Morning News | Arkham plans to close Arkham Exchange; Goldman Sachs discloses holding $301 million in MSTR; Robinhood releases 2025 financial report
Overview of Important Market Events on February 11整理：ChainCatcher
Important News:
- Goldman Sachs holds 2.33 million shares of MSTR, worth $301 million
- Arkham plans to shut down the crypto trading platform Arkham Exchange
- Tom Lee retweets: If Mr. Beast launches an IPO and achieves 100x growth, it will triple the price of BMNR from its current base
- Uniswap founder: Won the patent infringement lawsuit against Bancor
- LayerZero to launch a new blockchain for traditional finance, with participation from Citadel, ICE, and Cathie Wood
- Robinhood releases 2025 financial report, total revenue up 52% year-on-year to $4.5 billion
- Binance partners with Franklin Templeton to launch an institutional OTC collateral program
What important events happened in the past 24 hours?
Crypto.com CEO: Received offers over $500 million for AI.com domain after purchasing it for $70 million
According to ChainCatcher, Crypto.com CEO Kris stated that after acquiring the AI.com domain for $70 million, he received offers exceeding $500 million for the domain.
Binance partners with Franklin Templeton to launch an institutional OTC collateral program
According to ChainCatcher, Binance and Franklin Templeton announced the launch of their first collaborative product—the institutional OTC collateral program. This program allows eligible institutional clients to use tokenized money market fund (MMF) shares issued through Franklin Templeton's Benji technology platform as collateral for trading on Binance.
This initiative aims to enable institutional traders to participate in the digital market using traditional, regulated, and yield-generating money market fund assets without needing to deposit assets into the exchange, thereby reducing counterparty risk and earning returns.
CZ: Left OKCoin early due to cultural and value misalignment, worked there for only 8 months
According to ChainCatcher, CZ shared his early career experiences with Chamath Palihapitiya on the All-In podcast, discussing his work at Blockchain.info (now Blockchain.com) and OKCoin, as well as his early understanding of the Bitcoin industry and value choices.
Joining Blockchain.info: CZ mentioned that the team had only three members at the time, and he served as the VP of Technology. The team later expanded to 18 members, but a restructuring led by the CFO changed the corporate culture, prompting several developers, including CZ, to leave voluntarily. He emphasized that he learned about remote work, paying salaries in Bitcoin, and how to achieve rapid user growth to around 2 million through "guerrilla" marketing (like a 150-page post on BitcoinTalk.org).
Joining OKCoin: After leaving Blockchain.info, He Yi contacted CZ to join OKCoin, initially offering a 5% equity stake, but BTC China offered 10%, prompting OKCoin to match the offer within three hours. CZ ultimately chose to join OKCoin in Beijing as CTO, taking on greater business responsibilities.
Reason for leaving OKCoin: CZ revealed that the main reason was cultural and value misalignment, stating, "It was mainly a mismatch in culture and values; there were practices I couldn't agree with. For example, when they held events or promoted fee discounts, the ads made it seem like everyone could enjoy them, but in reality, you had to apply actively to receive them; they didn't take effect automatically. Such details made me uncomfortable." CZ decided to leave in early 2015.
According to ChainCatcher, the CEO of the Hong Kong Securities and Futures Commission (SFC), Ashley Alder, stated at the Consensus Hong Kong conference that the regulatory body will release a "high-level framework" allowing licensed trading platforms to offer perpetual contract products. Alder pointed out that these products will initially be open only to institutional investors and not to retail clients.
The relevant framework will focus on risk management, requiring platforms to have robust risk control capabilities and ensuring that trading mechanisms are fair to clients. Additionally, the SFC will allow brokers to provide financing services to clients with good credit, with collateral including securities and virtual assets. Given the high volatility of virtual assets, only Bitcoin (BTC) and Ethereum (ETH) will qualify as collateral in the initial phase.
For market-making operations, platforms wishing to offer related services must establish independent market-making departments and implement strict conflict-of-interest management mechanisms. Alder stated that these measures continue the SFC's roadmap to promote the local crypto market by 2025, aiming to enable compliant institutions to offer a wider range of products and services.
