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No matter the market, securing the best deal for both parties is as challenging as it is rewarding. This week saw a slew of crypto companies announce encouraging finanacial achievements in their earnings report as a result of their prior business decisions, as well as one significant trade between the higher echelons of power.
Robinhood was perhaps the most impressive in terms of crypto revenue growth, reporting a 700% crypto revenue surge to $358 million, driving total revenue up 115% to $1.01 billion. Its stock price subsequently jumped as high as 15% during trading hours the following day.
Meanwhile, Coinbase also posted a triple-figure revenue surge. Soaring 130% to $2.27 billion, Coinbase's revenue dwarfs that of Robinhood's nominal value. In its Shareholder Letter, Coinbase attributed much of its recent success to "unprecedented" opportunities presented by US President Donald Trump's administration.
"We believe the opportunity in front of us right now is unprecedented, and that we are well positioned to meet the moment," the exchange said.
After releasing its earnings, Coinbase saw its stock price jump as high as 10%.
TradFi is also celebrating its crypto decisions this week. In its latest 13F filing with the US Securities and Exchange Commission (SEC), investment powerhouse Goldman Sachs revealed that it now holds $1.57 billion in Bitcoin ETFs.
The figure represents a 121.1% increase from the $710 million reported in the previous quarter and underscores its strong institutional push towards Bitcoin.
Goldman's Bitcoin ETF exposure includes 24.07 million shares of BlackRock’s iShares Bitcoin Trust (IBIT), valued at $1.27 billion, marking an 88% increase in IBIT shares from the last quarter.
Even non-finance-related firms are basking in crypto's glory. Tesla shareholders might be disgruntled about its recent share performance with its share price dropping more than 10% over the month, but crypto fans will more than recognise its $600 million profit from its 11,509 Bitcoin in Q4 as a win.
The disclosure is Tesla's first under the new Financial Accounting Standards Board (FASB) rules, implemented in December 2024, that allows firms to list digital assets at fair market value instead of their historical price.
Now, the likes of GameStop is also considering investing in Bitcoin and other cryptocurrencies, inspiring a 20% surge in its stock price.
But while firms are weighing up whether and how much fiat to exchange to crypto, an even more exciting trade occurred this week between the US and Russia.
On Tuesday, imprisoned Russian cryptocurrency exchange owner Alexander Vinnik was freed as part of President Donald Trump's prisoner exchange for American schoolteacher Marc Fogel.
The 63-year-old Pittsburgh native had been working as a teacher at the Anglo-American School of Moscow before his arrest. He previously served as a diplomat at the US embassy in Moscow and was serving a 14-year sentence for drug smuggling after being caught at a Moscow airport with marijuana vape pods.
Vinnik, who operated the cryptocurrency exchange BTC-e, was arrested in 2017 in Greece and extradited to France, where he was sentenced to five years in prison in 202 for money laundering. Two years later he was extradited to the US. As part of the deal, the US seized over $100 million from him for his return.
"When I saw [Marc Fogel's] mother at a rally, she said, 'If you win, will you get my son out?' I promised her—she’s 95 years old—and I said, 'We’ll get him out,' and we got him out pretty quickly." –President Donald J. Trump 🇺🇸 pic.twitter.com/jQ681LMxgD
— President Donald J. Trump (@POTUS) February 12, 2025
Trump characterized Fogel's release as a "show of good faith" from the Russians and suggested that it "could be a big important part" of ending Russia's war in Ukraine.
Probably still a more sensible trade than Luka Doncic to the Lakers.
Over in the markets, Both Bitcoin and Ethereum have ended the week in the green, albeit, just slightly. The world's leading cryptocurrency is up 0.65% this week while its younger sibling is up 2.84%
Risk appetites have risen from last week's 44, "Fear," to 48, "Neutral." The Fear & Greed Index uses 5-6 measurements to assess the current sentiment of the market and then rates that level of emotion on a scale of 1-100 – 1 is extreme fear and 100 is extreme greed.
As always, BRN is here to calm your woes. "Given Bitcoin’s resilience in the face of high inflation and improving regulatory clarity, this accumulation phase may lead to a strong rally in the coming weeks," BRN analyst Valentin Fournier believes.
Bitcoin continues to experience sustained outflows, with another $156.8M leaving ETFs, bringing the weekly total to $650M in outflows.
— BRN (Blockhead Research Network) (@thebrn_co) February 14, 2025
Top Stories (In No Particular Order)
Robinhood’s Crypto Revenue Soars Over 700%
Robinhood has posted a solid Q4 with its cryptocurrency revenue skyrocketing more than 700% to $358 million.
In its earnings report, the trading platform revealed a 115% revenue increase to a record $1.01 billion, trumping Wall Street's projections of $940.8 million. Net income also jumped 10x to a record $916 million.
