BTC surpasses $75,000! Has the upward channel been fully opened?

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Crypto Weekly Recap | Overall decline in the crypto market, Bitcoin dropped back to $66,000; The White House's second round of stablecoin revenue meetings were 'productive' but no compromise has been reached yet; Hong Kong Monetary Authority lists tokenization as a key focus for 2026

This week, cryptocurrencies showed volatile downward trends,$Bitcoin (BTC.CC)$Dropped from near $71,000 to around $66,000, with a cumulative weekly decline of over 4%; $Ethereum (ETH.CC)$Fell from near $2,130 to around $1,935, with a weekly drop of over 7%.

As of the time of writing, the Fear & Greed Index is at 8, indicating extreme fear in market sentiment.

Hot events this week

Julia Leung: The Hong Kong Securities and Futures Commission is improving the regulatory ecosystem for virtual assets and announced three new initiatives

According to Foresight News, Julia Leung, CEO of the Hong Kong Securities and Futures Commission, announced at Consensus 2026 that the SFC is improving the regulatory ecosystem for virtual assets and introduced three new initiatives:

First, margin financing, allowing brokers to provide financing to creditworthy clients with collateral including securities and virtual assets; the initial phase will be limited to BTC and ETH;

Second, perpetual contracts, introducing a high-level regulatory framework allowing licensed platforms to offer perpetual contracts to professional investors;

Third, affiliated market makers, proposing to relax regulations to allow licensed platforms to provide liquidity through affiliated market-making units. Leung also pointed out that tokenized asset development is rapid, with tokenized gold reaching $400 million in assets under management, doubling within six months; 11 tokenized money market funds have been authorized so far, and Project Ensemble is piloting settlements of money market funds with tokenized deposits.

John Lee: Hong Kong will continue to support the growth of the local digital asset community, with the first batch of stablecoin licenses planned for issuance in March

Hong Kong Chief Executive John Lee reiterated at Consensus Hong Kong 2026 that Hong Kong will continue to support the growth of the local digital asset community. He noted that Hong Kong is committed to attracting global Web3 talent and companies by providing regulatory clarity and infrastructure development, such as the upcoming issuance of the first batch of stablecoin licenses in March. Lee emphasized that Hong Kong, as a financial bridge connecting East and West, will focus on developing real-world asset (RWA) tokenization, stablecoins, and the digital asset ecosystem.

The Hong Kong Monetary Authority lists tokenization as a key focus for 2026, supporting sustainable and responsible development of digital assets

The Hong Kong Monetary Authority released its 2025 work review and 2026 priorities, highlighting consumer protection in digital assets in 2025, launching industry consultations on proposed frameworks for handling client-authorized payment fraud claims, with the prudential regulatory framework for crypto-assets set to officially take effect on January 1, 2026.

The Hong Kong Monetary Authority's key focus for 2026 will support the sustainable and responsible development of the digital asset industry and promote 'Fintech 2030', including: data and payments (comprehensive risk data strategy), artificial intelligence (generative AI sandbox++, specialized models for the financial sector), and tokenization (regulatory incubator for distributed ledger technology).

Crypto journalist: White House second round of stablecoin yield meeting 'productive' but no compromise reached yet

According to crypto reporter Eleanor Terrett, details of the White House stablecoin revenue meeting revealed by on-site bankers and crypto industry insiders indicate that both sides described the meeting as 'productive,' but no compromise was reached by the end. However, more in-depth discussions on the agreement details took place today (February 10).

For instance, banks and the Banking Association prepared a written 'principle of prohibition' document detailing areas where they are willing to compromise and those they are not on the issue of stablecoin revenue. Sources pointed out that the key concession from the banking side is reflected in the phrase 'any proposed exemptions' in the second paragraph – previously, the banking side was completely unwilling to discuss any possibility of transaction-based revenue exemptions. Ripple’s Chief Legal Officer Stuart Alderoty stated, 'A compromising atmosphere is forming.'

SEC Chair: Legislation must be advanced to make cryptocurrency policies permanent

On February 13, during the hearing of the U.S. Senate Banking Committee, SEC Chairman Paul Atkins stated that although authorities indicated the SEC must establish some transitional rules, legislation is required to make cryptocurrency policies permanent. 'We need a solid legal foundation to avoid any potential backsliding in the future.'

