Crypto Morning Brief: Coinbase Reports $667 Million Net Loss in Q4; Binance’s SAFU Fund Buys $300 Million Worth of Bitcoin
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Crypto Morning Brief: Coinbase Reports $667 Million Net Loss in Q4; Binance’s SAFU Fund Buys $300 Million Worth of Bitcoin
Strategy plans to shift to preferred equity financing to purchase Bitcoin.
Navigating Web3 tides with focused insightsAuthor: TechFlow
Yesterday’s Market Highlights
U.S. initial jobless claims for the week ending February 7: 227,000, versus an expected 222,000 and a revised prior figure of 232,000 (previously reported as 231,000)
According to JIN10 Data, U.S. initial jobless claims for the week ending February 7 totaled 227,000—higher than the consensus estimate of 222,000—and the prior week’s figure was revised upward from 231,000 to 232,000.
CFTC Chair Selig appoints 35-member Innovation Advisory Committee; multiple crypto industry leaders named
Per The Block, U.S. Commodity Futures Trading Commission (CFTC) Chair Michael S. Selig announced the formation of the Innovation Advisory Committee (IAC), appointing 35 members to advise on regulatory approaches for breakthrough technologies such as artificial intelligence and blockchain. The committee features prominent representatives from the blockchain space—including Vivek Raman of Etherealize, Anatoly Yakovenko of Solana Labs, and Brad Garlinghouse of Ripple—as well as senior executives from major crypto exchanges including Coinbase, Crypto.com, and Gemini.
In addition, founders of prediction market platforms Polymarket and Kalshi, along with representatives from leading venture capital firms such as a16z crypto and Framework Ventures, are also included in the roster. Selig stated that the committee will help the CFTC craft rules aligned with market realities and pave the way for a “golden era” for U.S. financial markets.
U.S. media: Treasury Secretary agrees to Senate-led Powell probe in exchange for Fed chair nominee confirmation
According to JIN10 Data, citing U.S. financial news outlet Semafor and anonymous sources, Treasury Secretary Janet Yellen reportedly agreed during a closed-door meeting with Republican senators on Wednesday to support a proposal whereby the Senate Banking Committee—not the Department of Justice—would investigate Federal Reserve Chair Jerome Powell. One anonymous senator said the move is intended as a “test” to see whether North Carolina Republican Senator Thom Tillis might lift his hold on the confirmation of the Fed’s next chair nominee. “They want to dangle this in front of Thom and see if he bites,” the senator said. “Thom remained expressionless.” Another source described it as a potentially viable compromise: “The President wants an investigation,” said one Republican lawmaker, “and having the Banking Committee fulfill that investigative demand is one option.” However, the first-mentioned senator remained skeptical: “I’d be genuinely surprised if Thom accepts.”
Hong Kong Monetary Authority (HKMA) 2026 priorities: Supporting sustainable and responsible digital asset industry development
The HKMA released its 2025 review and 2026 work priorities, highlighting that in 2025 it advanced consumer protection in the digital asset space and launched industry consultations on a proposed framework for handling customer loss claims arising from authorized payment fraud. Its prudential regulatory framework for crypto assets officially took effect on January 1, 2026. For 2026, the HKMA’s priorities include supporting sustainable and responsible development of the digital asset industry and advancing the “Fintech 2030” initiative—covering areas such as data and payments (comprehensive risk-data strategy), artificial intelligence (enhanced generative AI sandbox, finance-specific AI models), and tokenization (regulatory sandbox for distributed ledger technology).
Trump-family-linked crypto project WLFI to launch foreign exchange platform World Swap
According to CoinDesk, Zak Folkman, co-founder of Trump-family-associated crypto project World Liberty Financial (WLFI), announced at the Consensus conference in Hong Kong that the project will soon launch a foreign exchange platform named “World Swap.” Designed to simplify cross-border transfers, the platform aims to challenge traditional remittance providers’ high fees—typically ranging from 2% to 10%.
Lighter and Circle strike agreement to share yield generated from ~$920 million USDC deposits on Lighter’s platform
Per Velo, perpetual futures protocol Lighter has partnered with USDC issuer Circle to jointly share yield generated from approximately $920 million in USDC deposits on Lighter’s platform.
