remain down by nearly 70% from their September 2025 peak.
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By Omkar Godbole (All times ET unless indicated otherwise)
Traders chasing alpha might want to take a look at U.S.-listed bitcoin
mining stocks. Some of these companies are surging, boldly decoupling from the cryptocurrency's choppy price action.
Shares in Terawulf (WULF) have gained 31% this month, even as bitcoin's spot price has dropped nearly 17%. Cipher Digital (CIFR) and HUT 8 (HUT) have gained 8% and 6%, respectively, while Core Scientific (CORZ) is largely steady.
According to Markus Thielen, founder of 10x Research, these are among the most heavily shorted stocks by hedge funds and could gain due to positive economics.
With long-term energy contracts secured at attractive rates, these firms possess a strategic advantage that extends well beyond pure Bitcoin mining," Thielen said in a note to clients.
He added that capital is increasingly flowing toward structural winners, while legacy operators risk being left behind.
Bitcoin has bounced to over $65,000, likely tracking gains in futures tied to the Nasdaq 100 index. The advance occurred even though President Donald Trump didn't mention crypto in his State of the Union address
Spot bitcoin ETFs recorded $257.7 million in net inflows on Tuesday, the most since early February, according to data from SoSoValue. Analysts said inflows need to hold up over the coming days to spark a real market rebound from this slump.
In terms of price, bitcoin is trading close to well-watched pivots, Vikram Subburaj, CEO of Mumbai-based Giottus.com, said.
"A sustained break below $60,000 is widely framed as a downside trigger, with ~$57,500 cited as the next notable level. Conversely, reclaiming $72,000-$75,000 would be a cleaner signal that risk appetite is returning," Subburaj said in an email.
In traditional markets, the Dollar Index reversed early losses, pressuring dollar‑denominated assets such as gold and bitcoin. Oil prices slipped as U.S. stockpiles surged, though downside remained muted amid the risk of a potential military conflict between the U.S. and Iran. Stay alert.
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#VitalikSells
#TrumpStateoftheUnion
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#BTCVSGOLD

The issuer of the USDC stablecoin posted EPS of $0.43 in its fourth-quarter earnings report on Wednesday, beating the consensus estimate of $0.35.
Circle (CRCL) shares jumped over 15% in pre-market trading after the stablecoin issuer's fourth-quarter earnings per share (EPS) beat analysts' forecasts.
The issuer of the USDC stablecoin reported EPS of $0.43, compared with a consensus estimate of $0.16, according to FactSet data.
The New York-city based firm also posted earnings before interest, taxes, depreciation and amortization (Ebitda) of $167 million, a surge of some 412% from the year-earlier quarter.
CRCL shares traded at $71.17 in pre-market trading, just under 16% above Tuesday's close.
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Richard Blumenthal sent Binance co-chief Richard Teng a letter asking him for records about the exchange’s dealings with Iran-linked entities and the alleged dismissal of its investigators.
U.S. Senator Richard Blumenthal, a top Democrat on the Senate Homeland Security Committee, on Tuesday opened a probe into alleged sanctions violations at crypto exchange Binance, the New York Times reported on Wednesday.
Blumenthal, who represents Connecticut, sent Binance a letter asking about the $1.7 billion allegedly transferred from accounts on the platform to Iran-linked organizations, including Yemen’s Houthi militants. The violations were identified by internal Binance investigators who were subsequently dismissed, according to several news reports. The world’s largest crypto exchange denied the allegations in an email to CoinDesk.
The New York Times’ prior reporting is wrong. Binance has strict KYC (know-your-customer) and compliance procedures in place, and there are no Iranian users on the platform,” a Binance spokesperson said in the email. The spokesperson also reiterated the exchange’s stance “against false claims in these reports”, referring to articles by the New York Times, Wall Street Journal and Fortune about the alleged dismissal of the four investigators involved.
Blumenthal sent a letter to Binance’s co-chief executive Richard Teng asking for records of the company’s dealings with two Hong Kong entities identified by the investigators as the origin of the transfers to Iran, the New York Times said.
One of the accounts was registered to Blessed Trust, a Hong Kong company that served as a Binance vendor. According to the newspaper, a Binance representative said the exchange canceled the accounts and stopped working with Blessed Trust in January.
Binance appears to have ignored warnings and recommendations to prevent Iranian money laundering schemes on its cryptocurrency exchange,” Blumenthal wrote. The lawmaker also asked Teng to hand over records about “the suspension and dismissal of compliance staff and investigators” who flagged the alleged violations.
