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- MicroStrategy Halts Bitcoin Buys, Holds $30B | Crypto Alpha Week 6 of 2025
MicroStrategy Halts Bitcoin Buys, Holds $30B | Crypto Alpha Week 6 of 2025
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TL;DR
Trump Media Launches Bitcoin ETF Under Truth.Fi
MicroStrategy Halts Bitcoin Purchases
Monochrome Brings BTC & ETH ETFs to Singapore
Franklin Templeton Plans BTC & ETH ETF Expansion
Sol Strategies Expands SOL Holdings, CIO Resigns
SEC Reviews Grayscale’s Solana ETF Proposal
Berachain Mainnet Launches With Proof of Liquidity
Zerebro Becomes First AI Validator on Story Mainnet
Swedish asset manager Launches Avalanche ETP
DOGE Explores Avalanche for Government Efficiency
SEC Reduces Crypto Enforcement, Reassigns Lawyers
FTX Bahamas Creditors to Receive Repayments Feb. 18
And much more!
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Bitcoin Highlights of the Week
MicroStrategy has temporarily paused its Bitcoin purchases after accumulating 471,107 BTC worth $30.4 billion at an average price of $64,511 per coin. The halt follows three months of aggressive buying, during which the company acquired over $20 billion in BTC. Despite this, MicroStrategy’s stock rose 0.89%, signaling investor confidence.
The pause raises speculation about a strategic shift, potential market concerns, or adjustments in treasury management. As the largest corporate Bitcoin holder, MicroStrategy’s next moves will be closely watched, especially amid increasing institutional interest and evolving market dynamics.
Trump Media and Technology Group (TMTG) is entering the ETF market with Truth.Fi, launching products like the Truth.Fi Bitcoin Plus ETF, alongside funds focused on U.S. manufacturing and energy. Custodied by Charles Schwab and advised by Yorkville Advisors, the Bitcoin ETF faces stiff competition but highlights Trump’s growing crypto ambitions.
While this move could boost mainstream crypto adoption, it also raises concerns over potential conflicts of interest and brand dilution. As Trump balances regulatory influence and business expansion, the initiative underscores his strategic positioning in both politics and the financial sector.
President Donald Trump has signed an executive order to create a U.S. sovereign wealth fund, fueling speculation that it could lead to government Bitcoin purchases. While the EO directs Treasury Secretary Scott Bessent and Commerce Secretary nominee Howard Lutnick to monetize U.S. assets, Bitcoin wasn’t explicitly mentioned.
Senator Cynthia Lummis hinted at BTC involvement, and industry advocates suggest pro-crypto officials could push for it. Trump’s previous crypto-friendly promises add to speculation, though legal challenges could arise. Bitcoin’s price briefly dipped below $100K amid tariff concerns but rebounded past $101K after news of the EO spread.
Maryland and Kentucky have introduced bills to explore Bitcoin as a strategic reserve asset, joining a growing trend among U.S. states. Maryland’s "Strategic Bitcoin Reserve Act," proposed by Delegate Caylin Young, allows the state to invest in Bitcoin using funds from gambling violation enforcement.
In Kentucky, House Bill 376, introduced by Representative T.J. Roberts, seeks digital asset investments, limiting purchases to assets with a market cap of at least $750 billion—effectively favoring Bitcoin. These moves reflect increasing bipartisan interest in state-level Bitcoin adoption, following President Trump’s campaign promise to establish a national Bitcoin stockpile.
Binance CEO Richard Teng highlighted the growing role of institutional investors and regulatory clarity in driving Bitcoin adoption. The U.S. spot Bitcoin ETF market amassed $44.2 billion in its first year, with January 2025 alone seeing $5 billion in inflows. Despite retail investors comprising 80% of ETF demand, institutional interest is rising, with investment advisers and hedge funds leading.
Teng emphasized that institutional participation is making crypto integral to the financial system. Meanwhile, Trump Media filed trademarks for ETFs linked to Bitcoin and energy independence, signaling further mainstream financial integration of digital assets.
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Ethereum Highlights of the Week
Franklin Templeton has filed an amended S-1 for its Franklin Crypto Index ETF, aiming to track Bitcoin (86.31%) and Ethereum (13.69%), with potential additions pending SEC approval. If greenlit, it will list on Cboe BZX, marking a shift toward diversified crypto ETFs. Experts see multi-asset ETFs as inevitable, boosting liquidity and institutional adoption.
