Good Morning,

Here's a quick preview of today’s content: Citadel looks to dip their toes in crypto, SEC drops probe into Robinhood Crypto, SBF out of the blue takes to twitter with a thread, Strategy nears 500k BTC holdings after their largest buy in 2025, the ripple effects of Bybit hack begin to unfold, MetaMask hints at a massive partnership, Pump.fun to rival Raydium, a new $50M hack occurred, and so much more.

Happy Tuesday, don’t forget to HODL. Let’s dive in.

Market Snapshot

• Solana plunged to its lowest price since mid-October in Monday trading amid ongoing concerns about its association with a scandal involving the Libra token, along with cooling sentiment toward other meme coin initiatives that have favored the network

  • Solana is trading just below $153, down -11 over the past 24 hours, according to crypto markets data provider CoinGecko. SOL has dropped 25% during the past two weeks, and dipped as low as $151 on Monday.

• BTC/USD dropped to $93,833 on Bitstamp, its lowest since Feb. 18, before modestly recovering at the time of writing

• The CoinDesk 20 is currently trading at 3106.99, down 0.8% (-25.47) since last Friday at 4 p.m. ET.

  • Leaders: HBAR (+7.8%) and NEAR (+2.1%)

  • Laggards: SOL (-6.0%) and DOT (-6.0%) lag

Headline Roundup
^{_{The major headlines driving crypto markets}}

• SEC ends it’s investigation into Robinhood’s crypto unit (BW)

• SBF comes out of the woodwork to post a thread talking about the government employees getting laid off - see the wild thread here

• Citadel Securities plans to become a liquidity provider for the crypto market (DF)

• OKX pays $505M fine to DOJ for operating ‘unlicensed money-transmitting business’ (CT)

• MetaMask hints at credit card partnership with MasterCard (X)

• Michael Saylor’s Strategy acquires an additional $2B of Bitcoin (DT)

• $395B AUM German bank DekaBank launches crypto services for institutions (CD)

• Bitcoin ETFs record $929M of outflows in February (DT)

• Only 44% of US Bitcoin ETF purchases are long-term investments (CT)

• Raydium token tanks 25% following Pump.fun’s announcement of its own automated money maker (CD)

• Bybit returns to a 1-to-1 backing of client assets after its $1.4B hack (CD)

• Market maker Wintermute withdraws $38.2M of Solana from Binance ahead of a $2B Solana unlock (CT)

• 95% of Latin American crypto holders plan to buy more in 2025 (CD)

• CZ reveals personal crypto portfolio, with 98%+ invested in BNB (TB)

• Nasdaq seeks permission from SEC to list HBAR ETF (CT)

Launches

• RealNOI launches a $570M tokenized rental income platform powered by Chintai (CD)

• Tokenized time platform Time.fun launches on Solana (TB)

Venture Capital

• USDe stablecoin developer Ethena raises $100M in private financing from Franklin Templeton, F-Prime Capital, and others (CD)

• Foresight Ventures commits $25M for BNB startup incubation (GN)

• BitDCA secures $8M in funding for it’s Littlebit Bitcoin investment app (EU)

• IMUA closes $5M seed round from Draper Dragon, No Limit Holdings, and Paramita Capital (GN)

• Greenfield acquires additional $4M of $L3 token in Layer 3 private financing (GF)

• Memes Lab raises a $2.3M seed round led by Lemniscap (TB)

• Torch Finance raises $1.5M pre-seed from lead investors TVM Ventures and Michael Egorov (X)

• Bybit makes $1M strategic investment into blockchain agriculture startup EthicHub (PA)

• Data-ownership startup Vana secures backing from YZi Labs, formerly Binance Labs (DF)

Regulation

• Montana’s Bitcoin state reserve bill fails to gain approval in its House of Representatives (DT)

• SEC Crypto Task Force continues to meet with major players, including Michael Saylor, to redefine crypto regulation (BN)

• A guide to global crypto policies and laws (NE)

Cybersecurity

• Crypto neobank Infini is exploited for $49.5M by a former developer (DT)

• Hacker offered 20% of $49.5M stolen assets from stablecoin neobank Infini in exchange for their return (CD)

• U.S. authorities seize $31M of crypto tied to 2021 Uranium Finance hack (CD)

• Coin Zx executive arrested by Mumbai police for $23M scam (DT)

• Ledger drops video on how Clear Signing can safeguard crypto (X)

Extra Reads

• BRC-20 Tokens: The new token standard for Bitcoin

  What they are, how they work, and why they exist

• FTX founder Sam Bankman-Fried writes about U.S. government employees and his experience as a CEO

  Here’s the ‘interesting’ thread

Chart of the Day

Withdrawals and Deposits on Bybit exchange have nearly returned to normal levels

Meme Dump

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