Monthly Review of February 2025

This monthly review examines the most important cryptocurrency-related news in February. The key cryptocurrency news of February revolved around the hacking of the Bybit cryptocurrency exchange, Abu Dhabi’s state investment company’s Bitcoin spot ETF investment, the newly rebranded MicroStrategy’s bitcoin purchases, the partnership between cryptocurrency payment-focused travel platform Travala and Trivago, the decision of a Canadian Bitcoin mining company to build a Bitcoin mining center in Finland, and a European bank’s Bitcoin price forecasts.

              
February in the Cryptocurrency Market
Cryptocurrency prices were in a downward trend in February. Similar to stock markets, the cryptocurrency market was negatively affected by U.S. President Donald Trump's actions and statements regarding tariffs directed at various countries and regions. Additionally, the hacking of the Bybit cryptocurrency exchange at the end of the month had a negative impact on cryptocurrency price movements. Among the largest cryptocurrencies in the market, the Bitcoin price dropped by about 18% during February, while Ethereum saw a decline of approximately 32%.
Bybit Cryptocurrency Exchange Hacked
At the end of February, the largest cryptocurrency hack in history occurred when the Singapore-based Bybit cryptocurrency exchange was hacked. Over €1.4 billion worth of cryptocurrency, primarily Ethereum, was stolen from Bybit's wallet. According to the FBI, the hack was carried out by the North Korean state-sponsored hacking group Lazarus. Essentially, Lazarus managed to inject malicious code into Bybit’s internal cryptocurrency transaction, granting them access to the funds in one of Bybit’s wallets. Despite the hack, Bybit managed to recover relatively well, as the exchange was able to keep cryptocurrency withdrawals operational after the attack.
Abu Dhabi’s State Investment Company Invested in a Bitcoin Spot ETF
In mid-February, it was revealed that Abu Dhabi’s state investment company had invested in a Bitcoin spot ETF. The Mubadala Investments firm, based in the capital of the United Arab Emirates, held approximately €415 million worth of shares in BlackRock’s Bitcoin spot ETF at the end of last year, according to a filing with the U.S. Securities and Exchange Commission (SEC). Abu Dhabi’s state investment company is one of the most significant entities to have invested in a U.S. Bitcoin spot ETF to date.
Rebranded MicroStrategy Bought More Bitcoin
The U.S.-based company specializing in bitcoin acquisitions, MicroStrategy, rebranded itself at the beginning of February and is now known as Strategy. Following the rebranding, Strategy announced two bitcoin purchases in February. The company increased its bitcoin holdings by nearly 28,000 BTC, for which it paid over €2.6 billion. As a result of these acquisitions, Strategy’s total bitcoin holdings exceeded 499,000 BTC, valued at over €40 billion by the end of the month. The average purchase price of these bitcoins is approximately €63,800.
Cryptocurrency Payment-Focused Travel Platform Travala Partners with Trivago
The cryptocurrency payment-focused travel platform Travala entered into a partnership with the well-known travel platform Trivago. Through this partnership, Trivago users gain access to Travala’s selection of over 2.2 million accommodations, which can be paid for using cryptocurrencies. Travala supports payments in over 100 cryptocurrencies, many of which are also available in Northcrypto’s cryptocurrency selection. According to Travala’s founder and CEO Juan Otero, the partnership reflects a broader trend in which travel companies adopt alternative payment methods.
Canadian Bitcoin Mining Company to Build a Large Bitcoin Mining Center in Finland
The Canadian Bitcoin mining company Bitzero Blockchain held a press conference in early February to announce the construction of a Bitcoin mining center in Finland. The company aims to build a mining center with up to 500 megawatts of power in the city of Kokemäki, Satakunta. This would be comparable in size to the data centers that tech giant Microsoft is building in Finland, which have a total power capacity of approximately 615 megawatts. According to Bitzero Blockchain, Kokemäki was chosen as the location due to its abundant renewable energy production and geopolitical stability.
European Bank Predicts Bitcoin Price of $500,000 for 2028
Standard Chartered, one of Europe's largest banks managing around €750 billion in assets, released intriguing Bitcoin price forecasts in early February. Geoffrey Kendrick, the global head of digital asset research at Standard Chartered, presented the following year-end price predictions for Bitcoin:
2025: $200,000
2026: $300,000
2028: $500,000
The main reasons behind these predictions are improved Bitcoin access under the Trump administration and increased interest from institutional investors, as reflected in growing inflows into Bitcoin spot ETFs. Additionally, Bitcoin is expected to gain a larger share in investment portfolios relative to gold.
Summary
February was a rather fragmented period for cryptocurrency news, as no single topic dominated the headlines. The Bybit cryptocurrency exchange hack was unprecedented in its execution but, in many ways, resembled previous hacks, as a significant factor in its success was social engineering—manipulating human behavior to gain unauthorized access.
Abu Dhabi’s state investment fund’s Bitcoin spot ETF investment can be seen as a continuation of a trend where state entities show increasing interest in Bitcoin and cryptocurrency investments. The wealthy and technologically advanced UAE has also been rumored in recent years to be considering bitcoin purchases. However, even less surprising was the bitcoin acquisitions made by the rebranded Strategy. These purchases are likely to continue, and with the next acquisition, Strategy’s bitcoin holdings will probably surpass the remarkable milestone of 500,000 BTC.
Travala, specializing in cryptocurrency payments, advanced the adoption of cryptocurrencies as a payment method through its partnership with Trivago. While cryptocurrencies have gained popularity primarily as an investment in recent years, this cooperation can be seen as proof that cryptocurrencies can also be used as a payment method.
February also brought two interesting and positive cryptocurrency-related news stories from Europe. The decision by the Canadian Bitcoin mining company Bitzero Blockchain to establish a mining center in Finland underscores Finland’s potential as a favorable location for Bitcoin mining operations. It is worth considering whether Finland’s significant renewable energy production and relative geopolitical stability will increasingly attract Bitcoin mining centers and data centers in the future. Standard Chartered’s multi-hundred-thousand-dollar Bitcoin price forecasts are encouraging for bitcoin holders. While the price predictions may surprise some, their rationale does not, as the pro-crypto U.S. administration and the high popularity of Bitcoin ETFs have been probably two of the most discussed topics in the cryptocurrency world over the past year.

Ville Viitaharju
Cryptocurrency specialist