Despite intermittent progress in the U.S. Senate regarding the Cryptocurrency Market Structure Act (the CLARITY Act), one of the key Democratic negotiators, Senator Mark Warner, expressed during the hearing that he still hopes this effort will make progress.

Caixin: The Chinese government allows domestic assets to issue RWAs overseas, with the regulatory framework announced

According to Caixin, under the CSRC's 2026 No. 1 announcement, 'Regulatory Guidelines for Overseas Issuance of Asset-Backed Security Tokens,' foreign debt-type RWAs fall under the NDRC’s supervision; equity-type RWAs and asset securitization-type RWAs are supervised by the CSRC. Similar to traditional overseas financing operations, overseas RWAs also involve the repatriation of overseas-raised funds, regulated by the SAFE. Other forms of RWAs are supervised by the CSRC in conjunction with relevant departments according to their respective responsibilities.

Analysis suggests that issuing tokens on licensed exchanges in Hong Kong aligns more closely with China's strategic objectives. The Hong Kong Stock Exchange currently holds exclusive rights over the Hong Kong stock market and should also open up licensed cryptocurrency exchanges to conduct token trading based on equity-backed assets.

SEC Chair Addresses Questions on Easing of Cryptocurrency Regulation

According to CoinDesk, SEC Chairman Paul Atkins faced questioning at a House Financial Services Committee hearing regarding 'easing cryptocurrency regulation,' including the SEC’s withdrawal of enforcement cases against figures like Justin Sun, founder of the Tron Foundation.

Democratic Representative Maxine Waters noted that after the Trump administration changed leadership last year, the SEC abandoned nearly all previous enforcement cases against the cryptocurrency industry, including charges brought in 2023 against Justin Sun and his companies involving$TRON (TRX.CC)$allegations of token price manipulation. Waters also mentioned Justin Sun’s recent association with the Trump family’s World Liberty Financial Inc., questioning whether political connections influenced the SEC’s enforcement decisions.

EU plans to impose a complete ban on crypto asset transactions with Russia to curb sanctions circumvention

According to the Financial Times, the European Commission has proposed a complete ban on crypto asset transactions with Russia to prevent Moscow from using assets outside the traditional banking system to circumvent sanctions. This measure aims to stop Russia from evading existing sanctions through newly established platforms and covers all Russian crypto asset service providers and related transfer and trading platforms. Additionally, the EU plans to ban the export of certain dual-use goods to Kyrgyzstan due to suspicions of reselling embargoed goods to Russia.

This ban will be part of the EU's 20th round of sanctions since the Russia-Ukraine conflict, marking the first use of anti-circumvention powers. Data shows that imports of key goods from the EU to Kyrgyzstan have grown by nearly 800% since the start of the war, while exports to Russia have surged by 1200%.

US lawmaker Mark Warner advances crypto bill, SEC Chair says rules cannot be sustained long-term without legislative backing

During a Senate Banking Committee hearing, Democratic Senator Mark Warner expressed hopes of advancing the Digital Asset Market Clarity Act but emphasized the need to prevent DeFi from being exploited by bad actors and to avoid creating enforcement loopholes for illegal financial activities.

SEC Chair Paul Atkins noted that although the SEC has broad authority to formulate rules and provide regulatory clarity for the crypto industry, these rules could be overturned in the future and may not be 'long-term effective' without congressional legislation as a legal foundation. The bill still faces disagreements over issues like stablecoin incentive mechanisms and conflicts of interest, and would require support from at least seven Democratic senators to pass if submitted to the full Senate for a vote.

South Korea to Launch Special Investigation into Cryptocurrency Price Manipulation and Proposes Punitive Fines for IT Incidents

The Financial Supervisory Service of Korea announced its 2026 business plan on February 9, revealing a series of enhanced regulatory measures for the virtual asset market. The FSS will conduct special investigations into high-risk areas disrupting market order, focusing on cracking down on typical manipulation behaviors such as 'whale' style price manipulation, 'cage' tactics, 'horse race' tactics, and improper trading involving false information spread via API orders or social media.