Binance’s founder and former CEO, Changpeng Zhao pleaded guilty in November 2023 to violating anti-money-laundering laws and allowing customers in countries under sanctions, including Iran, to transact on the platform. The company agreed to pay $4.3 billion in penalties and leave the U.S. market. Zhao served four months in prison for his role before being pardoned by President Donald Trump.
Binance said in a blog post on Sunday that its "sanctions-related exposure is minimal.” Rachel Conlan, another spokesperson, told the Times, there is an ongoing internal investigation at the exchange and that a full report would be sent to the U.S. Justice Department on Feb. 25.
#BTCVSGOLD
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#TokenizedRealEstate
#TrumpNewTariffs
#VitalikSells

Gold prolongs its uptrend for the fourth straight day and draws support from a combination of factors.
Trade-related uncertainties and rising geopolitical tensions underpin demand for the safe-haven bullion.
rate cut bets and a broadly weaker USD provide an additional boost to the non-yielding commodity.
Gold (XAU/USD) pauses for a breather following an intraday move up to a fresh monthly peak, touched earlier this Monday, though the supportive fundamental backdrop backs the case for an extension of a four-day-old uptrend. Renewed trade-war fears, along with rising geopolitical tensions in the Middle East, turn out to be key factors that underpin the safe-haven precious metal and validate the constructive NEWS
Gold bulls retain control near monthly top amid tariff jitters, dovish Fed bets, weak US
Gold prolongs its uptrend for the fourth straight day and draws support from a combination of factors
Trade-related uncertainties and rising geopolitical tensions underpin demand for the safe-haven bullion
Fed rate cut bets and a broadly weaker USD provide an additional boost to the non-yielding commodity
Gold bulls retain control near monthly top amid tariff jitters, dovish Fed bets, weak US
Gold (XAU/USD) pauses for a breather following an intraday move up to a fresh monthly peak, touched earlier this Monday, though the supportive fundamental backdrop backs the case for an extension of a four-day-old uptrend. Renewed trade-war fears, along with rising geopolitical tensions in the Middle East, turn out to be key factors that underpin the safe-haven precious metal and validate the constructive outloo
US President Donald Trump announced a new framework following a Supreme Court verdict against his sweeping tariffs and imposed a new global levy of 15% – the maximum allowed under the statute – on items imported into America. This, in turn, fueled concerns about retaliatory measures and potential economic fallout from disruptions to global supply chains, weighing on the risk sentiment and strengthening demand for the Gold as a defensive asseoutloot.
Furthermore, the risk of a military conflict between the US and Iran contributes to the precious metal's move higher. Negotiators from the US and Iran are poised to meet in Geneva on Thursday following the submission of a detailed nuclear proposal by Iran. Reports suggest that US President Donald Trump is considering a potential military strike against Iran in the coming days and could pursue a larger assault later if diplomacy fails to curb Tehran’s nuclear ambitions.
The expectations were lifted by a weak US GDP print, which showed that the economy grew by a 1.4% annualized pace in the fourth quarter, marking a sharp deceleration from the 4.4% rise in Q3, amid the longest-ever US government shutdown. This, along with trade uncertainties, drags the US Dollar (USD) away from its highest level since January 23, touched last week, and turns out to be another factor providing an additional boost to the non-yielding Gold.
Gold seems poised to climb further amid a bullish technical setup
From a technical perspective, the strong follow-through move up at the start of the new week validates last Friday's breakout above the $5,100 mark horizontal resistance and favors the XAU/USD bulls. Moreover, the Moving Average Convergence Divergence (MACD) line extends above the Signal line and stands above zero. The histogram widens on the positive side, signaling strengthening bullish momentum.
Adding to this, the precious metal holds above the rising 200-period Exponential Moving Average (EMA), supporting the advance. The upward slope of this average keeps the short-term bias tilted higher. That said, the Relative Strength Index (RSI) at 73.23 is overbought and could limit immediate follow-through.
Above the rising 200-period EMA at $4,864.04, the bias stays positive, and pullbacks could remain contained while that gauge holds. MACD remains above the Signal line and the zero mark, and momentum would soften if the histogram begins to contract. With RSI at 73.23, overbought conditions warn of a pause, and a cooling phase could unfold before trend continuation. As long as price holds over the 200-period EMA, the broader rebound tone would remain intact even amid consolidation.
The technical analysis of this story was written with the help of an AI tool.)
In the world of financial jargon the two widely used terms “risk-on” and “risk off'' refer to the level of risk that investors are willing to stomach during the period referenced. In a “risk-on” market, investors are optimistic about the future and more willing to buy risky assets. In a “risk-off” market investors start to ‘play it safe’ because they are worried about the future, and therefore buy less risky assets that are more certain of bringing a return, even if it is relatively modest.

