Top 7 Crypto | Analytics & Alpha

Coinbase missed Q4 estimates with $667M net loss and 20% revenue decline Coinbase’s revenue in the Q4 tumbled a more-than-estimated 20% to $1.8B as falling token prices drained trading activity across digital assets. The company posted a net loss of $667M, compared with a $1.3B profit from the same period last year. The results arrive as $BTC has fallen 50% from October’s high, which forced exchanges to retrench quickly: • Rival exchange Gemini said last week that it plans to cut up to 25% of its workforce and scale back international operations • Kraken’s CFO departed the exchange, which reported sequentially lower fourth-quarter revenue • Robinhood said this week its revenue from crypto trading declined 38% However, underneath the headline loss, Coinbase's diversification play is showing results: • Subscription & Services revenue hit $2.83B for the year, up 2x from 2023 • Crypto trading market share actually grew x2 year-over-year • The platform now has 12 products generating $100M+ annually, 270+ institutional clients, and presence in 140+ countries With $COIN down nearly 37% for the year, Coinbase's hope is that it is entering this downturn as a different company, having worked to reduce its reliance on spot trading and having launched new businesses such as stock trading and prediction markets. 🔗bloomberg.com/news/articles/2026-02-12/coinbase-posts-667-million-loss-sees-revenue-tumble-20 @TOP7ICO

Lighter [LIT] partners with Circle to share revenue generated on $920M of USDC deposited on platform According to Velo, Lighter has reached a partnership with USDC issuer Circle to share the earnings generated from approximately 920M USDC deposits on the platform. ℹ️ Lighter is a perpetual trading protocol with 0% fees, $112B monthly perpetual volume, and $922M TVL. It raised $68M in a funding round backed by Ribbit Capital, Founders Fund, Robinhood and Haun Ventures. 🔘Current price: $1.47 🔘Current FDV: $1.47B 🔗velo.xyz/news/1747 @TOP7ICO

Aztec [AZTEC] has been listed on multiple exchanges $AZTEC is now live on Coinbase, Bybit, Gate, Kraken, Kucoin, Hyperliquid, and other exchanges. Within hours of launch, AZTEC surged from $0.016 to $0.019 and has since maintained that level. ℹ️ Aztec is the first blockchain where privacy is built directly into the base layer rather than added on top as an optional feature. PLONK proving system developed by Aztec now powers zkSync, Polygon, Mina, and other major players. Aztec’s tools are also used by Solana, Stellar, StarkWare, World, and more. Aztec raised $119.1M in four funding rounds backed by Paradigm, a16z, ConsenSys, Coinbase Ventures, Variant and raised $59.1M via public auction. 🔘Current price: $0.019 🔘Current FDV: $193M 🔗x.com/aztecnetwork/status/2021848825141645573 @TOP7ICO

3 Pre-Markets to Watch: MegaETH, Opinion, Backpack Pre-markets continue to play a crucial role in the crypto launch cycle, offering early price discovery before the official TGE. MegaETH, Opinion, and Backpack are currently showing strong activity across pre-market platforms like Binance, Bybit, Pacifica and Hyperliquid. Current Valuations: • MegaETH $MEGA: Trading at $0.12 → $1.2B FDV • Opinion $OPN: Trading at $0.48 → $480M FDV • Backpack $BP: Trading at $0.55 → $550M FDV @TOP7ICO

Aster [ASTER] will launch Layer 1 Mainnet in March Mainnet of L1 will include governance features powered by the $ASTER, staking and on-chain participation, and expanded access to RWA like stock perpetual markets, enhancing its synthetic trading offerings beyond crypto. ℹ️ Backed by YZi Labs and CZ as advisor, Aster is a Perp DEX with farming and stablecoin minting. > Platform Volume 30d: $145B > Open Interest: $1.81B > TVL: $1.07B • Current $ASTER price: $0.73 (+13% for 24h) • Current FDV: $5.85B 🔗x.com/Aster_DEX/status/2021783039936958714 @TOP7ICO

🚨Binance buys ~$305M worth of Bitcoin for SAFU fund Binance SAFU Fund bought another 4,545 $BTC ($305M), bringing its total purchase to 15,000 $BTC ($1B). It was the last tranche purchase, finalising $1B transition of SAFU stablecoin reserves into Bitcoin. 🔗intel.arkm.com/explorer/address/1BAuq7Vho2CEkVkUxbfU26LhwQjbCmWQkD @TOP7ICO

