Saylor's 100th

Bitcoin dropped below $65,000 on Sunday, with its market cap falling to $1.3 trillion from $2.5 trillion in October. Bitcoin ETFs saw $993 million in outflows in February alone, part of a five-week exodus totaling $3.8 billion—the longest since February 2025. Miner Bitdeer sold all its bitcoin holdings over the weekend to fund an AI pivot, signaling potential pressure on corporate treasuries. Strategy, meanwhile, announced its 100th bitcoin purchase, raising its holdings to 717,722 bitcoin.

The SEC just made a sneaky good move for stablecoin settlements. Staff guidance under a broker-dealer net capital rule says it wouldn’t object if broker-dealers apply just a 2% haircut to positions in stablecoins, effectively treating them the same as money-market funds for capital purposes. Previously, stablecoins were getting hit with a 100% haircut by some firms. Meaning: hold $1 million in stablecoins, lose $1 million in usable capital – a total non-starter. Put simply, broker-dealers can now settle trades in stablecoins without torching their balance sheets, making stablecoin settlements far more workable for regulated players. Read more →

Missouri's House Commerce Committee advanced House Bill 2080 on Feb. 19, which would let the state treasurer invest and hold Bitcoin using state funds for up to 5 years. The bill also proposes allowing government entities to accept crypto for tax and fee payments. A prior similar bill failed last year, but state-level momentum continues while federal strategic reserve discussions have stalled. Read more →

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