Coinbase Stock Surges Over 7% in Pre-market Trading, Q4 Huge Loss Worries Likely Fully Priced In

**February 12 Attempted Robbery Targets Binance’s France CEO; Suspects Arrested** French outlet RTL reported Binance’s France chief was the target of an attempted robbery on February 12. Three masked, armed individuals broke into an apartment building in France’s Val-de-Marne department around 7 a.m. that day, searching for the executive’s residence. The suspects first forced their way into another resident’s home to get info on the target apartment, then ransacked the crypto exec’s place. Finding the homeowner absent, they stole two cell phones before fleeing. At 9:15 a.m. the same day, the trio attacked another Villecresnes resident—mistakenly believing the person was a different crypto entrepreneur. Police used surveillance footage and cell signal tracking to arrest the three suspects at Lyon Part-Dieu train station. They are currently in custody pending investigation.

On February 13, Erika, an X user, disclosed that Gu Ai Ling will join Benchmark as a Senior Investment Manager reporting to Bill Gurley following the Winter Olympics. Bill Gurley has personally confirmed the news. Benchmark is a prominent Wall Street venture capital firm whose portfolio includes unicorns like Uber, Zillow and Nextdoor.

On February 13, an article in CCX News noted that the *Notice on Further Preventing and Handling Risks Related to Virtual Currencies and Similar Matters* classifies Real World Assets (RWA) securitization as a new type of securities activity. This suggests licensed securities intermediaries in mainland China and Hong Kong are poised to benefit. Analysts outline three viable cross-border RWA business models: - **Debt-based RWA securitization**: Clear term structure, with principal and interest repaid at maturity. - **Equity-based RWA securitization**: Typically involves dividend distributions, no explicit maturity date. - **Other RWA securitization**: e.g., gold-backed RWA securitization.

On February 13, CoinDesk Senior Analyst James Van Straten commented on the BIP-360 proposal, noting that the entire industry only started taking the threat seriously after Bitcoin hit $60,000—progress he called gratifying. Van Straten said that if consensus is reached, the market could see a sharp 50% to 100% price reassessment within weeks. He also raised concerns about the fate of Bitcoin held by Satoshi Nakamoto and other long-dormant holdings. In earlier developments, Bitcoin Improvement Proposal 360 (BIP-360) has been added to the official codebase. The proposal introduces the Pay-to-Merkle-Root (P2MR) output type, designed to boost Bitcoin’s quantum computing defense via a soft fork.

On February 13, per Onchain Lens monitoring, BlackRock’s ETF address transferred 3,402 BTC (valued at $227.5 million) and 1,508 ETH (valued at $29.52 million) to Coinbase, with potential for additional deposits.

On February 12th, the Bhutanese government transferred 100 Bitcoin (BTC) to QCP Capital—valued at roughly $6.77 million—per Arkham data released February 13th. Over the past three weeks, Bhutan has sold Bitcoin on a weekly basis. The country offloaded at least $100 million worth of BTC in September 2024 and continues to gradually reduce its holdings. Currently, Bhutan holds $372 million worth of Bitcoin across confirmed wallets. Additionally, Bhutan’s planned Bitcoin mining operations—originally set to partner with Bitdeer Technologies for up to 600 megawatts (MW) of capacity—have seen slowed output since the April 2024 Bitcoin halving, per on-chain data.