John Lee: Hong Kong is committed to building a global digital asset and Web3 innovation center
According to ChainCatcher, Hong Kong Chief Executive John Lee stated at the Consensus Hong Kong conference that the Hong Kong government is committed to making Hong Kong a global center for digital asset innovation.
Lee emphasized that Hong Kong, with its unique advantages of "one country, two systems," combined with deep financial market liquidity, innovative products, and a world-class investor protection system, is actively constructing a regulatory framework to promote the sustainable development of the Web3 ecosystem.
He revealed that the Hong Kong Monetary Authority is set to issue the first batch of stablecoin licenses next month, and the Securities and Futures Commission is also working to enhance liquidity in the virtual asset market. He also expressed a welcome to global enterprises and institutions to collaborate with Hong Kong in building a brighter digital future.
Robinhood releases 2025 financial report, total revenue up 52% year-on-year to $4.5 billion
According to ChainCatcher, Robinhood Markets, Inc. (NASDAQ: HOOD) announced its fourth-quarter and full-year financial results for the year ending December 31, 2025. The report shows that total revenue for 2025 reached $4.5 billion, a year-on-year increase of 52%; net profit for the year was $1.9 billion, up 33% year-on-year; diluted earnings per share were $2.05. Fourth-quarter revenue was $1.28 billion, a 27% increase compared to the same period last year.
Data shows that the company's net deposits for the year were $68 billion, and the number of Robinhood Gold subscription users reached 4.2 million, a year-on-year increase of 58%. The assets under management in retirement accounts grew by 102% year-on-year to $26.5 billion.
Robinhood plans to continue product development and expand its international market presence in 2026, expecting adjusted operating expenses to rise to $2.6-2.725 billion, an approximate 18% year-on-year increase. The report also mentioned that the company has launched stock and share ISA products in the UK market and plans to expand its Asian business through the acquisition of an Indonesian brokerage and crypto company.
According to ChainCatcher, cross-chain protocol LayerZero, supported by Andreessen Horowitz (a16z) and Sequoia Capital, announced the launch of a new blockchain called "Zero," designed specifically for traditional finance, and has received support from several mainstream Wall Street institutions.
The newly launched Zero blockchain aims to achieve a performance of processing 2 million transactions per second and a cost per transaction of less than one cent through breakthroughs in zero-knowledge proof technology, addressing the traditional financial system's demand for high throughput and low costs. The company plans to officially launch the network in September.
Citadel Securities, ARK Invest founder Cathie Wood, and the parent company of the New York Stock Exchange, Intercontinental Exchange (ICE), have participated in the project as investors, partners, or advisors. Stablecoin issuer Tether and ARK Invest have also confirmed their investment in LayerZero.
LayerZero co-founder Bryan Pellegrino stated that bringing in these institutions with deep market structure experience aims to drive Wall Street's large-scale adoption of blockchain technology.
Uniswap founder: Won the patent infringement lawsuit against Bancor
According to ChainCatcher, Uniswap founder Hayden Adams posted on X platform that lawyers informed him that Uniswap has won the lawsuit.
Previously, Bprotocol Foundation and LocalCoin Ltd. filed a lawsuit in the U.S. District Court for the Southern District of New York, accusing Uniswap Labs and Uniswap Foundation of infringing on their patent related to constant product automated market maker (CPAMM) infrastructure obtained in 2017.
Bancor claimed that Uniswap used its core smart contract technology without authorization and sought damages. A spokesperson for Uniswap Labs previously stated that the lawsuit was baseless and argued that its protocol code has been open for years.
According to ChainCatcher, Tanay Ved, a senior researcher at crypto analytics provider CoinMetrics, expects Coinbase's total revenue for the fourth quarter of 2025 to be $1.77 billion, down 5% from $1.87 billion in the third quarter, due to a decline in trading volume and asset prices offsetting growth in derivatives trading and USDC.
Trading revenue is expected to be $978 million (down 6% quarter-on-quarter), with contributions from Deribit driving institutional business growth.
Subscription and service revenue remained resilient at $723 million, with USDC supply growth offsetting the impact of Fed rate cuts and reduced staking rewards.