At the same time, artificial intelligence analysis tools will be developed to analyze abnormally surging virtual assets at the second and minute levels, automatically identifying suspicious trading intervals and groups. To prevent financial IT incidents, the FSS will introduce a punitive fine system and strengthen the security responsibilities of CEOs and Chief Information Security Officers. Additionally, an integrated monitoring system will be officially operational to collect and disseminate cyber threat information within the financial sector.

Perspective

JPMorgan: Bitcoin production cost has dropped from $90,000 at the beginning of the year to $77,000

According to The Block, JPMorgan analysts stated that their estimated$Bitcoin (BTC.CC)$production cost – historically considered a 'soft price support' – has fallen from $90,000 at the start of the year to $77,000, mainly due to recent declines in network hash rate and mining difficulty.

Analysts noted that the recent decline in Bitcoin network hashrate triggered the largest mining difficulty adjustment since China's mining ban in 2021, with a cumulative drop of about 15% year-to-date. The reduction in difficulty provides relief for miners still in operation, and efficient miners are capturing market share lost by high-cost miners forced to shut down. Analysts have observed a rebound in hashrate and expect production costs may rise again during the next difficulty adjustment.

The report attributed the drop in difficulty to two factors: the fall in Bitcoin prices made operations unprofitable for high-cost miners, and winter storms in the U.S. caused temporary shutdowns of large mining facilities in Texas and elsewhere. Some high-cost miners sold off their Bitcoin holdings to sustain operations or pivot to AI, adding to price pressures since the beginning of the year. Analysts believe the exit of high-cost miners is stabilizing and remain 'positive' on the overall cryptocurrency outlook for 2026.

SEC Chair: Prediction markets have become a 'major regulatory issue'

SEC Chair Atkins warned during a hearing on February 11 that prediction markets have become a 'major regulatory issue,' and the SEC is working closely with the CFTC. Atkins mentioned the explosive growth of platforms like Kalshi and Polymarket, which has created overlapping jurisdictions. When asked when final rules might be issued, Atkins responded, 'We'll see.'

Atkins said, 'I believe we have sufficient authority. A security is a security, regardless of its nature; some nuances of prediction markets and products depend on wording.' Both agencies have launched 'Project Crypto' for weekly consultations. Currently, the CFTC has only one remaining commissioner, Sellig, while all three SEC seats are held by Republicans. Atkins urged the White House to quickly fill the Democratic vacancies.

Bybit CEO Ben Zhou: Cryptocurrencies will become the 'plumbing' of the future financial system, driving changes in industry infrastructure

Bybit Co-founder and CEO Ben Zhou shared insights into the maturation of cryptocurrencies during a fireside chat at Consensus 2026. Ben stated that over the past decade, cryptocurrencies have evolved from investment products to becoming the 'plumbing' of the future financial system. From stablecoins to RWA tokenization, the crypto industry features 24/7 availability, borderless transactions, and programmability, aiming to reduce friction in the financial system rather than replace banks.

Ben emphasized that the infrastructure of the crypto industry will serve as the new 'backend' of the financial system, quietly reshaping the financial landscape. Users care about instant transfers and access to global markets, not necessarily direct use of cryptocurrencies, akin to the evolution of cloud computing services.

Blackrock executive: Allocating 1% of assets to crypto in the Asian market could unlock $2 trillion in new capital inflows

According to CoinDesk, $Blackrock (BLK.US)$Nicholas Peach, Head of iShares Asia Pacific, stated at the Consensus Hong Kong conference that if portfolios in the Asia-Pacific region allocate just 1% of assets to cryptocurrencies, it would bring nearly $2 trillion in new inflows, equivalent to roughly 60% of the current total cryptocurrency market cap. Peach pointed out that the scale of household wealth in the Asia-Pacific region is approximately $108 trillion, and even conservative adjustments to asset allocation could significantly impact digital asset markets.

He stressed that the scale of capital within the traditional financial system is enormous, and significant inflows can occur without widespread adoption. Peach also noted that Asian investors hold a substantial share in U.S.-listed crypto ETFs, and the overall adoption rate of ETFs in the region is rapidly increasing.

