Michigan is the latest U.S. state to introduce legislation for a strategic Bitcoin reserve, joining 19 others in advancing crypto-related investment bills.
On Feb. 13, Representatives Bryan Posthumus and Ron Robinson introduced HB 4087, aiming to amend Michigan’s Management and Budget Act to establish a Bitcoin reserve.
With this move, Michigan becomes the 20th state considering legislation on government-held crypto reserves.
“Michigan can and should join Texas in leading on crypto policy by signing into law my bill creating the Michigan Crypto Strategic Reserve,” Posthumus stated on X.
His proposal follows a similar bill filed by Texas Senator Charles Schwertner on Feb. 12.
The Michigan bill would grant the state treasurer the authority to invest up to 10% of both the general fund and economic stabilization fund into cryptocurrency. However, it does not outline restrictions on which digital assets can be acquired.
A key provision in the bill allows for lending crypto, stating:
“If cryptocurrency can be loaned without increasing financial risk to this state, the state treasurer is permitted to loan the cryptocurrency to yield further return to this state.”
Crypto holdings must be managed through secure custody solutions or exchange-traded products offered by registered investment firms.
Michigan’s state pension fund already has exposure to Bitcoin and Ether through exchange-traded funds.
Posthumus also floated the idea of launching “MichCoin,” describing it as “a stablecoin, which I believe the state of Michigan should create” and one that “would have real value—tied to our gold and silver reserves.”
As of now, 20 states have progressed crypto reserve bills beyond the House committee stage. Texas is the most recent to introduce legislation, while North Dakota remains the only state to have rejected such a proposal.
The U.S. Securities and Exchange Commission (SEC) has formally acknowledged Grayscale’s filings to list spot XRP and Dogecoin exchange-traded funds (ETFs), marking a key step in the regulatory review process.
On Feb. 13, the SEC accepted Grayscale’s Form 19b-4 filings for the Grayscale XRP Trust and Grayscale Dogecoin Trust. This acknowledgment means the agency will soon begin its review, with a decision required within 240 days.
The official countdown will start once the filings are published in the SEC’s federal register, a process that typically occurs within a few days. If entered now, the final decision would be expected around mid-October.
In recent weeks, the SEC has also acknowledged applications for spot Litecoin and Solana ETFs, signaling a shift in its stance toward crypto-related investment products under the Trump administration.
Under former SEC Chair Gary Gensler, the commission rejected at least two Solana ETF applications, while Grayscale had to fight a lengthy court battle to push for the approval of its Bitcoin trust conversion into an ETF.
Bloomberg ETF analysts James Seyffart and Eric Balchunas recently estimated that the odds of approval for an XRP ETF stand at 65%, while Dogecoin has a 75% chance before the end of 2025.
“The pair have also given 90% odds of a Litecoin ETF being approved before the end of the year.”
XRP’s approval could be complicated by ongoing legal uncertainty. Seyffart has suggested that an ETF wouldn’t move forward until the SEC’s lawsuit against Ripple Labs is resolved.
Dogecoin, however, may have an easier path since it shares similarities with Bitcoin, which has already been approved for ETFs. The SEC has not suggested Dogecoin could be classified as a security, potentially making approval more straightforward.
MicroStrategy has declined to comment on allegations that the Nasdaq-listed company has been inflating its Bitcoin holdings in a bid to raise investor funds more aggressively and continue to accumulate more BTC in the long-run.
The allegation was made by a whistleblower, and, when presented with this accusation by Crypto Intelligence News, MicroStrategy declined to comment.
If MicroStrategy is indeed inflating or misrepresenting its bitcoin holdings, the implications could be severe, both for the company and the broader cryptocurrency market.
First and foremost, misleading investors about its BTC reserves would constitute securities fraud, exposing MicroStrategy to legal action from regulators like the U.S. Securities and Exchange Commission (SEC).
This could result in hefty fines, leadership changes, and even criminal liability for executives involved. Shareholders who suffered financial losses due to false information could also file lawsuits, further damaging the company’s financial stability.
Beyond legal risks, this matter undermine trust in corporate bitcoin holdings, as MicroStrategy has positioned itself as a pioneer in corporate BTC adoption, and any scandal could discourage other publicly traded companies from integrating bitcoin into their treasuries. This could stall institutional adoption and negatively impact BTC’s price.
