50T Investor Newsletter (Sep 8)
Sep 8, 2025
Hi Investors,
This past week’s developments illustrate how different parts of the digital asset ecosystem are maturing in parallel. On one side, exchange operators and credit platforms are testing public markets through upcoming IPOs, providing new benchmarks for valuation and business models. On another, regulators are beginning to clarify the conditions under which existing market structures can accommodate spot crypto trading. At the same time, infrastructure initiatives around stablecoin settlement and tokenization continue to move forward, suggesting that integration with established financial rails is steadily advancing.
Below are the key developments:
Market Moves
SEC & CFTC Clarify Registered Exchanges May Facilitate Spot Crypto Trading
→ Link
Stripe + Paradigm Unveil Tempo, a Payments-First Layer1 Blockchain
→ Link
Fireblocks Launches Network for Stablecoin Payments
→ Link
Galaxy Digital Tokenizes SEC-Registered GLXY Shares on Solana
→ Link
Portfolio Headlines
 | Coinbase to Launch MAG7 Crypto-Equity Index Futures on Sept. 22 |
 | Figure Sets IPO Terms, Targeting ~$4Bn Valuation → Link |
 | Gemini Files for IPO, Aiming for a $2.2Bn Valuation Gemini Expands EU Offering With Staking, Perpetuals |
 | Kraken Completes Acquisition of Breakout, Launches Prop Trading |
 | Rolled out enterprise mobile app + Tron support for institutional stablecoin transactions → Link |
Charts of the Week
Year-to-date performance of crypto sectors as of August 25, 2025, showing strong gains in DeFi and RWAs, while AI and Gaming lag
August set a new all-time high in transactions across the DAE, with transaction fees matching their lowest levels to date.
DeFi perpetuals volume broke $450Bn in August led by Hyperliquid’s massive growth over the past quarter
Monthly Uniswap trading volume on Layer 2 networks has accelerated, with Base and Arbitrum leading growth through 2025
Industry News
Notable Raises
Aria (Onchain IP)
Raised $15MM Seed from Polychain, Neoclassic, Story Protocol Foundation, and others
→ Link
Etherealize (Ethereum Infrastructure)
Raised $40MM Series A led by Electric Capital & Paradigm with support from Vitalik Buterin & Ethereum Foundation
→ Link
Everlyn (Onchain Video)
Raised $15MM led by Mysten Labs (Sui core), joined by Selini, Baseline, ionet, Google, Amazon, Meta
→ Link
Kite (AI + Stablecoin Payments)
Raised $18MM Series A co-led by General Catalyst & PayPal Ventures
→ Link
Portal to Bitcoin (Cross-Chain Infra)
Raised $50MM led by Paloma Investments
→ Link
Tangany (Custody, Europe)
Raised €10MM Series A led by Baader Bank, Elevator Ventures, Heliad Crypto Partners
→ Link
Utila (Stablecoin Infrastructure)
Raised $22MM led by Red Dot Capital Partners (Series A extension to $40MM)
→ Link
Industry News
Robinhood Set to Join S&P 500 as MSTR Misses Out
→ Link
US Federal Reserve to hold conference on stablecoins & tokenization
→ Link
SEC & CFTC seek to “harmonize” DeFi, perps, and more – plan roundtable later this month
→ Link
Solana approves historic “Alpenglow” upgrade with 98% support
→ Link
Pump.fun’s new fee model pays out $2M to creators in first 24h
→ Link
Brazil’s Itaú launches crypto-focused division
→ Link
U.S. Bank resumes Bitcoin custody, adds ETF support
→ Link
Looking Ahead
Sept. 8: Uniswap DAO vote concludes on establishing “DUNI” legal entity.
Sept. 11: Aptos unlock – 2.2% of supply (~$48.4MM).
Sept. 16: Arbitrum unlock – 2.03% of supply (~$46.0MM).
Media & Insights
📄 Research Piece of the Week: a16z Crypto
Markets need rules, and crypto is no different
📌 Tweet of the Week: Dan Tapiero
Silver breakout supportive of the DAE