Tom Lee: If Ethereum touches $1,890 again, it will form a perfect bottom

According to Foresight News,$Bitmine Immersion Technologies (BMNR.US)$Chairman Tom Lee stated at the Consensus 2026 conference that the cryptocurrency market needs to wait for a Bitcoin reversal, which hinges on weaker performance from gold. He believes this shift will occur this year. Regarding Ethereum, he pointed out that since 2018,$Ethereum (ETH.CC)$it has experienced eight declines of more than 52%, with all previous eight instances resulting in V-shaped bottom reversals. From January to March last year, Ethereum fell by 64%, but subsequently recovered at almost the same pace.

Tom Lee stated that if Ethereum touches $1,890 again, it will form a perfect bottom. He believes Ethereum is currently very close to the bottom, and investors should look for opportunities rather than sell. Additionally, he emphasized that Ethereum's future drivers include Wall Street rebuilding the financial system based on blockchain, the application of AI agents, and the creator economy. He noted that although there are still internal divisions within Wall Street, the willingness to use public blockchains is clear.

JPMorgan: Bullish on the cryptocurrency market, predicting explosive growth by 2026

BlockBeats reported on February 12 that according to TheStreet, the cryptocurrency market has not yet recovered from the plunge on October 11. The total market capitalization of digital assets has dropped from $3.1 trillion a month ago to the current $2.3 trillion. Despite an overall pessimistic sentiment following the market crash, JPMorgan remains bullish on the cryptocurrency market for 2026. The bank recently stated that institutional inflows and regulatory clarity are expected to solidify gains in the digital asset market.

The JPMorgan analyst team, led by Nikolaos Panigirtzoglou, wrote in their report: 'We are optimistic about the cryptocurrency market in 2026, as we expect further increases in digital asset inflows, but this growth will be more driven by institutional investors.'

JPMorgan analysts currently estimate the production cost of Bitcoin at approximately $77,000 per coin, which may form a new price equilibrium level after miner sell-offs. If BTC trades below this production cost for an extended period, it could force some miners to exit the market. However, the bank's analysis suggests that this would also lower Bitcoin's overall production costs, creating a self-correcting mechanism.

Fed Governor Waller: Trump-induced crypto frenzy may be fading

According to Bloomberg, Federal Reserve Governor Christopher Waller said that the recent market sell-off has gradually diminished the crypto market enthusiasm brought by the current US administration, shaking the asset class.

Waller, speaking at the Center for Global Interdependence conference in La Jolla, California, noted that fluctuations in the crypto market are normal, and recent volatility may stem from regulatory uncertainty and risk management operations by large financial institutions. He believes that many institutions entering the crypto space from mainstream finance have sold off due to adjustments in their risk positions.

Wintermute: Insufficient demand in the Bitcoin market, may remain volatile in the short term

According to Wintermute analysis,$Bitcoin (BTC.CC)$the price fell below the $80,000 mark for the first time since April last year and rebounded to around $70,000 after touching $60,000. This adjustment triggered over $2.7 billion in leveraged liquidations, wiping out all gains since Trump's election in 2024. Three factors contributed to this: Warsh's nomination as Fed Chair, poor Mag7 earnings reports, and a significant pullback in the precious metals market.

Data shows that selling pressure in the US continues, with net outflows from BTC ETFs accumulating to $6.2 billion since November of last year, indicating a significant weakening of institutional demand. Additionally, capital inflows into the AI sector are negatively impacting the crypto market. Analysts believe that although leverage has been liquidated, spot trading volume remains low, with insufficient market demand, and future trends may be constrained.

Galaxy Digital CEO: The 'speculative era' of cryptocurrencies may be coming to an end

According to CNBC, Galaxy Digital CEO Mike Novogratz said at the Digital Finance Forum on Tuesday that the 'speculative era' of cryptocurrencies may be coming to an end, with the industry shifting towards a development phase characterized by real-world assets and lower returns. Novogratz pointed out that the current market adjustment reflects a structural shift in the industry rather than being caused by a single event.