Additionally, given Michael Saylor’s strong influence in the crypto space, any revelation of fraud could trigger panic selling, leading to heightened volatility in bitcoin markets. It could also invite stricter regulatory scrutiny over corporate crypto holdings, potentially leading to new reporting requirements and transparency standards for companies holding digital assets.
MSTR Shareholders Benefit, For Now
Earlier this week, Michael Saylor, executive chairman of Microstrategy Inc. (Nasdaq: MSTR), highlighted the company’s latest bitcoin gains in a Feb. 11 post on X. Now rebranded as Strategy, the company continues to expand its bitcoin holdings.
Saylor stated: “So far this year, Strategy treasury operations have resulted in a BTC Gain of ₿18,527, which equates to a BTC $ Gain of ~$1.8 billion for MSTR shareholders.”
Microstrategy’s bitcoin holdings now stand at 478,740 BTC, with a total net asset value (NAV) of $46.7 billion. The firm reported a 74.3% BTC yield for 2024, cementing its status as the largest corporate bitcoin holder. The latest figures demonstrate its commitment to bitcoin as a primary treasury asset.
In a Feb. 10 SEC filing, the company revealed its latest bitcoin purchase—7,633 BTC for $742.4 million at an average price of $97,255 per coin. This acquisition, which contributed to a 4.1% BTC yield YTD 2025, was funded through stock sales and a preferred stock offering, continuing Microstrategy’s strategy of leveraging capital markets for bitcoin accumulation.
Earlier this month, the company reported its fourth-quarter 2024 earnings, highlighting major milestones. CFO Andrew Kang noted:
“The fourth quarter of 2024 marked our largest ever increase in quarterly bitcoin holdings, culminating in the acquisition of 218,887 bitcoins acquired for $20.5 billion since the end of Q3.”
Microstrategy credited its capital-raising efforts, including equity offerings and convertible note issuances, for fueling these purchases.
Saylor remains bullish on bitcoin’s long-term potential, forecasting a base-case price of $13 million per coin by 2045, with a bear-case at $3 million and a bull-case at $49 million, depending on adoption and growth rates.
Velar, a decentralized Bitcoin exchange protocol, has introduced the Content Creator Yield Program, a groundbreaking initiative that rewards content creators similarly to yield farming. The program will distribute 50,000 $VELAR weekly (200,000 $VELAR monthly) among five contributors through a raffle system that converts engagement into rewards.
This initiative allows creators—ranging from bloggers and podcasters to video producers and tweet authors—to earn points for their contributions. These points translate into raffle entries, determining the weekly winners. By incentivizing high-quality, educational content, Velar aims to merge financial infrastructure with Bitcoin DeFi education.
“The Velar Creator Program is about recognizing the unsung heroes of the Bitcoin ecosystem – the creators who put in the work, with no support or incentives, simply because they believe in the mission. It’s time they get the rewards and respect they deserve,” said Peter Watson, Chief Marketing Officer at Velar.
Each week, 50,000 $VELAR will be distributed among content creators producing insightful Bitcoin DeFi content. Accepted formats include blogs, videos, tweets, and podcasts. Winners are selected based on a points-based raffle, and rewards are sent to their wallets within 48 hours.
Unlike traditional yield farming, which primarily benefits liquidity providers (LPs), Velar’s program offers a sustainable compensation model for Bitcoin DeFi educators. By valuing contributions that drive community growth, the initiative ensures that educational efforts are rewarded.
To maintain quality, Velar has implemented a verification process that prioritizes engagement over sheer volume. The program also resets weekly, providing equal opportunities for both new and smaller creators to participate and earn rewards. This approach fosters a fair, dynamic, and community-driven ecosystem within Bitcoin DeFi.
With a 60+ million-strong community, including over 19 million KYC’d users, Pi Network is set to revolutionize the crypto sector with the launch of its next phase, the Open Network. Today they announce that this much-anticipated launch will occur at 8:00am UTC on February 20, 2025.
Open Network will bring significant change–external connectivity – to the Layer-1 blockchain that has already been live in its Enclosed Network period since December 2021. The network, along with its fully-developed functionalities, ecosystem components, utility-based applications and the massive crypto-enabled social network will enter a new era where Pi can, for the first time, connect securely with external systems and expand opportunities for Pi Network Pioneers and businesses alike.
Dr. Nicolas Kokkalis, one of two Pi Network Founders, and Head of Technology, explains that the Open Network phase will allow for greater utility within the network: “Pi is the world’s first crypto that users can mine for free on mobile phones which has helped, and will continue to help, bring crypto to the hands of millions of people around the world through accessibility.”
