50T Investor Newsletter (Nov 24)
Nov 24, 2025
Hi Investors,
It was a big week of news for our portfolio companies, with major developments across exchanges, AI infrastructure, and onchain markets. Kraken raised $800MM at a ~$20Bn valuation and filed its S-1, prediction-market capital surged with Kalshi’s $1Bn round and a reported integration into Coinbase, and infrastructure momentum accelerated as Cipher secured a multi-billion-dollar AI hosting deal and Bitfury committed $1Bn to new AI and blockchain investments. Across the portfolio, strategic partnerships strengthened - from Tether taking an equity stake in Ledn to Animoca expanding its RWA footprint with Hang Feng - while Core’s injunction against Maple highlighted growing pressure on offchain custody models. With Coinbase’s acquisition of Vector and steady growth in stablecoin, RWA, and DeFi activity, the week reflected broad advancement across exchanges, compute, and onchain financial rails.
Below are the key developments:
Market Moves
Core Foundation secured an injunction blocking Maple Finance from launching syrupBTC pending arbitration
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Kalshi raised $1Bn at an $11Bn valuation as the prediction-market funding cycle accelerates
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Aave launched a high-yield savings app with insurance-backed protection up to $1MM per depositor
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Phantom launched Phantom Terminal, a pro trading interface offering deep onchain data and advanced order routing
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Vitalik Buterin introduced Kohaku, a new privacy-focused framework for Ethereum transactions
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DappRadar shut down, citing financially unsustainable market conditions
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The Digital Chamber launched a state-level policy network to expand crypto influence ahead of the U.S. midterms
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Hong Kong launched a “Real Value Tokenization” pilot to test regulated RWA frameworks
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Revolut enabled stablecoin payments and remittances for 40M+ users on Ethereum and Polygon
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1inch launched AQUA, a new liquidity layer designed to improve routing and execution efficiency across DeFi
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Portfolio Headlines
 | Animoca Brands signed an RWA-focused strategic partnership MOU with Hang Feng Technology ANPA agreed to purchase up to $50MM of EDU tokens in partnership with Animoca and Open Campus |
 | Bitfury launched a $1Bn investment initiative to back AI and blockchain infrastructure companies |
 | Cipher Mining signed a 10-year AI hosting agreement with Fluidstack worth up to $2Bn in contract value |
 | Circle introduced xReserve, enabling blockchains to issue native stablecoins fully backed by USDC |
 | Coinbase acquired Vector.fun, expanding its Solana DeFi and onchain trading footprint Coinbase launched Ethereum-backed loans for U.S. retail users Coinbase is reportedly integrating Kalshi to bring regulated prediction markets into the Coinbase app |
 | Kraken raised $800MM at a ~$20Bn valuation and filed a confidential S-1 to begin its U.S. IPO process |
 | Tether made a strategic equity investment in Ledn to deepen alignment around BTC-backed credit and global lending expansion |
Charts of the Week
UNI, AAVE, and LDO fundamentals keep climbing while market caps drift lower, highlighting a growing gap between usage and price
Privacy coins have sharply diverged from the market, with ZEC up ~9x since October while BTC and broader benchmarks retrace
Base is the only major chain showing real momentum, with transactions up roughly 70% over the past month while peers remain flat
Industry News Flash
Notable Raises
VerifiedX selected Crypto.com for custody and OTC services supporting $1.5Bn in assets
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Filecoin Foundation and FiloZ launched a decentralized cloud platform for resilient, customizable applications
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Spark shelved its consumer crypto app to refocus entirely on institutional DeFi infrastructure
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Blockchain.com appointed a co-CEO and opened a new U.S. headquarters in Dallas
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Fidelity launched a Solana ETF, expanding major asset-manager participation in SOL products
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Japan moved to reclassify crypto assets for tax relief, easing rules for local token issuers
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Thai exchange Bitkub plans a Hong Kong IPO as it expands internationally
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Upbit parent Dunamu is considering a Nasdaq listing after talks with Naver stalled
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Japan proposed new FSA rules requiring exchanges to hold emergency reserves for full customer protection
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Media & Insights
📄 Research Piece of the Week: The MoneyVerse
Invisible Bitcoin: A ZEC Investment Thesis
📌 Post of the Week: Adi Dave
Zenrock Traction
🎙️Podcast of the Week: ZR Talks
Episode 10: Adi Dave and Jack Krevitt