Blockhead
Coinbase Posts 130% Revenue Surge, Cites Trump for "Unprecedented" Opportunities
Coinbase has reported an impressive Q4, with revenue surging 130% to $2.27 billion and an even more bullish outlook.
In its Shareholder Letter, Coinbase reported net income of $1.3 billion, compared to $273 million in the same quarter last year.
Blockhead
Goldman Sachs Increases Bitcoin ETF Holdings by 120%
Goldman Sachs has significantly increased its holdings in Bitcoin exchange-traded funds (ETFs).
In its latest 13F filing with the US Securities and Exchange Commission (SEC), the investment powerhouse revealed it now holds $1.57 billion in Bitcoin ETFs. The figure represents a 121.1% increase from the $710 million reported in the previous quarter and underscores its strong institutional push towards Bitcoin.
Blockhead
Tesla Reports $600M in Bitcoin Profits Under New Accounting Rules
Tesla has reported a $600 million profit from its 11,509 Bitcoin in Q4, according to a new Securities and Exchange Commission (SEC) filing.
The disclosure is Tesla's first under the new Financial Accounting Standards Board (FASB) rules, implemented in December 2024, that allows firms to list digital assets at fair market value instead of their historical price.
Blockhead
GameStop Considers Bitcoin Investment, Stock Surges 20%
GameStop is reportedly considering investing in Bitcoin and other cryptocurrencies, inspiring excitement in the market.
According to CNBC, three sources revealed that the video game seller is exploring alternative asset classes, focusing on crypto and Bitcoin.
Blockhead
Trump Frees Russian Crypto Exchange Owner in Prisoner Swap for US Teacher
Imprisoned Russian cryptocurrency exchange owner Alexander Vinnik has been freed as part of President Donald Trump's prisoner exchange for American schoolteacher Marc Fogel.
On Tuesday, Trump stated, "To me he looks damned good," as he welcomed Fogel, who landed at Joint Base Andrews.
Blockhead
SEC Officially Acknowledges Grayscale XRP, Dogecoin ETF Applications, Begins Review
The US Securities and Exchange Commission (SEC) has officially accepted NYSE Arca's application to list and trade shares of the Grayscale XRP Trust and Grayscale Dogecoin Trust.
The acknowledgement of the applications signals the start of the regulator's review process, which although does not guarantee approval, signals a contrast to its previous reluctant stance that led to withdrawals of such applications.
Blockhead
Explosion Uncovers Illegal Bitcoin Mining Operation in Malaysia
A fire caused by an explosion in an empty house in Bandar Puncak Alam, Malaysia led authorities to the discovery of an illegal Bitcoin mining operation, highlighting ongoing concerns over electricity theft linked to cryptocurrency mining in Malaysia.
According to the Malay Mail, the explosion occurred on Tuesday morning at a residence along Lorong Cekara Purnama, prompting a local woman to contact the police. Fourteen volunteer firefighters were dispatched to the scene, where they forced entry into the unoccupied house to extinguish the fire.
Blockhead
Crypto Firms Eye Washington Lobbyists
During the 2024 election, the cryptocurrency industry staked a massive wager on political lobbying.
The bet paid off handsomely: Three super PACs funded by crypto entrepreneurs and venture capitalists spent $133 million to elect politicians who supported the cryptocurrency industry.
Blockhead
SEC Crypto Task Force Boss Says Memecoins Unlikely to Fall Under Regulator's Purview
Hester Peirce, the head of the US Securities and Exchange Commission’s (SEC) Crypto Task Force, has said that memecoins are unlikely to fall under the regulator's jurisdiction.
In a Bloomberg interview, SEC Commissioner Peirce was whether memecoins like President Donald Trump's $TRUMP and his wife's $MELANIA will be within the watchdog's oversight.
Blockhead
Trump to Nominate a16z’s Brian Quintenz as CFTC Chair
US President Donald Trump is set to nominate Brian Quintenz, the current head of policy at a16z crypto, to chair the Commodity Futures Trading Commission (CFTC), according to Fox Business.
Quintenz, a veteran policymaker and former CFTC commissioner, has a track record of advocating for a pro-innovation regulatory framework.
Blockhead
$1.1B Bet on Polymarket Super Bowl Results Despite CFTC Probe
Polymarket bettors placed $1.1 billion in volume on the Super Bowl result, which saw the Philadelphia Eagles defeat the Kansas City Chiefs 40-22.
According to Coindesk, one trader, known as "abeautifulmind," profited over $550,000 from bets on the Eagles while bettor "hubertdakid" lost $718,633 by betting against the Eagles.
Blockhead
Events
Consensus (Hong Kong, 18-20 February)
Consensus is heading to Hong Kong, bringing together the industry’s most important voices from East and West for pivotal conversations and deal-making opportunities.
Consensus Hong Kong convenes global leaders in tech and finance to debate pressing issues, announce key developments and deals, and share their visions for the future.
Use promo code BLOCKDESK20 at checkout for a 20% discount on tickets here.
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