“The Pi blockchain allows people to conduct business with identity-verified individuals and businesses. This feature is unheard of for a Layer-1 blockchain, and opens completely new horizons for blockchain-based utility. Third party apps and services built on Pi can interact directly with KYC-verified people, and people can interact with KYB-verified businesses and crypto services,” added Kokkalis, a Stanford University Ph.D. focusing on combining distributed systems and human-computer interaction to bring cryptocurrency to everyday people.
Dr. Chengdiao Fan, Pi’s other Founder and Head of Product, added that “Open Network is the culmination of our endeavours to build and launch a fully developed and inclusive worldwide peer-to-peer ecosystem and online experience, fueled by Pi, with the focus of it to becoming the most widely used cryptocurrency.”
Pi’s Open Network allows for external connectivity on the Pi Mainnet, which permits the Pi token to interface with other compliant networks and systems. The external connectivity also enables the community and the decentralized world to use new types of utilities, and bridge Pi with real-world businesses and their fiat-based operations.
In a connected world, users can continue to use Pi as a universally understood and accepted medium of exchange, simplifying payments and expanding opportunities across the Pi ecosystem.
Pi has already seen widespread adoption as a medium of exchange, well before Open Network. PiFest 2024—a one week event connecting local Pi-powered businesses with Pioneers—attracted over 27,000 active sellers and 28,000 test merchants across 160 countries. The event showcased Pi’s complete ecosystem for local commerce integration, connecting store discovery through Map of Pi, payments via Pi Wallet, transactions on Pi Mainnet blockchain, and social sharing on Fireside Forum – all seamlessly working across different existing Pi applications.
Over six years of development, including the three-year Enclosed Network period of Mainnet that began in December 2021, Pi Network bootstrapped, grew and prepared for the Open Network era. Specifically, the Enclosed Network allowed Pioneers to complete KYC and migrate their Pi balances to Mainnet, and developers to build apps and utilities for the Pi ecosystem. All the while, the network grew to have over 200,000 nodes run by decentralized community members all around the world, the Core Team built and improved various Pi features and utilities, and Pi developers launched more than 100 Mainnet or Mainnet-ready apps on Pi Network’s Web3 developer platform. Apps in the Pi ecosystem can be accessed and used through the Pi Browser, allowing Pioneers to transact for real goods and services in Pi. Some of these apps are also included in the Ecosystem Interface, which showcases Testnet and Mainnet Pi Apps built by the community.
With Open Network in place, Pioneers will continue to have the ability to mine withrate adjustments in line with the declining exponential issuance model and monthly limits as stated in the Whitepaper. They will also continue to have the ability to use the fully developed network utility, which enables them to engage with Pi Apps, and transact with actual Pi, boosting the ecosystem’s real-world utility.
“As Pi Network enters the Open Network phase, we invite Pioneers, developers, and businesses to explore the collaborative ecosystem which has benefited from their active participation and leadership in driving innovation and building a sustainable decentralized world together,” said Fan.
The altcoin market exhibited resilience following U.S. Federal Reserve Chair Jerome Powell’s recent comments suggesting a cautious approach to future interest rate cuts. Despite Powell’s indication that there’s “no need to hurry” on reducing rates, altcoins experienced minimal declines, leading some analysts to suggest that the market may have already anticipated this stance.
Crypto analyst Matthew Hyland observed, “Crypto received the worst possible news of 2025 today, yet Alts hardly sold off, and some are in the green.” He further speculated that the market might have “already sniffed this news out prior, hence the capitulation a week ago.” Hyland concluded that the absence of a significant sell-off could indicate that “the bottom is in.”
Over the past 24 hours, major altcoins showed modest movements: Ether (ETH) decreased by 3.78%, XRP declined by 1.24%, and Solana (SOL) dropped by 2.20%.
Powell’s remarks to the Senate Banking Committee emphasized that the U.S. economy is “remaining strong” and that there is no immediate need to adjust interest rates.
The crypto community remains divided on the implications of the Federal Reserve’s cautious stance. Some traders argue that waiting for quantitative easing (QE) might not be beneficial, suggesting that significant economic challenges would need to occur before QE is reintroduced. Conversely, others believe that a stable economy with some credit expansion could foster a moderately risk-on environment, potentially benefiting altcoins.
Recent analyses have highlighted concerns about the oversaturation of the altcoin market. With approximately 36.4 million tokens in circulation, some analysts question the viability of future altcoin seasons, suggesting that the sheer volume of tokens could hinder significant market rallies.
