Latest Crypto News: Abu Dhabi BTC ETFs, ETH Staking & Ripple

February 17, 2025

Crypto World

Maciej Zerelik

Want to keep up with the latest crypto news? StealthEX and CryptoDaily have you covered. Every week, we bring you the biggest updates in the crypto world. No fluff, just the key highlights. Quick, clear, and easy to follow. Stay ahead of the trends and never miss a beat. Let’s get started!

Abu Dhabi’s Bold Move: Sovereign Wealth Fund Invests Big in Bitcoin ETFs

A major investment shift is happening in the crypto world. Mubadala Investment, a sovereign wealth fund from Abu Dhabi, has made a significant entry into Bitcoin ETFs. Recent disclosures reveal the fund now holds $436 million worth of Bitcoin ETF assets.

Abu Dhabi isn’t alone in betting on Bitcoin. The State of Wisconsin Investment Board also disclosed a $321 million stake in BlackRock’s iShares Bitcoin Trust ETF. Analysts predict more institutional investors will follow suit throughout 2025.

The crypto market remains optimistic, especially with the recent political shift in the United States. Many believe Donald Trump’s presidency will bring crypto-friendly policies. His administration has hinted at regulatory changes that could benefit Bitcoin and other digital assets.

While the US navigates its crypto stance, other nations are moving ahead. Abu Dhabi’s investment highlights the growing global embrace of Bitcoin. As more sovereign wealth funds and governments explore digital assets, the market could see even greater adoption in the coming years.

BlackRock Expands Bitcoin Investment to Europe with New ETP

BlackRock is making another move in the crypto space. The world’s largest asset manager plans to launch a Bitcoin exchange-traded product (ETP) in Europe. This marks a strategic expansion beyond the U.S., where its iShares Bitcoin Trust (IBIT) has already amassed $58 billion in assets.

Switzerland is set to host the new Bitcoin ETP, thanks to its crypto-friendly regulations. BlackRock is expected to begin marketing the product soon. The decision to base it in Switzerland aligns with the country’s growing reputation as a digital asset hub.

BlackRock has been steadily increasing its crypto presence worldwide. Last month, it introduced a Bitcoin ETF in Canada, listed on Cboe Canada under the tickers IBIT and IBIT.U. This fund closely tracks Bitcoin’s price, mirroring its U.S. counterpart. The upcoming European ETP is likely to follow a similar structure, providing investors with a secure and regulated way to gain Bitcoin exposure.

The European crypto market, while growing, still trails the U.S. in size. Despite having over 160 crypto-tracking products, its market value stands at $17.3 billion, far below the $116.4 billion seen in the U.S.

However, regulatory changes are shaping the future of crypto in Europe. The Markets in Crypto-Assets (MiCA) framework is enforcing stricter transparency, governance, and anti-money laundering rules. With major exchanges securing MiCA licenses, Europe’s crypto ecosystem is poised for significant expansion.

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21Shares Aims to Launch First U.S. Ethereum ETF with Staking Rewards

A groundbreaking shift may be coming to the U.S. crypto investment space. Cboe BZX Exchange has filed a proposal with the Securities and Exchange Commission (SEC) to introduce staking in the 21Shares Core Ethereum ETF. If approved, this would make 21Shares the first spot Ethereum ETF in the U.S. to offer staking rewards.

The proposed rule change, submitted under Form 19b-4, would allow a portion of the ETF’s Ethereum holdings to be staked. This means investors wouldn’t just hold ETH—they could also earn passive income through staking. T

Staking works by locking up Ethereum to help secure the blockchain network. In return, participants receive rewards. Unlike traditional ETH ETFs, which only track Ethereum’s price, a staking-enabled ETF would give investors an extra source of returns. Cboe BZX plans to implement a “point-and-click” staking method, ensuring the ETH remains in place without needing to be transferred. This approach minimizes security risks while still generating rewards.

If the SEC approves the change, it could reshape the Ethereum ETF market in the U.S. 21Shares would gain a competitive edge, setting a precedent for future staking-enabled crypto investment products.

Ethereum’s Pectra Upgrade Gears Up for Testnet Launch, Mainnet Release Expected in April

Ethereum’s next major upgrade, Pectra, is set to begin testing soon. Developers have scheduled its first testnet forks for February and March, with a potential mainnet rollout in April. The upgrade aims to improve scalability, lower costs, and streamline staking.

Ethereum core developer Tim Beiko confirmed the timeline in a recent post. The Holesky testnet fork is scheduled for February 24 at 21:55:12 UTC, followed by Sepolia on March 5 at 07:29:36 UTC. If Sepolia’s upgrade proceeds smoothly, developers will set the final mainnet release date on March 6.

Pectra combines two key upgrades: Prague for Ethereum’s execution layer and Electra for its consensus layer. It introduces several improvements designed to enhance the network’s efficiency. Notable upgrades include Blob Spaces for better data storage, PeerDAS for improving layer two scalability, and Verkle Trees for optimized data handling.

A major change, EIP-7251, will allow validators to increase their stake from 32 ETH to 2,048 ETH. Currently, staking beyond 32 ETH requires multiple validators, leading to network congestion. This adjustment will simplify operations and reduce delays.

Another key feature, Account Abstraction, will enable users to pay gas fees with stablecoins like USDC or DAI instead of ETH. This change could improve transaction flexibility and attract more users to the network.

Ripple Expands into Portugal with Unicâmbio Partnership for Faster Payments

Ripple is making a major move in Portugal. The blockchain firm has partnered with Unicâmbio, a leading currency exchange provider, to bring its payments technology to the region. This collaboration will enable businesses to send money between Portugal and Brazil more quickly and at lower costs.

