50T Investor Newsletter (May 12)
May 12, 2025
Hi Investors,
We’re pleased to share this week’s portfolio and market highlights. From the largest M&A deal in crypto history to the return of crypto IPOs, the ecosystem continues to evolve rapidly. Here’s what happened from May 4–11:
Market Moves
Coinbase to acquire 10T/1RT portfolio company Deribit for $2.9B
→ WSJ
10T portfolio company eToro launches its IPO roadshow, targeting a ~$4B valuation
→ The Block
Meta explores stablecoin integration
→Fortune
GENIUS Act fails Senate in a 48-49 vote for stablecoin regulation
→ The Hill
Ethereum’s Pectra upgrade successfully implemented
→ The Block
Coinbase Q1 2025 earnings
→ Transcript
New Hampshire is first state to approve Bitcoin reserve for state funds
→ CoinDesk
Zenrock's zenBTC is live: the first fully decentralized native-yield generating wrapped BTC product
→ Link
Portfolio Headlines
 | 5/9: Launches 24/7 futures for Bitcoin and Ethereum: Link
|
 | 5/9: Launches native $DOOD token on Solana: Link |
 | 5/6: Bloomberg reports that it's looking for acquisitions: Link |
 | 5/7: Hires Brad Vopni from Hudson River Trading to spearhead institutional expansion: Link 5/9: Secures MiFID II license from Malta to offer derivatives in EEA: Link |
Chart of the Week
49.7% of all token failures in history happened in 2025 — memecoin-driven
Ethereum L2 unique interactions hit an all-time-high of 14M unique addresses
Unichain led in April TVL growth
Stablecoin market cap is up +45% YoY, outpacing crypto’s 24% total market growth
Industry News
Notable Raises
Doppel (Risk Protection)
5/5: Raises $35MM in Series B led by Bessemer, with participation from 9Yards, Sozo Ventures, a16z, South Park Commons, Strategic Cyber Ventures, Script: Link
Sentora (DeFi Asset Management)
5/6: Raises $25MM in Series A from New Form Capital, with participation from Joint Effects, Tribe Capital, Ripple, UDHC, Curved Ventures, and others: Link
T-Rex (L1 for entertainment)
5/9: Raises $17MM in pre-seed round from Portal Ventures, North Island Ventures, Framework Ventures, Arbitrum Gaming Ventures, ArkSTream Capital, and more: Link
Industry News
Bitcoin
5/7: Revolut partners with Lightspark to streamline BTC transactions: Link
ETFs
5/5: SEC delays decision on Canary’s Litecoin ETF: Link
Exchanges
5/7: HOOD plans blockchain to trade US assets in Europe: Link
L1s
5/8: Sei weighs proposal to deprecate Cosmos accounts and move to EVM only model: Link
NFT
5/5: Mattel shuts down its Hot Wheels NFTs: Link
Regulation
5/7: OCC says banks can handle crypto for customers and outsource it: Link
RWA
5/6: Citi joins forces with Switzerland’s SDX to tokenize $75Bn pre-IPO shares market: Link
Stables
5/8: Stripe announces new stablecoin features from its Bridge acquisition: Link
Looking Ahead
May 12 – SEC Tokenization Roundtable
May 12 – APT token unlock ($55MM)
May 14–16 – Consensus 2025 *Dan Tapiero speaking
May 14 – VanEck Onchain Economy ETF launch
May 15 – Animoca's Moca Network Townhall
May 16 – Galaxy Digital ($GLXY) begins trading on Nasdaq
Media & Insights
📄 Research Piece of the Week: oney, Blockchains and Social Scalability v2