50T Investor Newsletter (Jul 28)
Jul 28, 2025
Hi Investors,
We’re back after a brief pause last week — things have been moving fast. Between our official firmwide rebrand to 50T and the exciting announcement of our investment in The Ether Machine, it’s been a busy stretch. Below is your two-week roundup covering the most important developments across our portfolio and the broader digital asset ecosystem.
Market Moves
Figure Reportedly Set to Go Public in the Fall
→ Bloomberg
The Ether Machine to Go Public with Over $1.5 Billion Committed Capital; Investors Include 50T, Electric Capital, Kraken and Pantera
→ PR Newswire
MoonPay Enables Stablecoin Withdrawals in 25+ Fiat Currencies
→ Globe Newswire
BitGo Files for U.S. IPO
→ Decrypt
PNC Strikes Deal with Coinbase
→ The Block
Coinbase Unveils the Base App
→ CoinDesk
Pump.Fun Raises $600M in 12 Minutes via ICO
→ Fortune
Portfolio Headlines
 | Dan Tapiero Sees Crypto Ecosystem Reaching $50 Trillion as He Launches New Fund Under 50T Rebrand |
 | Gemini Expands Tokenized Stock Offering in EU |
 | Figure Markets Merges with Figure Technology → Figure |
 | FIS Partners with Circle to Unlock Stablecoin Money Movement Functionality → Circle Circle Unveils Gateway to Simplify Multi-Chain USDC |
 | Kraken-Backed Ink to Launch $INK Token Kraken Debuts Futures Trading in U.S. Aave Votes to Launch on Kraken’s Blockchain |
 | Coinbase Launches Perpetual Futures Trading in the U.S. |
 | Zenrock Teams Up with Ledger to Airdrop zenBTC and $ROCK → X |
Charts of the Week
NFT trade volume last week increased to the highest levels since January.
ETH ETFs see record single-day inflows this week.
Tron continues to lead all blockchains in fee revenue.
Phantom YTD revenue is more than double all other tracked wallets combined.
Total RWA value (excluding stablecoins) has crossed $25Bn. Private credit makes up about 60% of that total.
BTC spot ETF AUM growth continues to outpace ETH.
Industry News
Notable Raises
Talos Acquires CoinMetrics in $100M+ Deal
→ The Block
Dakota Raises $12.5M Series A from CoinFund
→ CoinDesk
Polymarket Acquires QCEX for $112M
→ Blockworks
Industry News
Anchorage to Issue Stablecoin with Ethena Labs
→ The Block
GENIUS Act Signed Into Law, Establishing U.S. Stablecoin Framework
→ Whitehouse.gov
CLARITY Act Passes in U.S. House of Representatives
→ Jones Day
JPMorgan to Offer BTC and ETH Collateralized Loans
→ The Block
Goldman Sachs and BNY Mellon Tokenize Money Market Funds
→ The Block
Western Union to Explore Stablecoin Onramps
→ The Block
Galaxy Offloads 80,000 BTC for Satoshi-Era Investor
→ The Block
Standard Chartered Launches Institutional Spot BTC & ETH
→ CoinDesk
FTX Creditors Set to Receive $1.9B in Payouts Starting in September
→ The Block
Polymarket Considers Launching a Stablecoin
→ CryptoDNES
Ondo Finance Acquires Strangelove
→ Ondo Finance Blog
Pump.Fun Initiates $PUMP Token Buybacks
→ The Block
Looking Ahead
7/31: Coinbase Q2 earnings report
8/1: HNT Halving
8/1: Bitcoin Is For Everyone Conference, Portland
8/1: SUI unlocks 1.27% of circulating supply ($163.22MM)
Media & Insights
📄 Research Piece of the Week: Galaxy
Beyond Bitcoin – Ethereum as a Corporate Treasury Asset
📌 Tweet of the Week: Adi Dave
Decentralized Custody x Self Custody