Organized by: Cora, Techub News
TinTinLand
Fear and Greed Index: 11 (Extreme Greed)
Bitcoin Price: $66,204
BTC/ETH Spot ETF Fund Flows (2.24)
BTC Net Inflow: $83.20 M
ETH Net Inflow: $11.08 M
Hong Kong
BTC/ETH Spot ETF Fund Flows (2.24)
BTC Net Subscription/Redemption: 0 BTC
ETH Net Subscription: 302.94 ETH
Hong Kong stablecoin payment company RedotPay is considering an initial public offering (IPO) in the United States, aiming to raise over $1 billion. The company has partnered with JPMorgan, Goldman Sachs, and Jefferies to assist with the listing, which could occur in New York as early as this year, with a target valuation exceeding $4 billion. The relevant plan is still under discussion, and details such as fundraising size and valuation may be adjusted.
About 20 clients of a Hong Kong investment company providing cryptocurrency settlement platforms reported a loss of 2.67 million USDT, with total losses around 20.87 million HKD. Following an investigation, police arrested a 34-year-old network engineer surnamed Choi yesterday. The suspect is accused of unauthorized access to the company database using his position, querying client account information, and stealing cryptocurrency assets. The case is now handled by the criminal investigation team of the Yau Ma Tei Police District in Hong Kong, with several officers arriving at the company to collect evidence.
Canaan Creative has announced its acquisition of 49% equity in the joint ventures Alborz LLC, Bear LLC, and Chief Mountain LLC, owned by Cipher Mining, located in western Texas with a total power capacity of about 120 MW, corresponding to hash power of approximately 4.4 EH/s, and fleet efficiency of about 25.7 J/TH. The transaction is worth about $39.75 million and will be paid by issuing approximately 806 million Class A ordinary shares to Cipher (equivalent to about 53.76 million ADS), with a six-month lock-up period; additionally, Canaan will also repurchase 6,840 Avalon A15Pro-AVG-221T mining machines from Cipher.
Regulation/Macro
38-year-old Chinese entrepreneur Wang was kidnapped and murdered in Turkey. Suspects began following Wang from Istanbul Airport and confirmed his dinner with a female friend on January 19; during the meal, the woman was frequently messaging on her phone, and when Wang looked at her, she put down her phone. After finishing dinner and as Wang was leaving the restaurant with the woman to get in a car, four suspects forcibly shoved him into another vehicle, while the woman squatted down pretending to be unaware. Days later, police found Wang's body in a field, with his hands and mouth bound by tape and his head severely injured; the suspects had a debt dispute with Wang, stole his phone, and withdrew large sums from his cryptocurrency account. Currently, the suspects, including the woman and nine men, have been arrested; the woman and other suspects fled Turkey on the day of the incident, while the remaining suspects were subject to an Interpol arrest warrant after leaving the country.
The UK High Court held hearings on February 16 and 17 regarding the disposal of assets linked to the £60,000 Bitcoin money laundering case; over 11,300 Chinese victims are expected to submit claims to the High Court, accounting for 8.8% of the total victims, which number 128,409. Under Section 281 of the Proceeds of Crime Act (POCA), parties claiming ownership of frozen or proposed confiscated assets may file for recovery at the High Court; the UK side will allow Blue Sky Greyscale victims to actively provide evidence starting October 22, 2024, to prove their victim identity and relationship to the implicated assets, with the claim registration deadline set for May 22.
Wang Chuang, head of the Civil Second Division of the Supreme People's Court, stated that by 2026, civil compensation judicial interpretations regarding insider trading and market manipulation in securities markets will be established by national courts. The aim is to delve deeper into judicial responses related to emerging financial cases such as private equity funds and virtual currencies, further enhancing the financial judicial guarantee system.
Insiders reveal that officials from Trump's "Peace Commission" are exploring the establishment of a stablecoin for Gaza, which is expected to be pegged to the dollar, and hope to have the assistance of Gulf Arab nations and Palestinian enterprises with digital currency expertise in advancing this initiative. The plan is led by Israeli tech entrepreneur and former reserve soldier Liran Tancman.
Project/Company Updates
Solana ecosystem news service SolanaFloor stated on the X platform that due to a recent theft incident involving its parent company, it will immediately cease operations after failing to explore paths for continued operations. No new content will be published in the future, but the existing website, videos, and newsletters will be preserved as an archive. Previously, the parent company was hacked, resulting in approximately $40 million in assets being stolen, and the team has initiated an investigation and suspended some operations.
