Strategy’s $2B Bitcoin Purchase, Tether Co-founders Yield Stablecoin, Ethereum Recovery, SEC Acknowledges XRP ETF Filing: Feb 19

As of February 18, 2025, Bitcoin is trading at approximately $95,770, reflecting a -0.37% decrease over the past 24 hours. Ethereum is priced around $2,743, up 3.08% in the same period. Crypto markets evolve rapidly with over $2T in market value and more than 100 million active users worldwide. Strategy uses $2B convertible note offering that will fund future bitcoin purchases, a yield stablecoin launched by a Tether co-founder, Ethereum's 30% price rebound, and an SEC XRP ETF filing with a 65% chance of approval. We detail figures such as 258,320 BTC acquired in 2024, 478,740 BTC currently held, and a $46B market value in digital assets. Daily trading volumes now exceed $500M and blockchain networks process over 1.5M transactions per day.

 Crypto Fear & Greed Index | Source: Alternative.me 

The Fear and Greed Index has decreased to 44, indicating a neutral market sentiment. Bitcoin has remained below the $100,000 mark, experiencing limited whale accumulation and low volatility.

• Strategy uses $2B in convertible note offering to buy more Bitcoin

• New yield stablecoin, Pi Protocol will be launched by Tether Co-founder Reeve Collins

• On February 18, 2025, the SEC acknowledged a spot XRP ETF filing from Cboe BZX Exchange on behalf of Bitwise

• Jane Street has taken stakes in crypto companies Coinbase, Strategy, and Iris Energy

• Japanese company Metaplanet increases holdings by 269.43 BTC

• Tether signs an MoU with the Republic of Guinea to explore blockchain technology together

Trade now on KuCoin

Source: Saylortracker.com

Strategy announced a $2B convertible senior notes offering with 0% interest on February 18, 2025 at 4:41 PM EST. The firm plans to use the funds for general corporate purposes and to purchase bitcoin. The notes mature on March 1, 2030 unless repurchased, redeemed or converted early. Conversions settle in cash or class A common stock or both. Initial purchasers will receive options to buy up to $300M in additional notes within five business days.

Earlier on February 18, 2025 the company issued a profitability warning in a 10-K filing with the SEC after reporting a $1.79B digital asset impairment loss. As "Reflecting on generating a net loss for the fiscal year ended December 31, 2024, primarily due to $1.79B of digital asset impairment losses, Strategy warned it 'may not be able to regain profitability in future periods,' particularly if it incurs significant fair value losses related to its bitcoin holdings," noted The Block's James Hunt. 

Strategy acquired 258,320 BTC in 2024 and now holds 478,740 BTC valued at over $46B, which averages approximately $96,000 per bitcoin. This move provides a strategic cushion as the company targets increased bitcoin exposure in a market with daily trading volumes exceeding $500M. Transitioning from high-stake financing the market now sees innovation in the stablecoin sector.

USDT accounts for more than 63% of the stablecoin market. Source: DefiLlama

Reeve Collins, Tether Co-founder, launched a decentralized stablecoin to rival the token he helped create according to a report by Bloomberg. Pi Protocol will debut later this year on both the Ethereum and Solana blockchains. According to Bloomberg, Pi Protocol uses smart contracts that let parties mint the USP stablecoin in exchange for a yield-bearing USI token. The stablecoin is backed by bonds and real world assets. Although its name implies a US dollar peg, details on the fiat currencies it represents remain limited.

Collins co-developed Tether in 2014 before selling it in 2015. USDt grew from less than $1B to $142B in market value under his watch. Earlier he hinted at a yield-bearing stablecoin to attract investors eager to earn interest on fiat-pegged tokens. Pi Protocol enters a competitive market that includes Tether, Circle’s USD Coin, Ethena’s USDe and Dai. According to DefiLlama over $225B in stablecoins circulate while an ARK Invest report noted that stablecoin transactions reached $15.6T in 2024, surpassing Visa's $11.8T and Mastercard's $12.5T. With blockchain networks processing over 1.5M transactions per day and block times averaging 2.3 seconds on Ethereum and 0.4 seconds on Solana this technical foundation may boost liquidity and efficiency. 

Source: Chart showing the trading volume for stablecoins compared to Visa and Mastercard in 2024 (Source: CEX.IO)

Blobs posted to Ethereum since the Dencun upgrade. Source: Dune Analytics

Ethereum faced challenges after its Dencun upgrade in March 2024 which cut transaction fees by approximately 95%. This drop led to a temporary reduction in fee revenue. However, by February 2025 Ether staged a nearly 30% rebound from a low of $2,150 to around $2,800. Layer-2 data on Ethereum has more than tripled since March 2024; daily transactions rose from 50,000 to over 150,000 and mainnet fee revenues increased by 200% according to Dune Analytics.

In addition, Ethereum experienced a surge in development activity with over 500 projects focusing on real world assets and agentic artificial intelligence. Although some assume most AI development occurs on Solana, data reveals that over 70% of AI-related smart contract deployments in 2024 happened on Ethereum. These technical improvements combined with increased network activity have reinforced Ethereum’s standing in a market where daily trading volumes now exceed $4B. While Ethereum's technical progress is notable, regulatory developments also continue to shape the crypto industry.

Read more: ETH Rally Sparks $96K Bitcoin Dip, $430M ETF Outflows, and SOL Faces 40% Correction Risk: Feb 18

Numerous crypto ETFs await regulatory approval. Source: Bloomberg Intelligence

On February 18, 2025 at 2:06 PM EST the SEC acknowledged a spot XRP ETF filing from Cboe BZX Exchange on behalf of Bitwise. The filing aims to list and trade shares of the Bitwise XRP ETF. The SEC has requested comments within 21 days after the filing is published in the Federal Register, marking the start of its review process. This 19b4 filing is the second step in a process that has two steps. Once published the SEC will decide whether to approve, disapprove or institute proceedings.

Previously the SEC acknowledged similar filings from 21Shares and Grayscale while filings from Canary Capital and WisdomTree remain pending. The agency approved spot Bitcoin ETFs in January 2024 and spot Ethereum ETFs in July 2024. Bloomberg ETF analysts James Seyffart and Eric Balchunas estimate a 65% chance of approval for XRP based exchange traded products. XRP trades at around $2.52 and is the third-largest cryptocurrency by market cap. It contributes approximately 10% to crypto trading volumes, with daily volumes exceeding $50M.

Read more: Bitwise Expected to Launch New Spot Dogecoin (DOGE) ETF with SEC Filing, Boosting Crypto Market

Crypto markets continue to evolve with bold financial moves and technical upgrades. Strategy’s $2B convertible note offering paired with a $1.79B impairment loss sets a challenging yet strategic path for future bitcoin acquisitions. Meanwhile a yield stablecoin from a Tether co-founder enters a field with over $225B in stablecoins circulating and $15.6T in annual transaction volume. Ethereum’s recovery with a 30% price rebound, a 200% rise in fee revenues and over 150,000 daily transactions underscores its resilience and innovation in a market where daily volumes exceed $4B. Finally the SEC’s acknowledgment of a spot XRP ETF filing brings regulatory clarity to a market that handles more than $2T in digital assets globally. These detailed figures such as 478,740 BTC held and an estimated 65% approval chance for the XRP ETF illustrate the concrete steps reshaping the financial and technical landscape of digital assets.