Michael Saylor speaks on stage during Bitcoin Conference 2023 (Jason Koerner/Getty Images)

MOAR

Saylor’s Strategy prepares to buy another $2 billion worth of bitcoin

The biggest corporate holder of bitcoin is selling $2 billion of convertible notes to fund more BTC purchases.

2/19/25 11:11AM

Michael Saylor’s Strategy, the largest corporate bitcoin hodler, announced a $2 billion senior convertible note offering to fund more purchases of bitcoin — a lot of it — and working capital.

The February 18 move is part of the newly rebranded firm’s “21/21” plan, which aims to “raise $21 billion of equity and $21 billion of fixed income instruments, including debt, convertible notes and preferred stock, over the next three years,” according to a January announcement.

To put the size of the issuance into perspective, in 2024, the company spent a total of $22.1 billion to buy 258,320 bitcoin — almost half of its holdings.

“This is expected from Saylor,” said Sid Powell, CEO and cofounder of Maple, an institutional capital marketplace built on the blockchain. “They’re out of the blackout period, having released earnings. BTC is at or below where they were purchasing at the end of 2024. Their playbook is to grow the amount of BTC per share, and by doing this convertible issuance for another $2 billion, they’re able to accomplish that."

Strategy Announces Proposed Private Offering of $2.0B of Convertible Senior Notes. $MSTR https://t.co/EBOMdLlgdq
— Michael Saylor⚡️ (@saylor) February 18, 2025

On February 5, the company released its fourth-quarter earnings, reporting its largest-ever increase in quarterly bitcoin holdings. Mentioning the 21/21 plan in its earnings call, the company said it was ahead of schedule and had already raised “80% of our $21 billion equity target and 17% of our fixed income target.”

Strategy resumed its bitcoin accumulation following a short breather last week. It added 7,633 bitcoin to its stash, bringing its total to 478,740. As the company wrote in an X post, this represents “~76% of all bitcoin held by public companies.”

In comparison, Mara Holdings, the second-largest corporate bitcoin holder, has 45,659 bitcoin as of February 14.

Yaël Bizouati-Kennedy is a financial journalist who’s written for Dow Jones, The Financial Times Group, and Business Insider.

Yaël Bizouati-Kennedy

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US-CRYPTOCURRENCY-CLIMATE-EMPLOYMENT-CHINA

$82B

Sage D. Young23h

Crypto money laundering activity totaled more than $82 billion in 2025, more than 8x higher than 2020’s figure of $10 billion, according to a Tuesday report published by crypto analytics firm Chainalysis. Chinese-language networks dominated the ecosystem, accounting for roughly 20% of the illicit activity, or $16.1 billion, last year:

“Compared to other laundering endpoints, since 2020, inflows to identified CMLNs [Chinese-langugage money laundering networks] grew 7,325 times faster than those to centralized exchanges, 1,810 times faster than those to decentralized finance (DeFi), and 2,190 times faster than intra-illicit on-chain flows.”

Tom Keatinge, director at the Centre for Finance & Security at security think tank Royal United Services Institute, told Chainalysis that the rapid development of Chinese-language networks is an “an unforeseen consequence” of China’s imposition of capital controls.

“Wealthy individuals seeking to move money out of China and evade these controls provide the impetus and liquidity pool needed to service organized crime groups based in the West,” he noted.

Keatinge told Chainalysis, “The professional enablers of this capital flight provide the services necessary to match these two independent yet mutually beneficial needs.”

Chinese-language networks offer six primary money movement techniques to clean dirty money, which include recruiting individuals to rent out their financial identities, selling illicit cryptocurrency at a discounted rate, and obscuring fund origins through multiple transactions.

Overall, this Chinese ecosystem processed nearly $44 million per day last year.

Sage D. Young1/26/26

Avalanche joins class of cryptocurrencies with at least one ETF

Investment management company VanEck on Monday introduced the first exchange-traded fund offering spot exposure to AVAX, the native token for the Avalanche blockchain and the latest cryptocurrency with an ETF.

The new investment vehicle also aims to provide staking rewards for holders, according to the press release. AVAX, which has seen over $354 million in trading volume in the last 24 hours, is up slightly today. The token is trading at $11.70 as of 1:20 p.m. ET, a far cry from its all-time high of $144.96 in 2021.

The nascent VanEck fund joins a group of its crypto-specific ETFs, including the firm’s bitcoin ETF, with $1.4 billion in total assets; its ethereum ETF, which holds $147.5 million; and its solana ETF, with assets totaling $27.9 million.

Yaël Bizouati-Kennedy

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Fears grow that bitcoin is entering a bear market

“While a new all-time high this year still isn’t out of the question, the next 30 days will be crucial in determining whether a bear market is already here.”

Sage D. Young1/23/26

Ethereum treasury firm ETHZilla acquires two aircraft engines (!?!?) in tokenization push

ETHZilla, known for its ethereum treasury, formed a new subsidiary and purchased aerospace equipment in a bid to boost the company’s tokenization efforts.

The treasury firm, through its nascent subsidiary ETHZilla Aerospace LLC, “acquired two CFM56-7B24 aircraft engines, together with all parts, engine records and engine stands” for $12.2 million from Avean Engine Solutions, according to an 8K filing on Friday with the US Securities and Exchange Commission.

The two aircraft engines are subject to lease agreements with a major airline, which were assigned to ETHZilla as part of the acquisition, the filing stated.

The firm’s top priority in 2026 is growing its real-world asset tokenization business and is keen on rolling out RWA tokens in the first quarter, an ETHZilla representative told Sherwood News at the beginning of the year.

ETHZilla’s acquisition of two aircraft engines is part of this tokenization road map, which aims to bring real-world assets from high-value vertical markets, such as aerospace, maritime, and heavy equipment, on-chain.

“In the heavy equipment market, we will initially focus on aerospace assets such as aircraft engines and airframes to tokenize,” ETHZilla Chairman and CEO McAndrew Rudisill said in his shareholder letter from December. “This represents a large, growing market with quality high-yielding assets, and we believe it is a very attractive space for tokenization.”

Saylor’s Strategy prepares to buy another $2 billion worth of bitcoin

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