The UAE Has Mined $453.6m Worth of Bitcoin via Citadel
The United Arab Emirates has mined approximately $453.6 million worth of Bitcoin through a partnership with Citadel, according to on-chain data cited by BlockBeats and sourced from Arkham Intelligence. Most of the mined BTC remains in custody, with no significant outflows recorded in the past four months. Blockchain records indicate that the last notable movement of funds occurred roughly four months ago. Since then, the wallets associated with the operation have remained largely unchanged—pointing to a holding strategy rather than active distribution or liquidation. At current market prices, the mined Bitcoin represents an estimated $344 million in profit, excluding energy costs. The figure reflects appreciation since the coins were mined and underscores the strength of the operation’s timing and scale. Mining as a Strategic Position The UAE’s collaboration with Citadel appears to be part of a broader effort to build long-term exposure to Bitcoin. Rather than flipping mined assets into the market, the data suggests a treasury-style approach—accumulating and holding. This strategy aligns with how some sovereign investors treat gold reserves: as a hedge and long-duration store of value. By retaining the majority of mined BTC, the UAE is signaling confidence in long-term price appreciation rather than short-term gains. Sovereign Bitcoin Exposure Tops $900 Million Mining is only one part of the UAE’s growing Bitcoin footprint. As of February 2026, sovereign-related exposure to Bitcoin-linked assets exceeds $900 million, combining mining holdings and exchange-traded fund (ETF) positions. In early 2025, Mubadala Investment Company disclosed approximately $437 million in exposure to BlackRock’s iShares Bitcoin Trust (IBIT). At the time, it was one of the largest publicly known state-backed allocations to a Bitcoin ETF. Later in 2025, the Abu Dhabi Investment Council expanded its IBIT position, raising its holdings to nearly 8 million shares. The stake was valued at roughly $518 million at disclosure. By February 2026, combined ETF exposure from UAE-linked entities surpassed 16 million IBIT shares, reflecting a steady build-up rather than a single high-profile allocation. Holding Through Volatility The UAE maintained its exposure during periods of market stress. In February 2026, the Crypto Fear & Greed Index fell to extreme fear levels near 9—a reading historically associated with sharp sell-offs and investor anxiety. Sovereign-linked holdings, however, remained intact. In addition to ETFs and mining through Citadel, Abu Dhabi-affiliated entities have pursued partnerships involving ADQ and Marathon Digital Holdings. This structure gives the UAE both operational exposure through mining infrastructure and financial exposure through regulated investment vehicles. The combination reduces reliance on a single channel of access. Mining operations provide direct asset accumulation, while ETF positions offer liquidity and regulatory clarity. A Calculated Expansion The UAE’s Bitcoin strategy began taking shape in late 2024 and accelerated through 2025. The current figures suggest a coordinated, multi-layered approach rather than isolated investments. With $453.6 million in mined Bitcoin, an estimated $344 million in unrealized gains excluding energy costs, and more than $900 million in total sovereign-related exposure, the UAE now ranks among the most significant state-level participants in Bitcoin markets. For global investors, the message is clear: sovereign adoption is no longer theoretical. The UAE is building its position methodically—mining, holding, and allocating through regulated instruments—while maintaining exposure even during periods of market fear. That posture may prove decisive if Bitcoin’s long-term thesis continues to strengthen in the years ahead.
TENEV: Robinhood Chain Logged 4M Transactions in Its First Week
Robinhood’s push into blockchain infrastructure has reached an early milestone. According to CEO Vlad Tenev, the company’s newly launched Robinhood Chain testnet processed more than four million transactions in its first week of public activity. In a post on X, Tenev wrote: The network, known as Robinhood Chain, is a bespoke Ethereum Layer-2 built using Arbitrum Orbit technology. It is designed to support tokenized real-world assets (RWAs), including stocks and exchange-traded funds represented as blockchain-based tokens. A Financial-Focused Layer 2 on Ethereum Robinhood Chain is powered by Arbitrum, an Ethereum scaling solution developed by Offchain Labs. By building on Arbitrum’s technology stack, Robinhood aims to offer lower transaction costs and higher throughput than Ethereum’s base layer while maintaining compatibility with the broader ecosystem. The testnet went live in early February following roughly six months of private testing. Developers can experiment with smart contracts, explore network endpoints, and interact with mock assets, including so-called “stock tokens” tied to names such as Tesla, Amazon, and Netflix. Test users are provided with testnet ETH to simulate gas payments. The company has positioned the chain as a high-performance environment for financial-grade use cases, including 24/7 settlement and tokenized securities. Robinhood has also integrated major infrastructure providers into the ecosystem. Alchemy supports development tooling, LayerZero enables cross-chain communication, and Chainlink supplies data feeds. These partnerships are significant in a sector where weak bridge design and unreliable oracle data have led to substantial losses in the past. By aligning with established providers, Robinhood appears focused on minimizing technical risk ahead of a mainnet launch expected later this year. Early Buzz — and Skepticism The four-million-transaction figure quickly sparked debate on social media. Some commentators described the number as “seriously impressive,” arguing that if similar activity carries over to mainnet under real-world demand, the network could become a meaningful on-ramp for retail users entering crypto markets. Others were more cautious. One X user warned: That sentiment reflects a common industry concern. Testnets often attract automated transactions, internal stress testing, or developer experiments that do not necessarily translate into sustained mainnet adoption. Without a detailed breakdown of transaction types or unique wallet activity, it remains unclear how much of the volume reflects organic external development versus internal load testing. Another line of criticism focused on ecosystem fragmentation. Some observers questioned the need for additional Layer-2 