Announced on February 10, 2025, the deal marks Ripple’s first major entry into the Portuguese market. By integrating Ripple Payments, Unicâmbio’s corporate clients can transfer funds with minimal delays and reduced fees. The system leverages blockchain technology to improve the efficiency and security of cross-border transactions.

Ripple shared the news on X.com, calling it a milestone for its expansion strategy. The partnership strengthens financial ties between Portugal and Brazil, two key markets with strong economic connections.

Cassie Craddock, Ripple’s Managing Director for the UK and Europe, highlighted the significance of the move. She noted that Portugal has a thriving crypto ecosystem, making it an ideal location for Ripple’s payments network. By linking financial systems in both countries, the collaboration aims to streamline cross-border transfers and enhance overall transaction efficiency.

Sam Bankman-Fried’s Parents Reportedly Seeking Presidential Pardon from Trump

The parents of Sam Bankman-Fried are exploring ways to secure a presidential pardon for their son. Joseph Bankman and Barbara Fried, both Stanford Law professors, have reportedly reached out to legal experts and individuals close to former President Donald Trump. However, it remains unclear whether they have made direct contact with the White House.

Bankman-Fried was sentenced to 25 years in prison after being convicted of fraud. His trial, one of the most high-profile in crypto history, ended with a jury finding him guilty on seven counts. Prosecutors accused him of stealing billions in customer funds while running FTX and misleading investors and creditors. The collapse of the exchange wiped out $8 billion in customer assets.

His legal team has already filed an appeal, seeking to overturn the conviction. Meanwhile, his parents are reportedly looking for alternative options, including the possibility of a presidential pardon.

Trump’s stance on crypto and financial crimes remains a key factor in whether such a request would gain traction. While some insiders suggest that the discussions are in early stages, others believe a high-profile pardon would spark intense debate. For now, Bankman-Fried’s fate remains uncertain as legal battles and potential political maneuvers continue.

SEC Reviews Grayscale’s Dogecoin and XRP ETF Proposals, Seeks Public Input

The U.S. Securities and Exchange Commission (SEC) has officially acknowledged Grayscale’s applications to launch spot ETFs for Dogecoin and XRP. Before making a final decision, the agency is inviting public feedback on the proposals. Interested parties have 21 days from the notice’s publication in the Federal Register to submit their comments.

Once the feedback window closes, the SEC will begin its review process. It can approve, reject, or extend its evaluation period. Grayscale’s push to convert its existing trusts into ETFs reflects its effort to expand regulated crypto investment options for institutional and retail investors.

The approval process follows the standard 19b-4 filing procedure. Once a proposal is formally acknowledged, the SEC has up to 240 days to decide, starting with an initial 45-day review period.

For its Dogecoin ETF, Grayscale has designed a structure where transactions occur in cash rather than direct DOGE transfers. This approach aims to meet regulatory expectations and reduce concerns over handling digital assets. Coinbase Custody will manage storage for the fund, while BNY Mellon will oversee administrative duties. Pricing data will be sourced from leading U.S. crypto exchanges, including Coinbase, Kraken, and Crypto.com.

Hong Kong Approves Bitcoin and Ethereum for Wealth Verification in Residency Program

Hong Kong has officially recognized Bitcoin and Ethereum as valid proof of wealth under its Capital Investment Entrant Scheme (CIES). This update allows high-net-worth individuals to use these cryptocurrencies when applying for residency, reinforcing the city’s role as a global digital asset hub.

Under the revised framework, applicants can present BTC and ETH holdings to meet the program’s wealth requirements. However, after approval, they must invest at least HK$30 million (about $3.8 million) in traditional financial assets, excluding cryptocurrencies. This ensures that while digital assets are accepted for initial qualification, the core investment structure remains unchanged.

Invest Hong Kong, the agency managing the scheme, highlighted the need to balance innovation with regulatory compliance. By integrating cryptocurrency into the residency program, Hong Kong aims to attract investors while maintaining strict oversight.

The inclusion of Bitcoin and Ethereum has also reshaped financial verification processes. Chartered accountants in Hong Kong are now developing new valuation methods to assess crypto holdings. Applicants must provide detailed transaction records, wallet addresses, and supporting documentation to confirm the authenticity of their assets.

Legal and financial professionals have seen a surge in inquiries about the updated scheme. David Cameron, Managing Partner at DCLO, noted growing interest, emphasizing the firm’s role in guiding investors through regulatory requirements. As demand increases, Hong Kong’s residency-by-investment program is set to become a key destination for crypto-backed wealth migration.

Tornado Cash Developer Alexey Pertsev Released, Vows to Continue Legal Fight

Alexey Pertsev, the developer behind Tornado Cash, has been released after spending three years in pretrial detention. Despite his release, he remains under electronic monitoring and continues to appeal his money laundering conviction. His case could set an important legal precedent for privacy-focused crypto developers.

A Russian national, Pertsev was sentenced to 64 months in a Dutch prison last year. His release follows multiple denied bail requests and comes amid growing debates about the legal treatment of developers working on privacy-enhancing technologies. The court suspended his pretrial detention to allow him to focus on his appeal.

In a post on X, Pertsev expressed gratitude to his legal team and supporters, highlighting the financial burden of his defense. He urged continued support, emphasizing that his legal battle is far from over.

Tornado Cash came under scrutiny after the U.S. Treasury sanctioned the platform in August 2022, alleging it facilitated the laundering of over $7 billion. Pertsev was arrested the same month and charged with enabling illicit transactions. His defense argues that he simply created open-source software and should not be held responsible for how others use it.

This article is not supposed to provide financial advice. Digital assets are risky. Be sure to do your own research and consult your financial advisor before investing.