Aave launches “Temp Check” proposal to direct 100% of Aave-branded product revenue to the DAO treasury
Aave Labs recently published a “Temp Check” proposal seeking preliminary community feedback on a new strategic framework. The framework designates Aave V4 as the technical foundation for the protocol’s future development and proposes directing 100% of revenue from all Aave-branded products—including aave.com and the Aave App—directly into the DAO treasury. In return, Aave Labs requests $25 million in stablecoins and 75,000 AAVE tokens in funding from the DAO. The proposal also includes plans to establish a foundation to protect the Aave brand trademark.
Binance SAFU Fund address purchases 4,545 BTC, valued at $304.58 million
According to Arkham Intelligence, the Binance SAFU Fund address purchased 4,545 BTC, valued at $304.58 million.
Coinbase reports $667 million net loss in Q4, revenue down 20%
Per Bloomberg, cryptocurrency exchange Coinbase Global Inc. reported in its latest earnings that Q4 revenue declined 20% year-on-year to $1.8 billion—below market expectations—due to cooling crypto market conditions. The company recorded unrealized losses stemming from declines in the value of its crypto holdings and investments, resulting in a net loss of $667 million, compared to a $1.3 billion net profit in the same period last year.
Strategy to shift toward preferred equity financing to fund Bitcoin purchases
Per Bloomberg, Strategy CEO Phong Le stated during a Bloomberg Live interview: “We will begin shifting from common equity financing to preferred equity financing to support our Bitcoin acquisition program.”
Bitcoin miner Cango closes $10.5M equity raise and secures additional $65M investment commitment
Per PRNewswire, New York Stock Exchange-listed Bitcoin mining company Cango Inc. (NYSE: CANG) announced the completion of its previously disclosed $10.5 million equity investment from Enduring Wealth Capital Limited (EWCL). Separately, Cango entered into agreements with entities wholly owned by Chairman Xin Jin and Director Chang-Wei Chiu, who collectively committed to invest $65 million in the company.
Cango stated it intends to use these funds to support its expansion into AI and computing infrastructure and further strengthen its balance sheet.
Market Data
Recommended Reading
February 12 Market Recap: Nonfarm Payrolls Beat Expectations—Twice Over—Yet No One’s Celebrating
This article analyzes the counterintuitive market reaction to the U.S. nonfarm payroll report, which far exceeded expectations. Tech stocks suffered amid delayed rate-cut expectations, while hardware infrastructure companies performed strongly. Software services faced pressure amid intensifying AI-driven competition. Gold and silver began stabilizing after recent volatility, Bitcoin retreated, and overall market sentiment turned sour. Upcoming CPI inflation data will significantly influence near-term price action.
a16z Partner’s Candid Take: Boutique VC Is Dead—Scaling Up Is the Endgame
This article explores the venture capital (VC) industry’s structural shift from traditional boutique models to large-scale platforms. As software and AI become central economic drivers, startup needs for capital and services have evolved. Large-scale VC firms are better positioned to deliver comprehensive support to founders and win in today’s fiercely competitive landscape.
The Economist: Below $70,000—This Crypto Winter Feels More Desperate Than Ever
This article describes the cryptocurrency market’s ongoing, unprecedented “winter”: Bitcoin has plunged sharply from its highs, and market sentiment is deeply pessimistic. Leveraged liquidations, ETF redemptions, and crypto’s fading countercultural appeal are cited as primary causes. The sector’s luster is fading, investor confidence is waning, and institutional investors are broadly avoiding digital assets. Meanwhile, broader macroeconomic conditions—and central banks’ surging gold purchases—further compound crypto’s challenges.
Spring Festival Asset Security Guide: How to Protect Your Tokens While Visiting Family and Friends
This article addresses on-chain asset security risks during China’s Spring Festival, analyzing potential threat scenarios and offering concrete protective measures to help users safeguard their digital assets over the holiday.
OpenAI Researcher’s Departure & Critique: ChatGPT Sells Ads—Who’s Protecting Your Privacy?
This article examines the ethical concerns and potential pitfalls of OpenAI’s ad-testing efforts in ChatGPT, as well as the author’s critique of the company’s strategic pivot. It also outlines three alternative financing models for the AI industry—including cross-company subsidies, independent oversight bodies, and data trusts—to mitigate the user manipulation risks inherent in advertising-based business models.
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