networks when Ethereum already has a mature developer base and multiple scaling solutions competing for liquidity and users. Still, Robinhood’s move differs from many standalone crypto startups. Unlike a typical blockchain project seeking to bootstrap adoption from scratch, Robinhood controls a large retail brokerage platform spanning equities, options, retirement accounts, and digital assets. If even a portion of its existing customer base transitions to on-chain products, the company could inject meaningful activity into its own network. Strategic Timing Amid Crypto Revenue Decline Robinhood’s blockchain expansion comes at a time when its crypto trading business has cooled. In Q4 2025, the company reported $1.28 billion in revenue, up 27% year-over-year. However, crypto-related revenue declined roughly 38% compared to the prior year, reflecting softer digital asset market conditions. By investing in its own Layer-2 infrastructure, Robinhood appears to be shifting from reliance on transaction-based crypto revenue toward building long-term rails for tokenized finance. Instead of serving only as an intermediary for spot trading, the company is positioning itself to facilitate issuance, settlement, and custody of tokenized financial instruments directly on a proprietary network. The emphasis on tokenized real-world assets aligns with broader industry trends. RWAs—including tokenized equities, bonds, and funds—have gained traction as institutions explore blockchain-based settlement and fractional ownership models. Robinhood’s pitch centers on combining compliance-ready infrastructure with blockchain efficiency. From Brokerage to On-Chain Operator If successful, Robinhood Chain would mark a significant expansion of the firm’s role. Rather than simply connecting users to crypto markets, Robinhood would operate its own execution environment for on-chain financial products. The key question is whether the company can migrate meaningful activity onto the network without complicating the user experience. Retail traders are accustomed to simple interfaces and instant confirmations. Any friction tied to wallets, gas management, or cross-chain bridging could slow adoption. For now, the four-million-transaction milestone serves as an early signal of interest. Whether that interest translates into sustained usage on mainnet will depend on developer traction, institutional participation, and Robinhood’s ability to integrate the chain seamlessly into its existing app. Tenev’s message makes clear the company’s ambition: The coming months will determine whether Robinhood can turn that ambition into durable on-chain volume—and whether its Layer-2 network becomes a core part of its business model rather than an experimental extension.
Bitcoin’s Lightning Network Surpassed $1 Billion in Monthly Transaction Volume
Bitcoin’s Lightning Network has crossed a major adoption threshold, processing more than $1 billion in monthly transaction volume for the first time, according to fresh research from River. Data compiled by the firm shows that in November 2025, the layer-two protocol handled an estimated $1.17 billion across 5.22 million transactions. The milestone comes during a year in which Bitcoin’s price action has remained relatively flat, underscoring a steady expansion in usage that is not immediately visible on market charts. Key Takeaways A Clearer View of Lightning Activity River’s estimates are based on anonymized data from major node operators, covering more than half of the network’s capacity. Contributors include ACINQ, Kraken, Breez, Lightspark, and LQWD, among others. The firm said its methodology adjusts for overlapping payment channels and extrapolates activity from nodes that do not publicly report data. That approach, River argues, offers a more representative picture of network-wide usage. Lightning operates as a second-layer protocol built on top of the Bitcoin blockchain, enabling faster and cheaper transactions by moving most activity off-chain while still settling securely on Bitcoin. The network has long been positioned as a solution for scaling everyday payments without congesting the base layer. Fewer Transactions, Higher Value Interestingly, total transaction count in November was slightly lower compared to 2023 levels. Researchers attribute that dip to the decline of earlier micropayment experiments, particularly in gaming and social messaging applications that briefly inflated transaction volumes. While those use cases failed to sustain momentum, the overall dollar value moving across the network has climbed sharply. In November 2025, the average Lightning transaction reached $223, nearly double the $118 recorded a year earlier. Analysts say this shift reflects how the network is being used today: increasingly for larger transfers between exchanges rather than small retail payments. River addressed this shift directly in its social commentary: The comment highlights a practical challenge in consumer behavior. While Lightning can support tiny payments, most users are reluctant to execute dozens of small transactions due to friction, even if fees are negligible. AI Agents Enter the Picture New developments may change that dynamic. Last week, Lightning Labs introduced an open-source toolkit designed to allow AI agents to operate Lightning nodes, conduct autonomous payments, and host paid services directly on the network. The move targets a growing need for machine-to-machine payments, where software agents can transact without human intervention. If widely adopted, such systems could generate higher-frequency, low-value payments at scale — a scenario Lightning was originally built to support. For now, however, the data suggests that exchange-related flows remain the dominant driver of volume growth. Larger transfers between trading platforms and liquidity providers appear to account for much of the increase in average transaction size. Beyond the Price Chart The $1.17 billion figure marks a milestone for Bitcoin’s second-layer infrastructure and adds another data point to the broader adoption narrative. While Bitcoin’s market price has shown limited movement in 2025, Lightning’s growth indicates ongoing expansion in transactional use. River plans to release a broader report on Bitcoin adoption next week, promising additional metrics on network integration and usage trends across the ecosystem. Crossing the $1 billion monthly threshold does not, by itself, confirm mainstream retail adoption. But it does demonstrate that Lightning is moving substantial value at scale — a sign that Bitcoin’s utility as a settlement and payment network continues to mature, even in quieter market conditions.