The firm predicts that Coinbase's total revenue for the 2025 fiscal year will be about $7.2 billion, reflecting Coinbase's ongoing revenue diversification and strategic expansion into the derivatives space.
It is reported that Coinbase will announce its fourth-quarter and full-year financial results for 2025 after the market closes on February 12 (Wednesday).
Arkham plans to shut down the crypto trading platform Arkham Exchange
According to ChainCatcher, Arkham Intelligence, an on-chain data analytics platform, plans to shut down its cryptocurrency trading platform Arkham Exchange. Insiders revealed that the trading platform failed to attract sufficient trading volume.
Arkham Intelligence first proposed establishing a cryptocurrency derivatives exchange in October 2024, aiming to compete with giants like Binance for the retail investor market. By early 2025, Arkham Exchange had provided spot cryptocurrency trading services in several U.S. states and launched a mobile trading application in December.
However, according to CoinGecko data, Arkham's trading volume in the past 24 hours was only about $620,000, far below Binance's nearly $9 billion and Coinbase's $2 billion daily trading volume.
Arkham Intelligence was founded in 2020 and currently has over 3 million registered users. Its investors include OpenAI CEO Sam Altman, Draper Associates, Binance Labs, and Bedrock.
Hyperliquid Strategies financial report: spent $129.5 million to acquire 5 million HYPE, still holds $125 million in cash reserves
According to ChainCatcher, Hyperliquid Strategies (PURR) announced its financial report, spending $129.5 million to acquire 5 million HYPE tokens at an average transaction price of $25.9, and currently still holds $125 million in cash reserves.
According to ChainCatcher, Tom Lee retweeted a user's post stating that Bitmine Marine (BMNR) holds 4% of Beast Industries. If Mr. Beast launches an IPO and achieves 100x growth, this $200 million investment would be sufficient to triple the price of BMNR from its current base.
Fundstrat specializes in early identification of companies with breakthrough potential like Palantir, Nvidia, and Tesla. This means that as ETH revenue increases, it will achieve 10 to 20 breakthrough projects in the coming years. Combined with the Ethereum supercycle, BMNR aims to become a $1 trillion market cap Ethereum infrastructure company.
As the future of finance is ETH, BMNR is an important infrastructure company for future finance, comparable in scale to Google, and is expected to achieve 200x growth within 10 years.
Goldman Sachs holds 2.33 million shares of MSTR, worth $301 million
According to ChainCatcher, Goldman Sachs, with an asset management scale of $3.5 trillion, disclosed that it has increased its holdings of 237,874 shares of MSTR.
Goldman Sachs currently holds a total of 2.33 million shares of MSTR, with a total value of $301 million.
The Federal Reserve may cut rates by 25 basis points to the 3.25%-3.5% range by the end of June
According to ChainCatcher, a report by Jin10 stated that a Reuters survey showed that out of 101 economists surveyed, 60 believe that the Federal Reserve will lower the federal funds rate by 25 basis points to the 3.25%-3.5% range by the end of June.
SBF account posts: New evidence shows the Biden administration's DOJ threatened witnesses to withdraw convictions
According to ChainCatcher, SBF (@SBF_FTX) posted on X that new evidence shows the Biden administration's DOJ threatened multiple witnesses, forcing them to remain silent or change their testimonies.
He requested the withdrawal of convictions and believes that the judge has bias against defendants including himself, former FTX executive Ryan Salame, and President Trump, and that the rulings made under unfavorable circumstances led to an inability to fairly adjudicate the case.
According to ChainCatcher, former Multicoin co-founder Kyle Samani predicts that in the next 18 months, the advancements in Solana's on-chain market microstructure will surpass any other period in cryptocurrency history, with notable developments including:
Alpenglow: A significant consensus mechanism upgrade coming to Solana, one of the largest protocol-level changes in Solana's history.
ACE (Application Controlled Execution): Application controlled execution is a key innovation in Solana's core roadmap.
MCL (Multi-Concurrent Block Production): Future upgrades in Solana will allow multiple leaders to propose blocks simultaneously, significantly increasing throughput and reducing latency, improving transaction inclusion times and censorship resistance.