He specifically mentioned the large-scale forced liquidation of leveraged positions that occurred in October 2025, which he believed 'cleared out a large number of retail investors and market makers,' exerting continuous downward pressure on prices. With more risk-averse institutional investors entering the market, the industry will gradually shift from expectations of high multiple returns to the adoption of global financial services based on blockchain infrastructure.

Glassnode: The sustainability of Bitcoin's rebound hinges on whether spot demand can recover, with the current market structure showing a pattern similar to that of May 2022

Glassnode posted on social media stating that$Bitcoin (BTC.CC)$After experiencing a sharp downward revaluation, the price rebounded to $69,000. The overall market position remains defensive — both spot, derivatives, and on-chain indicators show caution, and whether the rebound can be sustained depends on whether spot demand can recover.

Off-chain signals are stabilizing, but market confidence remains weak. Spot and ETF indicators are recovering from their lows, while futures and options positions remain defensive, indicating cautious participant sentiment and weak risk appetite. On-chain signals are mixed; although underlying network activity fundamentals have improved, fund flows and profit/loss conditions continue to weaken, showing that even with increased network participation, market demand is still sluggish, with limited profit potential.

When Bitcoin was priced at $70,000, unrealized losses accounted for approximately 16% of the total market value. The current market pain is similar in structure to what was observed in early May 2022.

Coinbase CEO: Long-term outlook remains firmly bullish on the crypto industry

$Coinbase (COIN.US)$CEO Brian Armstrong stated that the recent crypto market experienced significant volatility, but this is not uncommon in the crypto industry, as the market has undergone multiple cycles. He emphasized that in the long term, he remains firmly bullish on the crypto industry, believing it is rapidly reshaping and replacing traditional financial systems. Armstrong noted that regardless of how the market environment changes, Coinbase will continue to advance its product and business development because the global financial system still requires updates.

Cathie Wood: Bitcoin has a very low correlation with gold and is gradually buying into crypto-related concept stocks

ARK Invest CEO Cathie Wood, known as 'Woodie,' stated, 'Bitcoin once fell to around $60,000, nearly halving from its October high. By calculating the return correlation between Bitcoin and gold since 2019, the correlation coefficient is only 0.14, indicating almost no correlation. Gold tends to rise before Bitcoin, and this scenario might repeat itself.'

We disclose our trading activities every day, and you can see that we have been gradually buying small amounts of crypto-related stocks. We don't know how far the decline will continue, nor can we guarantee it has ended, but when negative sentiment is so extreme, if our research judgment is correct, we should enter in batches and gradually increase our positions.

Bullish CEO: The crypto industry is about to undergo large-scale consolidation

$Bullish (BLSH.US)$CEO Tom Farley stated that the crypto industry is on the verge of 'large-scale consolidation,' with the current market pullback acting as a significant catalyst. In an interview with CNBC, he mentioned that many companies will realize 'they are not running a business but merely owning a product,' and must achieve scale through mergers and acquisitions. Farley pointed out that industry consolidation should have occurred one or two years ago due to previously inflated valuations. As the bubble bursts, these unrealistic valuation expectations will come to an end.

Bernstein reiterates $150,000 Bitcoin price target for 2026

According to a report by The Block, analysts at Bernstein stated that the current decline in Bitcoin reflects a crisis of confidence rather than structural damage, calling it the 'weakest bear market' in Bitcoin's history. Additionally, analysts reiterated their target price of $150,000 for Bitcoin by 2026, citing increased institutional investor acceptance, improved ETF infrastructure, and better liquidity conditions.

Cryptocurrency concept tracker

Blackrock significantly increased its stake in Bitmine, with its current holdings exceeding 9 million shares

According to @SweatyKodi,$Blackrock (BLK.US)$Significantly increased its position,$Bitmine Immersion Technologies (BMNR.US)$shares, with its current holdings exceeding 9 million shares, representing a 165.6% increase from previous holdings. The value of this position is approximately $246 million.

Coinbase's proprietary Bitcoin holdings increased by $39 million in Q4 last year

February 13, according to$Coinbase (COIN.US)$the 8-K report submitted to the U.S. Securities and Exchange Commission (SEC), in the fourth quarter of last year, Coinbase added $39 million worth of Bitcoin to its proprietary crypto portfolio through weekly purchases.