The indicator last printed positive on Jan. 15. Its failure to fully recover after a Feb. 5 rebound suggests U.S. demand remains structurally absent rather than temporarily paused.
The index measures the price gap between bitcoin on Coinbase and the global market average. Coinbase is widely used as a proxy for U.S. institutional and dollar-denominated flows, so a persistent negative reading means American investors are consistently paying less than the rest of the world — either selling more aggressively or simply not showing up.
The previous record was roughly 30 days of continuous negative premium during the October 2025 drawdown. That streak broke when a sharp bounce brought U.S. buyers back into the market. This time, the bounce came, as bitcoin recovered as much as 15% from its Feb. 5 intraday low. But the premium never followed.
That divergence shows that while price recovered, the composition of demand didn't. Whatever buying drove bitcoin back above $62,000 came from outside U.S. hours, outside Coinbase's order books, or both.
The one constructive read is that the premium has been gradually less negative since early February, creeping from -0.22% back toward -0.05%. It's improving, just not fast enough to flip positive, a threshold that historically coincides with sustained accumulation phases rather than relief rallies.
Interestingly, Google searches for "bitcoin zero" in the U.S. hit record highs earlier this month, as CoinDesk reported, even as global search interest for the term remained flat.
Both signals point to American investors specifically losing conviction at a pace that hasn't shown up elsewhere.
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Back remains optimistic despite the brutal price action in bitcoin and BTC treasury companies.
BSTR intends to debut with 30,000 bitcoin on its balance sheet. Of that total, 25,000 coins will be contributed by Back and other founding shareholders. A further 5,000 BTC will be contributed in-kind by early investors.
The merger plans were announced in the summer of 2025 amid a frenzy of hastily formed crypto treasury companies that hoped to mimic the success of Michael Saylor's Strategy.
Since, though, the price of bitcoin has crashed to $63,000, and the performance of crypto treasury companies has been far worse, with many prominent ones vaporizing 90% or more of investor capital
Speaking with CNBC on Monday, Back said a weaker bitcoin price could benefit BSTR ahead of its listing. Launching at a lower reference price would enable the company to accumulate more bitcoin at discounted levels, potentially strengthening its balance sheet and increasing long-term upside if market conditions improve.
Addressing bitcoin’s recent decline, Back noted that it occurred despite what he characterized as a favorable regulatory backdrop in the United States. He attributed the pullback to broader macroeconomic factors, including geopolitical tensions and tariff-related uncertainty, which have weighed on risk assets more broadly.
Back added that bitcoin treasury companies play a supportive role in the market. Their core strategy centers on acquiring and holding bitcoin, though he acknowledged that the pace of accumulation typically slows during bear markets. Ultimately, he said, bitcoin treasury companies are taking bitcoin off the market, which is a long-term bullish catalyst.
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The move pits Coinbase against Robinhood as it pushes to become an “everything exchange.”
Coinbase outlined the expansion in December, when it said it intended to bring multiple asset classes under one roof. Earlier this month, it debuted a predictions market, enabling users to trade on the outcomes of real-world events. Stock trading marks another step in that strategy.
The move brings Coinbase into more direct competition with retail brokerages such as Robinhood (HOOD), which has been doubling down on its crypto product suite. It also reflects a push among crypto firms to blend the asset class with traditional financial products. Breaking away from a crypto-only business model could help Coinbase loosen the tie between its share price and bitcoin
so it trades more like a diversified tech stock, offering some cushion during a crypto downturn.
Both COIN and HOOD have lost about 35% this year as digital assets struggle. EToro (ETOR) is 13% lower over the same period, with the company’s fourth-quarter earnings showing strong equities trading on the platform.
To support the introduction, Coinbase has an agreement with Yahoo Finance. The financial news site will feature a button that lets users move from researching a stock to executing a trade on the exchange. Yahoo Finance will also display real-time data from Coinbase within its interface.
Coinbase said it is working with Apex Fintech Solutions for clearing custody and execution.
The company plans to expand 24/5 trading to more stocks in the coming months. It has also signaled interest in offering tokenized stocks, which would allow equities to move on blockchain networks and potentially trade around the clock.
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Revenue and adjusted EPS come in below estimates as company leans into large scale data center buildout.
Management pointed to 2025 as a transformative year as it pivots away from bitcoin mining and toward long-term HPC infrastructure. During the quarter, Cipher secured 600 megawatts of contracted capacity, including a 15-year, 300 megawatt (MW) lease with Amazon Web Services and a 10-year, 300 MW lease with Fluidstack and Google.
The company also raised $3.73 billion through three senior secured bond offerings to finance construction at its Barber Lake and Black Pearl data center projects, both of which remain on schedule
Cipher divested its 49% stakes in three mining joint ventures for about $40 million in stock, further simplifying its structure as it transitions to a data center-focused business model.