While the Federal Reserve’s current monetary policy approach has introduced uncertainty, the altcoin market’s limited reaction suggests that investors may have already factored in these developments. However, concerns about market oversaturation persist, potentially influencing future altcoin performance.
The U.S. Securities and Exchange Commission (SEC) is currently awaiting the Senate’s confirmation of a new chair before establishing a definitive regulatory agenda for digital assets. Commissioner Hester Peirce, who leads the SEC’s Crypto Task Force, emphasized that it is “a little premature” to set such an agenda without a Senate-confirmed chair to guide the process.
Following the departure of former SEC Chair Gary Gensler on January 20, Mark Uyeda assumed the role of acting chair. President Donald Trump has nominated former SEC Commissioner Paul Atkins for the chair position, with the Senate expected to vote on this nomination soon. Peirce noted, “Acting Chairman Uyeda is doing a great job, and the agenda is working—we haven’t stopped working. But we assume that sometime soon, if Chairman Atkins is confirmed as chairman, he’ll come in and want to set his agenda.”
On January 28, President Trump nominated Atkins for an SEC commissioner term ending in June 2031, as Crypto Intelligence reported. As of February 11, the Senate Banking Committee had not yet considered his nomination, which requires a majority vote to advance to the full Senate for confirmation.
Peirce also mentioned that the SEC is “trying to figure out” a path forward for rulemaking on digital assets. In January, an appellate court ruled that it would not mandate the commission to develop clear guidelines for crypto firms but agreed with Coinbase’s position that the SEC made an “arbitrary and capricious” decision in denying a rulemaking request.
Following the establishment of the SEC’s Crypto Task Force, the commission has requested delays in at least two of its previously filed enforcement actions, suggesting that the agency’s efforts in developing a regulatory framework could influence its stance. An Illinois judge granted a 30-day extension in a crypto case against Cumberland DRW, while a District of Columbia court had not responded to a similar request in the commission’s case against Binance at the time of publication.
Currently, the SEC comprises Commissioners Peirce and Uyeda, both Republicans, and Democratic Commissioner Caroline Crenshaw. It remains uncertain whether President Trump intends to nominate a fifth commissioner to complete the leadership team at the financial regulator, pending Atkins’ potential confirmation.
Bloomberg ETF analysts James Seyffart and Eric Balchunas estimate a 90% probability that the U.S. Securities and Exchange Commission (SEC) will approve a spot Litecoin (LTC) exchange-traded fund (ETF) by the end of 2025. They believe Litecoin’s approval process may be more straightforward compared to other cryptocurrencies due to its established regulatory filings and the SEC’s likely classification of it as a commodity.
In contrast, Seyffart and Balchunas assign lower approval probabilities for spot ETFs of other cryptocurrencies: 65% for XRP, 70% for Solana (SOL), and 75% for Dogecoin (DOGE). The analysts note that the SEC’s acknowledgment of Grayscale’s 19b-4 filing to list a spot Litecoin ETF indicates that Litecoin is next in line for approval, following Bitcoin and Ethereum.
The anticipated approval of a Litecoin ETF is part of a broader trend, following the strong demand for spot Bitcoin and Ether ETFs, which have seen significant net inflows since their launches in January and July 2024, respectively. While a Litecoin ETF may not attract the same level of demand, Seyffart suggests that even with modest inflows, such ETFs can be worthwhile for fund companies. He states, “They don’t have to hit it out of the park on a flows basis to be worthwhile from an issuer perspective.”
The final SEC decision deadlines for the proposed Litecoin, Solana, XRP, and Dogecoin ETFs are scheduled between October 2 and October 18, 2025. Seyffart indicates that a Litecoin ETF could potentially launch before these dates.
The analysts also highlight that prior to the 2024 U.S. presidential election, the approval odds for these crypto ETFs, except for Litecoin, were below 5%. The election outcome appears to have positively influenced the perceived likelihood of their approval.
However, regulatory uncertainties persist for other cryptocurrencies. For instance, the SEC’s ongoing lawsuit against Ripple raises questions about XRP’s status, which may need resolution before an XRP ETF can be approved. Similarly, Solana’s classification must be clarified before the SEC can evaluate it under a commodities ETF framework.
Analysts are optimistic about the approval of a spot Litecoin ETF in 2025, viewing it as a significant development in the evolving landscape of cryptocurrency investment products.