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Pump.fun Introduces “Cashback Coins,” Allowing Users to Decide Whether Fees Reward Creators or Go Back to Traders
Solana‑based token launch platform Pump.fun has unveiled a controversial update to its fee structure that gives creators a stark choice at the moment of launch: collect traditional creator fees or redirect them entirely to traders and holders. Announced on February 17, this shift—branded “Cashback Coins”—changes one of the most fundamental incentives in the platform’s token creation model. Key Takeaways A New Fee Paradigm Traditionally on Pump.fun, token deployers automatically receive a share of trading fees—a 0.3% creator cut every time their token changes hands. This fee model was positioned as a way for builders to fund community growth, development, and long‑term engagement. But as memecoin speculation ballooned over the past year, that logic has come under intense scrutiny. Under the Cashback Coins mechanism, creators must choose one of two irreversible fee structures before launching: Once a choice is locked in on‑chain, it cannot be changed. Unlike traditional creator‑fee tokens, tokens launched as Cashback Coins also cannot undergo community takeovers (CTOs)—a governance path that typically lets users assume control of fee distribution. This binary decision is now a standard part of the creation flow on both the Pump.fun website and mobile app. Participants who opt for Trader Cashback can claim their earned rewards through a dedicated rewards section. Why the Change? Pump.fun’s announcement framed the update as a response to growing criticism that creator fees too often benefited deployers who added little beyond deploying a contract. Many memecoin projects gain traction strictly through trading momentum and social hype, without active teams, roadmaps, or real utility. Redirecting fee revenue to traders is meant to address this perceived imbalance by letting market activity dictate who earns. Reports show that Pump.fun’s fee revenue has slumped sharply year‑over‑year. In January 2026, the platform brought in roughly $31.8 million in fees—down about 75% from January 2025. This drop in revenue comes amid broader memecoin market contraction and a record level of project failures across the crypto ecosystem. By making trader rewards an explicit, on‑chain option, Pump.fun appears to be aligning incentives more closely with market engagement rather than creator entitlement. In its own words, “not every token deserves creator fees,” and now the market itself decides which tokens should carry that burden. Market Reaction and Token Metrics The announcement immediately reverberated across crypto markets. Trading activity for Pump.fun’s native token PUMP jumped sharply—spot volume surpassed $110 million in a 24‑hour period, a roughly 56% increase from the prior day. Open interest in futures markets also ticked up, reflecting renewed trader interest. Despite this surge in activity, the broader memecoin market—of which Pump.fun is a bellwether—remains challenged. An industry report noted that more than 11 million crypto projects failed in 2025, accounting for over 85 % of closures during the period. Low‑effort token launches and speculative excesses have drawn criticism for diluting capital and eroding user confidence. What It Means for Developers and Traders For creators, choosing the Cashback model is a gamble. Forgoing creator fees means giving up a potential revenue stream that historically supported project teams and builders. But it also sends a clear signal: the token’s success will depend heavily on trading engagement rather than back‑end development narratives. On the other hand, traders participating in Cashback Coins can accrue direct rewards from the fee pool, effectively functioning like a rebate system. This can encourage high turnover and speculative volume, especially in short‑lived memecoin markets. However, because these redistributed fees exit the token economy and do not add to liquidity or project treasuries, they do not inherently improve long‑term token durability. Broader Implications Pump.fun’s new model creates a structural fork in how memecoins can be launched: The former may appeal to builders seeking sustainability, while the latter targets speculative traders chasing short bursts of profit. Over time, this segmentation could help the market self‑organize around clearer expectations. But experts caution the change does not address the deeper issues of liquidity depth, volatility, or systemic resilience — which remain core challenges for memecoin ecosystems. Final Take Cashback Coins represent a meaningful tweak to how economic incentives work in token launches, especially in speculative environments where community participation drives most of the activity. By giving creators and markets the ability to decide up front who earns the fees, Pump.fun is attempting to rebalance reward flows in a way that reflects actual engagement — not just technological gatekeeping. Whether this shift leads to higher‑quality projects or merely reshuffles who benefits in short‑term trading remains to be seen. For now, the crypto community is watching closely to see whether trader incentives can coexist with sustainable token economics—or simply add another layer to an already volatile corner of the market.