Glassnode data shows a 43% surge in supply clustered in the $60K to $70K range following bitcoin’s 50% decline from its October all time high.
Supply in the $60K to $70K band has risen from roughly 997,000 BTC on Jan. 1 to about 1.43 million BTC, meaning more than 8% of non exchange circulating supply now sits in this range.
The $70K to $80K region has been described as an air pocket, and during the recent sell off bitcoin fell from $80K to $70K in just five days.
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Michael Saylor compared bitcoin’s 45% drawdown to Apple’s 2013 slump, arguing that enduring deep corrections is part of every successful technology investment.
This is the comparison favored by Michael Saylor, founder of Strategy (MSTR), by far the largest public holder of bitcoin
There really is no example of a successful technology investment where you did not have to weather the 45% drawdown and go through that valley of despair,” Saylor said on Natalie Brunell’s Coin Stories podcast.
Ours is currently taking 137 days so far. But it might take two years, it might take three years. If it took seven years, congratulations. It’s just like Apple."
Bitcoin
BTC
$63,119.93
has dropped roughly 45% from its all time high near $125,000, mirroring the scale of Apple’s 2012 to 2013 decline. The downturn has already left scars. On Feb. 5 alone, when bitcoin fell from $70,000 to $60,000 in a single session, the network recorded $3.2 billion in entity adjusted realized losses, according to Glassnode. That surpassed the Terra Luna collapse as the largest single day loss event in bitcoin’s histo
Saylor attributed the more muted cycle in part to structural changes. The migration of derivatives activity from offshore venues to regulated U.S. markets, he said, is dampening volatility in both directions, compressing what might once have been an 80% drawdown into a 40% to 50% decline.
Traditional banks still refuse to extend meaningful credit against bitcoin holdings. That forces some investors into shadow banking or rehypothecation structures, which can create artificial selling pressure during periods of stress.
From quantum FUD to Epstein FUD
Saylor was similarly dismissive when asked about the risks posed by quantum computing, describing it as the latest in a long line of existential narratives, from block size wars to energy consumption to Chinese mining dominance, that generate attention but ultimately fail to derail the network.
He argued that quantum computing is not a near-term threat and is more than a decade away from posing a practical risk in all likelihood. By the time it becomes relevant, he expects government, financial, consumer, and defense systems to have transitioned to post quantum cryptography. Bitcoin’s software will evolve as well, he noted, with nodes, exchanges, and hardware providers upgrading through broad global consensus if necessary.
Any credible quantum breakthrough, he said, would require coordinated upgrades across every digital system worldwide, not just bitcoin. In that context, he framed both the quantum narrative and renewed attention around the Jeffrey Epstein files, which have been used by critics to target certain Bitcoin Core developers, as shifting forms of fear, uncertainty, and doubt (FUD).
It's a non-issue," Saylor said. "I guess they were getting tired of the quantum FUD and they moved on to the Epstein FUD."
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Bitcoin extends overnight weakness amid renewed concerns over President Trump's tariffs.
Similar to equities, Bitcoin has had a sharp pullback today, driven largely by renewed tariff-related uncertainty, similar to the events of April 2025. Furthermore, ratcheting geopolitical tensions could likely prove bearish for BTC in the short-term," Matt Howells-Barby, vice president at Kraken, Pro Trader, and host of Trading Spaces, told CoinDesk in an email.
He added that the $60,000 level is a key support that bulls are watching closely. "If that level fails to hold, we could potentially see a move into the mid-to-low $50K range," he noted.
The U.S. stocks fell Monday after Trump said he would place temporary 15% tariffs on imports from other countries, up from the 10% rate announced Friday following the Supreme Court's decision to struck down his tariffs strategy. Meanwhile, investors continued to sell shares in companies that stand to lose the AI revolution.
History favors a deeper sell-off in BTC
History shows BTC rarely bottoms until the 50-week average price crosses below the 100-week average price. This so-called bear cross has marked the end of every major bear market, including those in 2022 and 2018.
We're nowhere near that signal today, as the 50-week average price remains well above the 100-week.
So, if past data is a guide, the market could slide further, potentially to $50,000 or lower, as several experts told CoinDesk at Consensus Hong Kong before the averages cross bearish and capitulation sets in
The pattern may seem counterintuitive: The 50-week average dropping below the 100-week signal further weakens momentum.
But it fits the moving averages' lagging nature perfectly: crossovers confirm what's already happened – not predict what's next – so long-term ones have tended to market bear market bottoms in bitcoin.
That said, as with any indicator, the past record offers no assurance of future results
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