In this week’s edition of the weekly recap, Sam Bankman-Fried appeared to implement a documented media playbook from prison, former SafeMoon CEO Braden Karony received a 100-month sentence, and Strategy introduced perpetual preferred shares to fund Bitcoin purchases. Bankman-Fried executes documented media approach Court records and recent prison communications indicate the convicted FTX founder is implementing a media strategy outlined in a January 15, 2023 Google document created shortly after his arrest. The document detailed 12 tactics Bankman-Fried considered to generate favorable media coverage following his indictment, arrest, extradition, and arraignment. Recent communications show Bankman-Fried shifting politically rightward and praising Trump’s cryptocurrency policies. SafeMoon executive sentenced to prison Former CEO Braden Karony received a 100-month sentence Monday in Brooklyn federal court for stealing millions in customer funds and using them for personal enrichment. A federal jury convicted Karony in May of last year on charges including conspiracy to commit securities fraud, wire fraud, and money laundering. Strategy introduces variable dividend preferred stock The Bitcoin (BTC) treasury company is expanding its use of preferred stock to fund cryptocurrency purchases while reducing exposure to market volatility. CEO Phong Le told Bloomberg in a February 12 interview that the company is offering perpetual preferred shares branded “Stretch” to attract investors seeking digital asset exposure without extreme price fluctuations. The product pays a variable dividend adjusted monthly, providing an alternative financing mechanism for the company’s ongoing Bitcoin accumulation strategy. Grayscale files AAVE ETF application The investment firm reportedly submitted an S-1 application to the Securities and Exchange Commission for an AAVE spot exchange-traded fund according to regulatory filings. The filing follows increased attention to AAVE, a decentralized finance protocol, after a governance vote on decentralizing its operational structure received community support. Kalshi partners with sports insurance broker The prediction market platform announced collaboration with sports insurance broker Game Point Capital and made an entry into the sports insurance market according to CEO Tarek Mansour. The partnership targets the fast-growing sports insurance and reinsurance industry, currently valued at approximately $9 billion annually and projected to double by 2030. Binance launches prepaid card in CIS markets The exchange introduced its prepaid Mastercard crypto card in several Commonwealth of Independent States countries. The card offers instant crypto-to-fiat payments and cashback rewards according to marketing lead Anka Tsintsadze’s Friday confirmation. South Korean police lose custody Bitcoin Gangnam Police Station confirmed Friday that 22 Bitcoin worth approximately ₩2.1 billion (roughly $1.6 million) were lost from police custody. The Bitcoin was voluntarily surrendered by suspects during a 2021 investigation and held in custody since then. Robinhood debuts layer-2 testnet The trading platform launched a public testnet version of its proprietary layer-2 network developed using Arbitrum’s technology stack. Robinhood Chain is currently accessible to a closed group of partners and developers who can experiment with integration, access points, and documentation. Hoskinson clarifies Midnight privacy strategy Cardano founder Charles Hoskinson stated Thursday at Consensus Hong Kong that privacy-focused blockchain Midnight doesn’t plan to recruit Monero and ZCash users, calling them a “different demographic” already caring deeply about privacy. Midnight will instead target “billions of people that don’t know they need privacy” with default privacy protection rather than optional features. BitMine continues Ethereum accumulation The company added 40,613 Ethereum (ETH) valued at approximately $83.2 million to its industry-leading Ethereum holdings last week despite unrealized losses currently sitting near $7.5 billion. Total holdings reached 4,325,738 Ethereum worth over $8.8 billion, representing about 3.58% of circulating ETH supply. Chairman Tom Lee stated “BitMine has been steadily buying Ethereum, as we view this pullback as attractive, given the strengthening fundamentals.” Strategy maintains Bitcoin purchases despite losses Strategy announced Monday it acquired an additional 1,142 Bitcoin last week even as its nearly $50 billion holdings remain underwater following last week’s cryptocurrency market plunge. The firm purchased coins for approximately $90 million total, with a cost basis of $78,815 per Bitcoin.
