Digital asset investment pioneer Dan Tapiero recently merged his private equity firm 10T Holdings with 1RoundTable Partners into a new entity called 50T, demonstrating strong confidence in the digital asset economy. With major transactions like Coinbase's $2.9 billion acquisition of Deribit, market enthusiasm continues to rise. Tapiero predicts that the total market value of digital assets will reach $50 trillion in the next decade, far exceeding his initial expectation of $10 trillion by 2030. The current market has already surpassed $5 trillion, indicating accelerating institutional adoption. To capitalize on this growth trend, 50T is preparing a $500 million growth equity fund focused on investing in late-stage digital asset companies, with the first closing expected in the fourth quarter of 2025. This strategic move will position 50T as a key driver of blockchain infrastructure development.
Dan Tapiero Establishes 50T Fund, Targeting $50 Trillion Digital Asset Wave
Digital asset investor Dan Tapiero has merged his private equity firms 10T Holdings and 1RoundTable Partners into a new entity called 50T. This brand repositioning shows his optimistic outlook on the digital asset economy, predicting its market value will reach $50 trillion within the next decade. Tapiero initially forecast $10 trillion by 2030, but the market has already reached $5 trillion, exceeding his expectations.
This merger coincides with significant developments in the blockchain sector, including Circle's post-listing surge and Coinbase's $2.9 billion acquisition of Deribit. Tapiero's portfolio includes high-profile investments in Circle, Deribit, and eToro, and as institutional adoption accelerates, more companies are considering going public.
To seize this growth opportunity, 50T is launching a $500 million growth equity fund targeting late-stage digital asset companies. This 10-year closed-end fund is expected to have its first closing in the fourth quarter of 2025, positioning 50T as a key participant in the next phase of blockchain infrastructure development.
JPMorgan's Proposal for Data Access Fees Raises Regulatory Concerns
JPMorgan's plan to charge financial technology companies for customer account data access has drawn scrutiny from Consumer Financial Protection Bureau (CFPB) officials. An unnamed political appointee reportedly opposes the bank's move, which could undermine the open banking rules finalized by the Biden administration last year. The current regulation prohibits banks from charging data access fees to third-party platforms like Coinbase, Venmo, and PayPal.
CFPB Acting Director Russell Vought is seeking to overturn this regulation in court, arguing that Section 1033 of the Dodd-Frank Act does not authorize a fee ban. Critics warn that a policy reversal could stifle financial technology innovation. Former Treasury official Graham Steele stated: "They are repealing these policies without proper consideration," referring to the Trump administration's efforts to dismantle Biden-era financial policies.
Veteran Crypto Custodian BitGo Submits Confidential IPO Application, Joining Institutional Adoption Wave
Institutional-grade crypto custody pioneer BitGo has secretly submitted a registration draft for a Class A common stock IPO to the SEC. This move positions the company to become the next compliant crypto infrastructure provider to enter the public market, following Coinbase and Circle.
Founder Mike Belshe, a former Google Chrome architect, created BitGo in 2013 as the first multi-signature Bitcoin wallet provider. The company's IPO strategy utilizes confidential submission clauses to control market speculation while highlighting institutional demand for regulated crypto services.
This listing comes at a time when traditional finance is accelerating its embrace of digital assets. BitGo's focus on compliance reflects the industry's mature shift from retail speculation to enterprise-level solutions.
South Korea Restricts ETF Crypto Company Investment Ratio
South Korean regulators have taken action to limit traditional financial products' investment in crypto-related assets. The Financial Supervisory Service issued verbal guidance prohibiting domestic ETFs from increasing positions in companies like Coinbase, reinforcing virtual currency emergency measures implemented in 2017.
Currently, the "ACE US Stock Best-Selling ETF" has a crypto-related holding ratio of 14.59%, exceeding the regulator's unofficial 10% warning line and triggering regulatory action. These suppression measures reflect growing caution among institutional investors as digital assets enter mainstream financial domains.
South Korea Strictly Controls ETF Crypto Currency Risk Exposure
South Korean regulators have recently moved to limit traditional financial products' risk exposure to the crypto market. The Financial Supervisory Service (FSS) has issued verbal guidance to asset management companies, prohibiting the expansion of ETF holdings in crypto-related stocks like Coinbase. This reinforces the country's 2017 emergency measures banning financial institutions from investing in virtual assets.
Data shows that several Korean ETFs already hold significant crypto-related positions, with some allocation ratios exceeding 10%. For example, the ACE US Stock Hot-Selling ETF has a crypto risk exposure of 14.59%. This regulatory intervention aims to isolate traditional finance from crypto market volatility while maintaining existing bans.
Citadel Challenges SEC's Stance on Tokenized Stocks, Warns of Regulatory Arbitrage Risk
Citadel Securities formally opposes the SEC's potential proposal to exempt tokenized stocks, arguing that such assets should be subject to the same regulatory standards as traditional stocks. The market maker's letter warns that this could create a backdoor for crypto companies to circumvent securities regulations, emphasizing risks of liquidity dispersion and investor confusion.
Tokenized stocks—blockchain-based equity representations supporting 24/7 trading—have attracted interest from major exchanges like Coinbase and Kraken. SEC Commissioner Hester Peirce insists these products clearly fall under securities categories, while Chairman Gary Gensler's team is exploring "innovation exception clauses" that could reshape market structure.
TD Cowen analyst Jaret Seiberg points out unresolved operational challenges, particularly in terms of price discovery mechanisms. This debate highlights the increasingly tense relationship between traditional finance and crypto innovators attempting to disrupt the stock market.
