The Daily: Logan Paul sells previously tokenized Pokemon card for $16M, Gemini parts ways with top execs, Strategy's latest bitcoin buy, and more

The following article is adapted from The Block’s newsletter, The Daily, which comes out on weekday afternoons.

Happy Tuesday! Bitcoin (BTC) is still trading rangebound after the U.S. holiday, with some participants hopeful that renewed progress on market structure legislation could provide a positive catalyst in the weeks ahead.

In today's newsletter, Logan Paul sells his previously tokenized rare Pokémon card for a record $16 million, Gemini parts ways with its CFO, COO, and CLO, Michael Saylor's Strategy buys another 2,486 BTC for $168 million, and more.

Meanwhile, Dragonfly secures $650 million for its fourth crypto venture fund amid the bear market "gloom."

P.S. Don't forget to check out The Funding, a biweekly rundown of crypto VC trends. It's a great read — and just like The Daily, it's free to subscribe!

Anthony Scaramucci's son buys Logan Paul's previously tokenized Pokémon card for record $16 million

A.J. Scaramucci, the son of SkyBridge Capital founder and former White House communications director Anthony Scaramucci, paid $16.49 million for Logan Paul's PSA 10 Pikachu Illustrator card, setting a new record for a trading card sale.

• Paul, a YouTube star and WWE performer, originally bought the ultra-rare 1998 Pokémon card for $5.3 million in 2021, representing a more than threefold increase in value over five years.
• Paul previously attempted to tokenize the card via his Liquid Marketplace platform, selling about 5.4% fractional ownership for roughly $270,000 in 2022.
• Liquid Marketplace faced securities charges from the Ontario Securities Commission in 2024, including allegations of misleading investors and improper use of funds.
• Paul repurchased the fractionalized shares under platform terms, restoring full ownership before completing the record-breaking transaction.
• The sale comes as tokenized and rare collectibles continue gaining traction, with NFT-linked trading card platforms like Collector Crypt recently reporting surging trading volumes.

Gemini parts ways with top execs

Gemini announced the departure of its COO Marshall Beard, CFO Dan Chen, and CLO Tyler Meade, effective Feb. 17, marking a major leadership shakeup as the crypto exchange restructures its executive team.

• Co-founder Cameron Winklevoss will absorb key operational and revenue responsibilities, while Gemini appointed interim replacements for the CFO and legal chief roles.
• Meanwhile, the company's preliminary results show revenue and user growth in 2025, but operating expenses continue to outpace gains, driving adjusted EBITDA losses of roughly $260 million and net losses approaching $600 million.
• Gemini's stock fell about 9% following the filing, reflecting investor concerns over the company's profitability outlook and executive turnover following the firm's broader layoffs earlier this month that cut 25% of its global workforce.

Michael Saylor's Strategy buys 2,486 bitcoin for $168 million as total holdings reach 717,131 BTC

Strategy purchased another 2,486 BTC for $168.4 million at an average price of $67,710 between Feb. 9 and Feb. 16, bringing its total holdings to 717,131 BTC worth roughly $48.8 billion.

• The company funded the acquisitions through at-the-market sales of its MSTR common stock and STRC perpetual preferred shares as part of its broader capital-raising strategy.
• Strategy now controls more than 3.4% of bitcoin’s fixed 21 million supply, reinforcing its position as the largest corporate holder despite approximately $5.7 billion in unrealized losses.
• Strategy reiterated over the weekend that it can withstand a drawdown in bitcoin's price to $8,000 while still fully covering its debt obligations.

Loss-making DeFi lender ZeroLend to shut down after 98% TVL drop

ZeroLend announced it will shut down after three years of operating losses, deteriorating ecosystem conditions, and discontinued oracle support rendered the decentralized lending protocol unsustainable.

• The protocol's total value locked collapsed 98% from nearly $359 million in November 2024 to just $6.6 million, reflecting a sharp loss of user deposits and activity.
• ZeroLend's revenue peaked in 2025 before falling sharply in 2026, while the protocol's ZERO token has lost nearly all its value.
• The team is prioritizing user withdrawals and recovery efforts for stranded funds, while offering no compensation or recovery path for ZERO token holders.

Crypto's $300 billion stablecoin supply is increasingly used as 'everyday money,' global study finds

Stablecoins are moving from a trading tool to "everyday money," with the $300 billion market increasingly used for payments, payroll, and savings, according to a global BVNK-Coinbase-Artemis study.

• Adoption is on the rise, with 54% of surveyed crypto users holding stablecoins in the past year and 56% planning to acquire more over the next 12 months.
• Stablecoins are also becoming a core financial asset, per the report, with holders allocating up to one-third of savings to stablecoins and freelancers receiving about 35% of annual earnings in stablecoins on average.

In the next 24 hours

• UK CPI inflation data are due at 2 a.m. ET on Wednesday. U.S. mortgage figures follow at 7 a.m. The latest U.S. FOMC meeting minutes are released at 2 p.m.
• U.S. FOMC member Michelle Bowman will speak at 1 p.m.
• The World Liberty Forum kicks off in Mar-a-Lago. ETHDenver continues in Colorado.

Never miss a beat with The Block's daily digest of the most influential events happening across the digital asset ecosystem.