The Ethereum Foundation has begun staking a portion of its treasury assets, executing according to the treasury policy published last year. Today, a deposit of 2,016 Ethereum has been completed, with a total of approximately 70,000 Ethereum set to participate in staking, and the staking rewards will flow back to the foundation's treasury. This staking utilizes the open-source software Dirk and Vouch developed by Attestant, with Dirk acting as a distributed signing tool to support independent operations across multiple jurisdictions to eliminate single point failure risk, and Vouch supporting multi-client pairing strategies to mitigate client diversity risks. The foundation’s deployment architecture includes minority clients and employs a mix of managed infrastructure alongside self-hosted hardware in multiple regions.
Cryptocurrency venture capital firm Framework Ventures has reached a strategic partnership with mortgage service company Better, planning to provide approximately $500 million in credit support to Better by integrating with the DeFi protocol Sky (formerly MakerDAO) and issuing tokens linked to mortgage loans to generate income; Framework has also agreed to acquire a 10% stake in Better for approximately $45 million. The first phase of mortgage tokens will only be open to accredited investors, while Better plans to introduce a product called "Home Token" for retail investors later, with a specific timeline yet to be disclosed.
The London-listed tech company The Smarter Web Company PLC has established a strategic credit facility with Coinbase Credit, Inc., providing a $30 million limit to enhance the company's financial flexibility. The facility is designed to support the company's ongoing growth and Bitcoin reserve strategy.
BlackRock's iShares has submitted an amended S-1 to launch the "iShares Staked Ethereum Trust ETF," which is a statutory trust in Delaware, primarily holding Ethereum, and plans to participate in Ethereum staking to obtain staking rewards with about 70%-95% of assets through third-party nodes like Coinbase, without affecting the grantor's trust tax qualification. The product adopts a basket of 40,000 shares for redemption purposes, supporting cash or physical Ethereum redemptions, only available for authorized participants; the base fee rate is an annualized 0.25%, reduced to 0.12% for the first 12 months for the first $2.5 billion in assets.
Hyperliquid ecosystem omnichannel trading platform Based has completed $11.5 million in Series A financing, led by Pantera Capital, with participation from Coinbase Ventures, Wintermute Ventures, and Karatage; the financing structure includes equity investment and token warrants, and the round launched in the fourth quarter of 2025 and concluded last week. The company currently has over 100,000 registered users, 30,000 monthly active users, and a total trading volume of approximately $40 billion, with cumulative revenue nearing $14 million; it plans to expand its AI-driven "agentic commerce" business and further extend into the North American market.
Jiuzi Holdings is negotiating with private investors to expand its financing scale, with a preliminary plan to raise up to $100 million at a price not lower than $2 per share, to accelerate the deepening of its digital asset treasury strategy and ecosystem expansion. Relevant discussions are still ongoing, and the final scale of financing, issuance price, and terms remain uncertain.
In-Depth & Outlook
However, with increasing competition in the cryptocurrency market and changes in the market environment, Coinbase actively promoted its diversification strategy last year, gradually expanding into subscription, services, and institutional infrastructure, with its retail trading revenue share gradually declining to 48%. This article will provide an in-depth analysis of the ongoing transformation at Coinbase and discuss how this transformation affects the company’s profitability, competitive position, and long-term valuation.
Stablecoin infrastructures like Bridge have unique advantages: they do not need to predict which use cases will succeed or fail. By adopting their infrastructure, developers provide early signals for future trends. Therefore, infrastructure service providers are often able to gain insights into innovative directions 6 to 18 months ahead of the market—because they can directly observe what various founding teams and companies are building.
These days, the whole world is talking about AI. Seedance's generated videos have gone viral on Twitter, while in our circles, the topic of "cryptocurrency" seems to have been forgotten by the market, with all groups asking the same question: "What has your AI helped you with today?" or looking for speculative projects under the guise of AI concepts. But this article does not want to discuss such "shovel thinking"; looking for a few projects that drape the AI lamb’s head and sell decentralized computing dog meat is a matter for speculators. I want to talk about something truly sexy, even a bit scary.
In the short term, potential variables lie in this week’s macro events. Digital asset company Keyrock points out that NVIDIA's earnings report, to be released on February 25, could become the next major catalyst for the market. Given the current market's extreme sensitivity to AI narratives and the strong correlation between Bitcoin and tech stocks, NVIDIA's earnings guidance will directly influence the risk appetite of the tech sector and the overall market, which in turn will impact the cryptocurrency market.
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