The SEC recently fast-tracked approvals for similar funds, including Bitwise’s Bitcoin-Ethereum ETF. With pro-crypto Paul Atkins set to lead the SEC, analysts predict smoother approvals, signaling a more favorable regulatory environment for digital asset investment products.
Australian firm Monochrome Group has registered its Bitcoin (IBTC) and Ethereum (IETH) ETFs with Singapore’s Monetary Authority, allowing institutional investors access through a regulated framework. Partnering with Anadara Capital and BitGo Trust, the firm enhances security and institutional services.
CEO Jeff Yew emphasizes infrastructure over speculation, aligning with Asia’s growing role in crypto regulation. This expansion follows Monochrome’s launch of Australia’s first spot Ethereum ETF. Amid market turbulence, institutions increasingly view regulated crypto ETFs as portfolio hedges. The firm plans further regional expansion in 2025, reinforcing compliance and access to digital assets in Southeast Asia.
The SEC has postponed its decision on permitting options trading for BlackRock’s iShares Ethereum Trust (ETHA) until April 2025. Nasdaq ISE filed the request in July, aiming to expand derivatives offerings for ETH ETFs, which have amassed $9 billion since launching in July 2024.
The move follows Bitcoin ETF options' success, which saw $2 billion in trades on day one. Institutional adoption is expected to grow with further regulatory approvals. President Trump’s pro-crypto stance has raised industry hopes for faster approvals, potentially accelerating the integration of digital assets into mainstream financial markets.
Ethereum developers have scheduled the Pectra upgrade for testing on Holesky (Feb. 24) and Sepolia (March 5). Key improvements include EIP-7702, enhancing wallet user experience with account abstraction, and EIP-7251, raising the validator staking limit from 32 to 2,048 ETH to boost network efficiency.
Following successful testnet trials, developers will meet on March 6 to finalize a mainnet launch, expected in early April. The upgrade aims to improve scalability and validator operations while addressing concerns from stakeholders like Paradigm, who have urged Ethereum developers to release updates more frequently.
Ethereum plunged 18% as President Trump’s tariffs on Canada, Mexico, and China triggered market-wide liquidations. While reported liquidations totaled $2.3 billion, Bybit’s CEO estimated the real figure near $8 billion. ETH’s implied volatility surged past 180%, its sharpest drop since May 2021.
Bearish sentiment, concerns over Ethereum’s leadership, and ETH/BTC weakness fueled the downturn. Broader markets also suffered, with Dow futures falling 650 points. Though ETH rebounded to $2,850, it remains 10% down for the week, with uncertainty over macroeconomic conditions and Ethereum’s ecosystem weighing on future price recovery.
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Solana Highlights of the Week
The SEC has acknowledged NYSE Arca’s 19b-4 filing to list and trade the Grayscale Solana Trust, inviting public comments for 21 days. This marks a shift, as previous Solana ETF filings were ignored. Bloomberg analysts note this as significant, given past SEC resistance.
With a pro-crypto U.S. administration, experts anticipate potential approval by year-end. The SEC also seeks input on Grayscale’s Litecoin Trust. Meanwhile, a new crypto task force aims to redefine asset classifications, potentially reshaping ETF regulations and registration. This signals evolving SEC policy amid shifting leadership and increasing institutional interest in crypto ETFs.
Sol Strategies acquired 40,300 SOL for $9.93 million between Jan. 19 and Jan. 31, bringing its total holdings to 189,968 SOL, valued at nearly $40 million. The company also completed a $2.5 million tranche of convertible debentures. Meanwhile, CIO Moe Adham resigned as of Jan. 30 due to family relocation.
CEO Leah Wald emphasized Sol Strategies’ role as a vehicle for Solana exposure. Chairman Tony Guoga reaffirmed confidence in the firm’s trajectory. The company's stock (HODL) surged 2,336% in 2024 and aims for a Nasdaq listing, while Solana’s price dipped 2.4% to $206.82.
Solana’s application revenues soared 213% in Q4 2024, reaching $840 million, driven by memecoin speculation, according to Messari. November saw a peak of $367 million, with Pump.fun generating $235 million, followed by Photon and Raydium at $140 million and $74 million, respectively.
Daily DEX volume surged 150% to $3.3 billion. Memecoins and AI-related tokens fueled the growth, with Solana leading in AI agent adoption. The network’s total value locked (TVL) climbed to $8.6 billion, securing its position as the second-largest blockchain by TVL, while Ethereum maintained dominance at $57 billion.
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