As of December 31, 2025, the fair market value of Coinbase's crypto assets used for proprietary investments and held as collateral were $2 billion and $823 million, respectively. Coinbase’s corporate Bitcoin holdings this month amounted to approximately 14,548 BTC, valued at about $960 million.

Coinbase’s fourth-quarter results missed expectations, with trading revenue falling below $1 billion.

$Coinbase (COIN.US)$The fourth-quarter performance fell short of expectations, with total revenue at $1.78 billion (estimated at $1.83 billion) and adjusted EPS at $0.66 (estimated at $0.86). Trading revenue plummeted to $983 million, marking declines both quarter-over-quarter and year-over-year, dropping below the billion-dollar mark for the first time since 2023. Subscription revenue was $727 million, also declining from the previous quarter. As of February 10 in the first quarter, the company’s trading revenue was approximately $420 million. First-quarter subscription revenue is forecasted to be between $550 million and $630 million.

Coinbase stated: 'We remain optimistic about the long-term prospects of the cryptocurrency industry. The cryptocurrency market is cyclical, and experience has taught us that its actual performance is never as good or as bad as it appears on the surface. While asset prices may fluctuate, the underlying trends of technological change and the adoption of cryptocurrency products continue unabated.'

More reading:As the crypto market cools, Coinbase's Q4 revenue fell by 20% with a net loss exceeding $600 million

Strategy CEO: The company will issue more perpetual preferred shares to alleviate investor concerns about stock price volatility

According to Bloomberg,$Strategy (MSTR.US)$Chief Executive Phong Le said in an interview that the company will issue more perpetual preferred shares to ease investor concerns about sharp fluctuations in its stock price. Le noted that by issuing perpetual preferred shares (under the product name 'Stretch'), the company offers investors a tool that allows them to 'gain digital capital exposure while avoiding volatility risks.'

The dividend rate for this product resets monthly and currently stands at 11.25%, aiming to stabilize its trading price around the $100 par value. To date, preferred shares have played a small role in Strategy's financing. The company has sold approximately $370 million in common stock and $7 million in perpetual preferred shares to fund its Bitcoin purchases over the past three weeks.

Michael Saylor: Concerns about Strategy selling Bitcoin are 'unfounded'; will continue buying.

According to CoinDesk, $Strategy (MSTR.US)$Executive Chairman Michael Saylor told CNBC in an interview that concerns the market has about the company potentially being forced to sell Bitcoin due to a drop in Bitcoin prices are 'unfounded,' reaffirming the company's commitment to continue accumulating Bitcoin. Saylor pointed out that the company’s net leverage ratio is only half that of a typical investment-grade firm, and it holds cash reserves on its balance sheet sufficient to cover dividends for 50 years.

He emphasized: "We will not sell; we will continue to buy Bitcoin. I expect to purchase Bitcoin every quarter going forward." Saylor described the high volatility of Bitcoin as an inherent characteristic of "digital capital," noting that its volatility is two to four times that of traditional assets such as gold, stocks, or real estate, but its performance this decade will also exceed that of traditional assets by two to four times.

Musk: X Money external beta version to launch within the next 1-2 months

According to Cointelegraph, Elon Musk announced that the external beta version of X Money will be launched within the next 1-2 months, aiming to become the central platform for all currency trading.

Upexi, a treasury company of Solana, records a $179 million loss due to the decline in SOL price

According to The Block, Nasdaq-listed$Solana (SOL.CC)$Finance Vault Company$Upexi (UPXI.US)$released its second-quarter earnings report, with revenue doubling year-over-year to $8.1 million, of which $5.1 million came from its digital asset business (mainly from staking income), surpassing its consumer brand segment for the first time.

However, affected by the decline in Solana's price, the company reported a net loss of $179 million, including unrealized fair value adjustment losses of $164.5 million on its crypto holdings. As of the end of the quarter, Upexi held over 2.17 million SOL, with approximately 95% staked. During the earnings call, management stated that the current position has increased to around 2.4 million SOL.