PropAMMs (Proprietary Automated Market Makers): Deployed privately by professional market makers/institutions, using real-time price oracles to update quotes and actively manage liquidity, typically not accepting permissionless deposits.
Aggregators: Aggregators like Jupiter and Dflow aggregate liquidity from multiple DEXs, AMMs, PropAMMs, etc., to find the optimal execution path for users, providing the lowest slippage and best prices.
Conditional liquidity: Prevents market makers from being targeted, allowing them to offer tighter spreads, ultimately leading to better trading prices and deeper liquidity.
Overall improvements to SVM and schedulers: Including computational unit optimization, asynchronous program execution (APE), scheduling algorithm upgrades, etc., making programs run faster, use fewer resources, and support higher concurrency.
Goldman Sachs discloses its indirect holdings of $2.361 billion in cryptocurrencies through ETFs
According to ChainCatcher, crypto journalist Eleanor Terrett reported that Wall Street investment bank Goldman Sachs (@GoldmanSachs) has just disclosed its holdings of $1 billion in BTC, $1 billion in ETH, $153 million in XRP, and $108 million in SOL.
Its risk exposure (like most large institutions) is held through spot crypto ETFs and not through direct token holdings. Goldman Sachs sent representatives to a White House meeting on stablecoin yields today. Its CEO David Solomon is scheduled to speak at the WLFI forum in Palm Beach next week.
Meme Popularity Rankings
According to the meme token tracking and analysis platform GMGN, as of February 12, 09:00,
The top five popular tokens on ETH in the past 24 hours are: SHIB, LINK, PEPE, UNI, ONDO
The top five popular tokens on Solana in the past 24 hours are: PENGUIN, USELESS, WAR, WhiteWhale, TRISIG
The top five popular tokens on Base in the past 24 hours are: PEPE, SKYA, B3, NATO, TOSHI
What are some must-read articles from the past 24 hours?
On February 10, the "Build and Scale in 2026" themed forum co-hosted by ChainCatcher, RootData, and Alibaba Cloud was successfully held in Hong Kong.
At the event, representatives from dozens of well-known projects and institutions, including Sei Labs co-founder Jayendra Jog, Alibaba Cloud's head of digital native business for Hong Kong and Macau Leo Li, Spark co-founder Sam MacPherson, Chief Trade Research Department Deputy Director Eric Chong, Vana Foundation Managing Director Art Aba, Jarsy COO Yiying Hu, RootData co-founder Hunter, Billions APAC Market Head Lulu, KiteAI APAC Head Laughing, Psy Protocol founder and CEO Carter Feldman, and Huazhi Education RWA CEO Bitcoinmaodu, delivered keynote speeches and participated in roundtable discussions on the integration of market opportunities and growth paths in the new cycle.
CZ's Latest Interview: I'm Not a Legend, Just an Ordinary Person
Editor’s Note: This interview captures the complete journey of CZ (Changpeng Zhao), the most influential and controversial figure in the global cryptocurrency industry, from peak, imprisonment to rebirth.
It breaks the myth of a billionaire giant, showcasing an extremely real and minimalist ordinary person: he flipped patties at McDonald's, wrote low-level code at Bloomberg, and even after achieving financial freedom, still prefers to book economy class. The most shocking aspect, besides the rise of Binance, is his first detailed disclosure of the details of the game with the government DOJ, how he maintained absolute emotional stability in the face of weeks-long psychological warfare, media-induced extortion risks, and the complex racial gang rules in Seattle's prison.
Mechanism Capital Founder: Overly Worrying About Bubbles is Foolish
For those who have experienced at least one complete market cycle, you develop an instinct to be wary of price increases far exceeding historical growth rates. Witnessing the internet bubble, the 2008 global financial crisis, and the rise and fall of cryptocurrencies will trigger pattern recognition alarms in your brain. You hesitate to enter the market due to high prices while also wanting to sell your assets out of fear of high positions.
But it’s important to recognize that we are in one of the most profound and unique asymmetric moments in history. The only action now is to extend your time horizon and completely abandon short-termism.
Risk warning