Binance will list Espresso [ESP] at 13:00 UTC $ESP will be listed on Binance today, at 13:00 UTC. An additional 17.95M $ESP will be allocated into future marketing campaigns. Pre-market on Binance Futures: 🔘Current price: $0.084 🔘Current FDV: $301M ℹ️ Espresso builds a shared sequencing and confirmation layer for L2 rollups, so chains can focus on building user experiences rather than competing for fragmented liquidity. It raised $60M total from a16z Crypto, Greylock Partners, and Electric Capital, and $4M via public raise on Kaito. 🔗binance.com/en/support/announcement/detail/c8f9e4e1e7de458482a2af3cf64c9093 @TOP7ICO

Nado will raise NLP Vault cap for Alpha Trader Tiers today Nado announced NLP vault capacity increase from $2M to $4M today, on Feb 12 and ~2PM UTC (post-maintenance). Alpha Trader Tiers will determine early access and allocation priority – access is limited to Tornado and Storm tiers. $USDT0 deposits are whitelisted to these tiers for 48 hours. Each eligible user receives a deposit cap based on their trader tier: • Tornado: up to $35k • Storm: up to $25k After 48 hours if capacity remains – deposits open to the public with $20k cap per wallet. Another NLP vault cap raise will follow next week, reserved specifically for NFT holders. NLP counts towards your margin. Vault earns yield from strategies, with current vault APR is 73%, so good opportunity to follow. Nado is a perpetual DEX built by Kraken’s core engineering team on Ink Network, bringing CEX-like performance to DeFi. Get limited access to Nado 🔗app.nado.xyz?join=2UwKgxs @TOP7ICO

LayerZero [ZRO] surged +85% due to reveal of L1 and backing from Tether LayerZero has executed a massive strategic shift, moving beyond interoperability to launch its own high-performance execution layer. The market responded with a +85% surge, pushing $ZRO from $1.35 to $2.5. Key fundamental drivers: 1️⃣Utility Evolution (Gov → Gas) $ZRO transitions from a governance token to the native Gas Token of the new "Zero" network. This creates a direct value accrual mechanism based on network activity. 2️⃣Institutional-Grade L1 The new "Zero" blockchain targets 2 million TPS using Jolt zkVM. This performance is specifically engineered to handle the throughput of global financial markets, not just retail crypto. 3️⃣TradFi Validation With investment from Tether, Citadel Securities, and ARK Invest, plus Cathie Wood joining the Board, the project is positioning itself as the bridge between Wall Street and Web3. @TOP7ICO

Top 7 Projects Expected to Launch by End of Q1 The market activity is picking up. The coming weeks are packed with high-tier launches, ranging from L2 privacy solutions to AI infrastructure. These 7 projects have confirmed their plans to launch in Q1: Aztec, Flying Tulip, USDai, idOS, Espresso, Opinion, and Based. • $AZTEC TGE → Feb 12 (Pre-market active) • $FT public sale ($1B FDV) → Feb 16 • $CHIP public sale ($300M FDV) → Feb 22-27 • $IDOS token auction → Feb 25 • $ESP TGE → February (Pre-market active) • $OPN TGE → February - March (Pre-market active) • $BASED TGE → February - March @TOP7ICO

🚨BREAKING: BlackRock purchases UNI tokens BlackRock will be bringing its Treasury-backed digital token BUIDL onto Uniswap, where it will be bought and sold by institutional traders. As part of the tie-up, BlackRock is also purchasing an undisclosed amount of Uniswap’s own UNI token. The practical impact of Uniswap adding BUIDL to its platform is likely to be minor at first, though, since the arrangement involves Securitize creating a whitelist of eligible institutions that can participate in the DeFi trading. The firm is also whitelisting a handful of market makers, including Wintermute, to facilitate trading. Meanwhile, access to BUIDL is restricted to qualified purchasers, a legal designation for those with assets of $5M or more. • Current $UNI price: $4.2 • Current FDV: $3.8B 🔗fortune.com/2026/02/11/blackrock-uniswap @TOP7ICO

🚨BREAKING: Hyperliquid Strategies (PURR) bought 5M $HYPE for $129.5M at $25.9 Recently, Assistance Fund by Hyperliquid reached 40.7M $HYPE ($1.18B) - 4% of total supply. Assistance Fund receives approximately 99% of all platform revenue, including trading fees, auctions, and other sources. Hyperliquid’s revenue over the last 30 days is approximately $81.9M. • Current $HYPE price: $29.09 • Current FDV: $29B 🔗x.com/zoomerfied/status/2021551980615737528 @TOP7ICO