50T Investor Newsletter (Jun 2)

Hi Investors,

The week of May 26 – June 1 was marked by Circle’s IPO filing, a major shift in staking regulation, and bold crypto treasury moves by institutions and governments alike. Here’s a quick snapshot of what mattered most:

Market Moves

Circle officially launches IPO with increased size and pricing at ~$7.2Bn fully diluted valuation target
→ Bloomberg

U.S. SEC greenlights protocol staking & staking-based ETFs
→ Cointelegraph

Yuga Labs sells Moonbirds NFT IP to gaming startup Orange Cap Games
→ Cointelegraph

MetaMask wallet adds support for Solana blockchain
→ The Block

Cantor Fitzgerald to launch gold protected Bitcoin fund
→ Businesswire

Trump Media raises $2.5Bn to create Bitcoin reserve
→ MSN.comPortfolio Headlines

Charts of the Week

ito now holds ~70% of market share for Solana LSTs

Circle’s CCTP is the largest cross-chain bridge (~50% market share)

PYUSD transfer volume grew ~5x YoY

Polymarket May volume ~$1B (vs. $63M a year ago)

Industry News

Notable Raises

Conduit (Stablecoin Payments) – Raises $36MM Series A
→ Fortune

Industry News

Bitcoin

• Cantor closes first BTC financing deal
  → The Block

• Pakistan forming BTC reserve
  → The Block

• Gamestop launches BTC treasury
  → The Block

• Paris Saint-Germain announces BTC treasury
  → The Block

• Twenty One Capital raises total financing to $685MM
  → The Block

 ETFs

• REX + Osprey file for staking ETH & SOL ETFs
  → SEC Filing

 Exchanges

• Bybit granted MiCA license in Austria
  → Coindesk

• SEC drops Binance case
  → Eleanor Terrett via X

 Regulation

• SEC says it won’t protect meme coins
  → CNBC

 RWAs

• Bergen County to tokenize $240Bn in real estate deeds
  → NJBIZ

Looking Ahead

6/3-6/5: Money 20/20 Europe (Amsterdam)

6/4: US House Financial Services Committee holding a hearing on “American Innovation and the Future of Digital Assets”

6/4-6/6: Non Fungible Conference (Lisbon)

6/6: SEC Crypto Task Force roundtable on “DeFi and the American Spirit”

Media & Insights

👀 50Tweet of the Week - Josh Siegler – Three Thursday Theses (BTC Edition)

 📝 Research Piece of the Week - Stablecoin Payments from the Ground Up