50T Investor Newsletter (August 25)
Aug 25, 2025
Hi Investors,
We’re combining the past two weeks into one roundup — and what a period it’s been. From Gemini and Figure filing for IPOs to Coinbase closing its $4.3B Deribit acquisition (all 50T portfolio companies), the sector is seeing some of its most significant corporate milestones yet. At the same time, Circle launched its Arc blockchain, FanDuel and CME entered the prediction market sector, Stargate was acquired after a public bidding war, and much more. Regulatory momentum continued with the U.S. House passing a CBDC ban, the SEC advancing Project Crypto, and the EU expediting it plans for a digital Euro.
Market Moves
Jupiter Lend readies for public beta launch this week
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Tether Hires Policy Veteran Bo Hines
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Uniswap Proposes Wyoming DUNA Wrapper to Enable Fee Switch and Legal Clarity
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Coinbase Adds In-App DEX Trading; Solana Support Coming Soon
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FanDuel and CME Bring Prediction Markets Into Traditional Markets
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Stargate DAO Approves LayerZero Acquisition
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MetaMask Partners with Stripe and M^0 to Launch mUSD Stablecoin
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Jupiter Lend readies for public beta launch this week
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US OCC drops consent order against Anchorage Digital amid regulatory shift
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Portfolio Headlines
 | Circle Announces Arc: An L1 Purpose Built for Stablecoin Finance → Link
Circle to Meet South Korea’s Top Banking CEOs on Stablecoin Policy → Link Circle Acquires Malachite, a Consensus Engine, for Its New L1→ Link |
 | Coinbase Rolls Out DEX Trading To US Platform In Push To Become The ‘Everything App’ → Link |
 | Figure S-1 Goes Live → Link |
 | Gemini Files for IPO → Link
Gemini Launches Upgraded Self-Custodial Wallet With Enhanced UX and Token Support → Link |
 | Helium Announces Path to Deflationary Tokenomics → Link |
 | Kraken Acquired Capitalise.ai, a Firm That Translates Natural-Language Directives Into Fully Automated, Multi-Asset Trading Strategies → Link
Kraken expands its tokenized xStocks to Tron → Link |
Charts of the Week
75% of fund managers still report zero crypto allocation
Ethereum became the fastest asset to reach $500B market cap in history
Public company ETH holdings surged since July, nearing $15B
Liquid staking tokens hit $86B TVL, now 52% of DeFi
Industry News
Notable Raises
DigiFT (RWA Exchange) — Raised $11MM from SBI Holdings, Mirana, Offchain, Polygon, others
→ Link
IRYS (L1 Datachain) — Raised $10MM from CoinFund, Hypersphere, Amber, others
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Mesh (Payments) — Raised $10MM led by PayPal Ventures, Coinbase Ventures
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Shrapnel (Web3 Gaming) — Raised $19.5MM led by Polychain Capital
→ Link
Transak (On/Off Ramp) — Raised $16MM led by Tether & IDG Capital
→ Link
USD.AI (Stablecoin Protocol) — Raised $13MM Series A led by Framework Ventures
→ Link
Industry News
U.S. DOJ: Writing Code Without Bad Intent “Not a Crime”
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U.S. House Passes CBDC Ban
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Japan Eyes 20% Flat Tax for Crypto Trades
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EU Speeds Up Digital Euro Plans After GENIUS Act
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China Renaissance Commits $100MM to Binance Ecosystem
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DBS Launches $1,000-Denominated Crypto-Linked Structured Notes on Ethereum
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Ripple partners with SBI to Roll Out RLUSD in Japan by 2026
→ Link
Looking Ahead
Aug. 28–29: Bitcoin Asia 2025 (Hong Kong)
Aug. 28: Jupiter to unlock 1.78% of circulating supply worth $26.36MM
Sep. 1: Sui to release 1.25% of circulating supply worth $153.1MM
Media & Insights
📄 Research Piece of the Week: Bitwise
Bitwise: Bitcoin Long-Term Capital Market Assumptions
📌 Tweet of the Week: Tad Smith
Tad Smith: Ten Reasons I’m Bullish on Digital Art