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SOTM February 13 – February 19, 2025

Welcome to our 209th issue of State of the Market, where we provide an overview of crypto market activity from February 13 – February 19, 2025.

This week in crypto markets:

  • Argentina’s Milei-backed LIBRA memecoin rattled both the Argentine stock market and crypto sentiment.
  • Abu Dhabi’s Mubadala Investment Company disclosed a $436.9M stake in BlackRock’s Bitcoin ETF in its latest 13F filing.
  • Strategy (formerly MicroStrategy) announced a $2B convertible note offering to fund more Bitcoin buys.
  • FTX began bankruptcy payouts, distributing $1.2B to creditors via BitGo and Kraken.
  • SEC acknowledged 21Shares’ ETH ETF staking proposal.
  • Ethereum’s Pectra upgrade launches on testnets Feb 24, with mainnet activation expected in early April.
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