Underwriter Clear Street Delays IPO, Significantly Reduces IPO Fundraising Target

On February 13, per data from Chain.info, the Virtuals Protocol team transferred 13.05 million VIRTUAL tokens—valued at roughly $7.51 million—to Binance.

February 13th — A bill to create a strategic sovereignty Bitcoin reserve in Brazil, named RESbit, has been formally filed with the country’s Chamber of Deputies, according to the chamber’s official website. The legislation requires Brazil to accumulate at least 1 million bitcoins over five years through phased, planned acquisitions—marking a major expansion of earlier proposals that would have used 5% of foreign exchange reserves for Bitcoin purchases. Additional provisions in the draft include: banning the sale of judicially seized Bitcoin; allowing Bitcoin as payment for federal taxes; and offering incentives for Bitcoin mining and holding firms. If passed, the bill would push Brazil’s Bitcoin holdings past those of the U.S. and China. Currently, the proposal faces hurdles from existing central bank regulations, which do not recognize Bitcoin as a reserve asset.

On February 13th, per Bitget market data, Coinbase (COIN) stock jumped over 7% in pre-market trading, last trading at $151.08. Earlier, Coinbase released its Q4 2025 earnings report, posting a net loss of $667 million—which drove a 7.9% drop in its closing price yesterday. Following the earnings, CEO Brian Armstrong noted during a conference call that the current crypto slump stems from psychological factors, not fundamentals or macroeconomic issues. He stressed the company will continue buying BTC and repurchasing its stock. Additionally, Armstrong highlighted Coinbase’s successful diversification, with robust growth in subscription services and USDC-related revenue. These comments appear to have been well-received by the market.

February 13 — According to the Financial Times, Tether bought a net $28.2 billion in U.S. Treasury bonds in 2025, becoming the seventh-largest foreign holder. Its U.S. bond holdings, combined with Circle’s, now exceed those of countries like South Korea and Saudi Arabia. U.S. Treasury Secretary Scott Bessent argues stablecoins are a tool to boost the U.S. dollar and absorb U.S. debt, with the industry projected to grow from $300 billion today to $30 trillion. Now, the banking sector is clashing with the crypto industry over stablecoin regulation. JPMorgan Chase CEO Jamie Dimon and Coinbase CEO Brian Armstrong disagree on key terms. Banks worry letting third parties pay interest on stablecoins would siphon retail deposits to the tokens, raising financial risks. This fight has split Trump’s supporters, pitting Wall Street banks against crypto industry donors in a conflict of interest.

On February 13, LeGate—Polymarket’s Head of Global Growth—addressed community questions, clarifying that the Polymarket token airdrop has not been distributed as of the snapshot date. Earlier, Polymarket team members had noted the platform’s next steps would include launching 1-minute markets and its POLY token.

**Binance Announces Support for MANTRA (OM) Token Swap, Upgrade, and Rebrand** Per an official February 13 announcement, Binance will facilitate the token swap, incremental upgrade, and rebranding of MANTRA (OM) to MANTRA (MANTRA). Key user updates: - **Trading Pause & Delisting**: Binance will pause trading and delist all existing OM spot pairs (OM/USDT, OM/USDC, OM/TRY) on **March 2, 2026, at 11:00 UTC+8**. All open orders will be automatically canceled. - **New Trading Pairs Launch**: MANTRA/USDT, MANTRA/USDC, and MANTRA/TRY spot trading will go live on **March 4, 2026, at 16:00 UTC+8**. - **Old OM Deposit/Withdrawal Suspension**: Binance will suspend deposits and withdrawals for the old OM token on **March 2, 2026, at 11:30 UTC+8**. Note: Post-suspension deposits of the old OM token will not be credited to user accounts—please deposit in advance.