On February 10, a solo Bitcoin miner achieved a remarkable feat by successfully mining block 883,181, earning a reward of approximately 3.15 Bitcoin (BTC), valued at over $300,000. This block contained 3,071 transactions and was mined by an individual identified as “unknown.”
Bitcoin miner Marshall Long noted that the miner utilized an implementation of the CKPOOL but appeared not to be directly associated with it. He speculated that the miner might have employed a Bitaxe device, which can be used for solo mining or in mining pools where computational power is combined to enhance the likelihood of solving a block.
The current Bitcoin network hashrate stands at approximately 788.86 million terahashes per second (TH/s), reflecting a slight decrease from the previous day’s 795.29 million TH/s but marking a significant 53% increase compared to the same period last year. A higher hashrate necessitates greater computing power, leading to increased energy costs and longer verification times, which pose challenges for solo miners attempting to validate blocks independently.
Solo miners solving blocks is a rare occurrence due to the substantial hashrate requirements. Typically, large mining firms such as Bit Digital, Riot Blockchain, and Marathon Digital dominate block validation, given their extensive hash power.
As of now, over 19 million of the 21 million total Bitcoin supply have been awarded to miners through block rewards. This event coincides with a recovery in the cryptocurrency markets, following a temporary decline after U.S. President Donald Trump announced tariffs on aluminum and steel, escalating trade tensions. Bitcoin’s price has rebounded, currently trading above $98,000, though it remains below its all-time high of over $109,000 reached on January 20.
This instance underscores the unpredictable nature of Bitcoin mining, where even individual miners with limited resources can occasionally achieve significant rewards.
Michael Saylor, co-founder and executive chairman of MicroStrategy, has resurfaced on social media after a week-long break, sharing a Bitcoin price chart in his first post since his absence.
On Feb. 10, Saylor posted a Bitcoin chart on X (formerly Twitter) without any accompanying text, marking his return after an unusual period of inactivity. Prior to this, his last post was on Feb. 3, when he reaffirmed MicroStrategy’s long-term Bitcoin investment strategy, stating, “We are not sellers.”
Saylor’s social media presence is typically consistent, making his week-long absence stand out. His return to X has sparked speculation among Bitcoin supporters, with some interpreting his silence and subsequent post as a reflection of market developments.
MicroStrategy’s Growing Bitcoin Holdings
Saylor has been one of Bitcoin’s most vocal advocates, with MicroStrategy continually increasing its Bitcoin holdings. As of its most recent purchase, the company owns over 190,000 BTC, cementing its position as the largest publicly traded corporate holder of the asset.
Bitcoin’s price has seen significant fluctuations in recent weeks, briefly surpassing $48,000 before experiencing a pullback. Despite the volatility, institutional interest in Bitcoin remains strong, fueled in part by the approval of spot Bitcoin exchange-traded funds (ETFs) in the U.S.
While Saylor did not provide any direct commentary on Bitcoin’s price action in his latest post, his chart post aligns with ongoing discussions about Bitcoin’s trajectory. The cryptocurrency recently approached key resistance levels, with analysts closely monitoring whether it can sustain momentum in the face of macroeconomic uncertainty.
Community Reactions and Speculation
Saylor’s return to X was met with intrigue from the crypto community, with many questioning the significance of his week-long silence. Some users speculated that he may have been finalizing new Bitcoin acquisitions for MicroStrategy, while others suggested he was simply taking a break.
“Well, if Saylor is back, something big must be coming,” one user commented, hinting at the possibility of an impending announcement from MicroStrategy. Others interpreted his chart post as a bullish signal, viewing it as a subtle endorsement of Bitcoin’s long-term growth potential.
Saylor has long maintained that Bitcoin is the most reliable store of value, frequently criticizing traditional fiat currencies for their inflationary risks. His consistent messaging has made him one of the most influential figures in the cryptocurrency space.
MicroStrategy’s Bitcoin Strategy Remains Unchanged
Despite market fluctuations, Saylor and MicroStrategy have remained steadfast in their approach, continuing to accumulate Bitcoin as part of their corporate strategy. The company’s decision to hold rather than sell its BTC holdings underscores its confidence in Bitcoin’s long-term value proposition.
With Bitcoin’s price movement attracting increased attention from both institutional and retail investors, Saylor’s reappearance on social media has reignited discussions about the asset’s future trajectory. While his week-long absence remains unexplained, his return with a Bitcoin chart suggests that his focus on the cryptocurrency remains as strong as ever.