Robinhood's Q4 profit fell by 34%, with revenue weighed down by a crypto market downturn

$Robinhood (HOOD.US)$Net profit for the fourth quarter fell sharply, although it slightly exceeded analysts' expectations; however, total revenue falling short of expectations raised concerns among investors. After Tuesday’s US market close on February 10, Robinhood reported a 34% year-over-year drop in fourth-quarter net profit to $605 million, or 66 cents per share, slightly above the average analyst estimate of 65 cents. However, total revenue of $1.28 billion missed the expected $1.351 billion.

Revenue from cryptocurrency trading plummeted 38% year-over-year to $221 million, far below the analyst expectation of $248 million. Bitcoin has fallen more than 50% since peaking on October 6 last year. Affected by this,$Robinhood (HOOD.US)$The stock price has dropped 24% this year. As of writing, Robinhood shares fell nearly 9% in after-hours trading to $78.20.

More reading:Robinhood's Q4 profit fell by 34%, with revenue weighed down by a crypto market downturn

Sources: Kraken replaces CFO ahead of IPO.

According to informed sources, cryptocurrency exchange Kraken replaced its Chief Financial Officer (CFO), Stephanie Lemmerman, ahead of its planned initial public offering (IPO). Lemmerman joined Kraken from Dapper Labs in November 2024 and has now transitioned to the role of strategic advisor. Vice President Robert Moore has assumed the CFO position.

Kraken previously filed for an IPO with U.S. regulators in November last year and completed an $800 million funding round, valuing the company at $20 billion. The company recently promoted Curtis Ting to Chief Operating Officer and Kamo Asatryan to Chief Data Officer. Kraken declined to comment on the matter.

Bitmine bought over 40,000 ETH in the past week, holding 3.58% of the total supply

According to PR Newswire,$Bitmine Immersion Technologies (BMNR.US)$Bitmine acquired 40,613 ETH over the past week. The total amount of ETH staked by Bitmine is 2,897,459, valued at $6.2 billion.

As of February 8, the cryptocurrencies held include 4,325,738 ETH at $2,125 per unit; 193 BTC; a $200 million stake in Beast Industries; a $19 million$Eightco Holdings (ORBS.US)$stake; and a total cash position of $595 million.

Strategy increased its Bitcoin holdings by 1,142 last week, currently holding 714,644 BTC

Michael Saylor wrote on social media that$Strategy (MSTR.US)$It purchased 1,142 Bitcoins for a total price of approximately $90 million at an average cost of about $78,815 per Bitcoin. As of February 8, 2026, it holds 714,644 Bitcoins at a total value of approximately $54.35 billion, with an average cost of around $76,056 per Bitcoin.

Circle CEO: Stripe launches AI agent payment preview supporting USDC and X.402 standard

$Circle (CRCL.US)$CEO Jeremy Allaire posted on X that Stripe has launched a preview version (preview) of machine and AI agent payment functionality, which supports USDC payments and integrates the x402 standard.

Robinhood has launched the public testnet for its Robinhood Chain

According to The Block, the U.S.-based online trading platform$Robinhood (HOOD.US)$has officially launched the public testnet for its proprietary blockchain, Robinhood Chain. This blockchain is an Ethereum Layer 2 network built using Arbitrum technology.

Robinhood’s Senior Vice President of Crypto, Johann Kerbrat, stated that this testnet will lay the foundation for building an ecosystem that defines the tokenization of real-world assets in the future and will help developers access decentralized financial liquidity within the Ethereum ecosystem. The testnet will support developers in conducting experiments to identify issues and enhance network stability in preparation for the mainnet launch.

Jack Dorsey's Bitcoin payment company Block plans to cut 10% of its workforce.

According to Cointelegraph, due to broader restructuring efforts underway at the Bitcoin payment company founded by Jack Dorsey$Block (XYZ.US)$the company has begun notifying hundreds of employees that their positions may be eliminated during annual performance reviews. Reportedly, this round of layoffs could affect approximately 10% of the workforce.

Block has initiated a restructuring plan in 2024 aimed at improving efficiency and realigning its product lines. The company is working to integrate its peer-to-peer payment platform Cash App more closely with its merchant services division, Square. Block is expected to release its quarterly earnings report on February 26.

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