22 projects raised $128 million this week, led by Courtyard ($30M), Gaia ($20M), and Poseidon ($15M), while Polymarket, Blockstream, and Archax announced strategic acquisitions. On the treasury front, StablecoinX ($360M for ENA), Mercury Fintech ($200M for SOL), and xTAO ($22.8M for TAO) reflected a growing trend of direct token accumulation by structured vehicles. 50T launched a $500 million fund, and on Crypto Twitter, Kyle Samani, Saneel Sreeni, and Miles Jennings weighed in on market structure, crypto x AI, and emerging regulation. Here’s the full breakdown of this week’s deals and insights.
VC CT: Kyle Samanipublished a roadmap for Solana’s evolution into a foundation for internet-native capital markets; Saneel Sreenioutlined a retrospective on the 2024 crypto x AI boom-bust cycle; and Miles Jenningsanalyzed the CLARITY Act’s potential to create a robust U.S. regulatory framework.
Notable Deals
22 projects collectively raised $128 million last week. Here are the eight that stood out:
In recent months, onchain treasury activity has accelerated, with corporate and structured vehicles increasingly executing large-scale token accumulation strategies. Instead of raising capital through traditional funding rounds, these entities are directly acquiring digital assets as part of long-term capital allocation plans. Here are three notable examples from the past week:
The Pitch: TLGY Acquisition Corp., a special purpose acquisition company (SPAC), merged with StablecoinX Assets Inc. to form a new entity called StablecoinX. The company’s sole purpose is to acquire and hold ENA. The merged entity plans to list its shares on Nasdaq under the ticker “USDE.”
Round: $360 million private investment in public equity (PIPE)
The Pitch: Mercury Fintech launched a Solana-based digital asset treasury strategy focusing on accumulating SOL, generating onchain yield, and investing in Solana ecosystem projects.
Round: $200 million Equity Line of Credit Agreement
Polymarketacquired CFTC-regulated derivatives exchange and clearinghouse QCEX for $112 million, enabling it to re-enter the U.S. market under a compliant framework. The deal follows Polymarket’s 2022 settlement with the CFTC, which required the prediction market to cease serving U.S. users and pay a $1.4 million fine. QCEX, which has filed to become a designated contract market, brings the regulatory infrastructure Polymarket lacked, enabling it to legally offer event-based contracts to American users. The acquisition comes amid renewed momentum for U.S. prediction markets, following favorable court rulings for Kalshi.
Blockstream acquired Elysium Lab
Blockstream, a Bitcoin infrastructure firm and developer of the Liquid Network and Core Lightning, acquired Swiss digital asset company Elysium Lab to establish its European headquarters, Blockstream CH SAGL, in Lugano. The move expands Blockstream’s presence in Switzerland and creates a regional hub for Bitcoin-native R&D, complementing its existing teams in Lugano and Turin. Elysium’s team and IP will be integrated to strengthen institutional offerings and accelerate development. The deal also unlocks CHF 100,000 grants for startups building on Blockstream tech.
Archax acquired Deutsche Digital Assets
Archax, a UK-regulated digital asset platform, acquired German crypto manager Deutsche Digital Assets (DDA) to expand its EU footprint. The deal adds $70 million AUM and BaFin-regulated permissions, portfolio management, advisory, and distribution, enhancing Archax’s ability to offer crypto ETPs across Europe. DDA’s institutional network in Germany, France, and Switzerland complements Archax’s existing presence in the UK and Spain, following its 2023 acquisition of broker KSCM. The move positions Archax as one of Europe’s most comprehensively licensed digital asset firms, bridging native crypto, tokenized RWAs, and institutional ETPs under a unified platform.
Funds
50T Fund V – $500M
50T, formed from the merger of Dan Tapiero’s 10T and 1RoundTable Partners, has launched a $500 million growth equity fund focused on blockchain, crypto, and Web3 infrastructure. The new vehicle, 50T Fund V, is a 10-year closed-end fund targeting later-stage companies. The rebrand reflects Tapiero’s revised thesis that the digital asset ecosystem could reach $50 trillion in value over the next decade. With $2 billion in AUM, 50T has seen recent exits, including Deribit’s $2.9 billion acquisition by Coinbase, and maintains board roles across its portfolio, emphasizing concentrated bets and downside protection.
Published a roadmap detailing how Solana aims to support internet-native capital markets through low-latency infrastructure, flexible market microstructure, and application-controlled execution.
Outlined a retrospective on the rise and decline of the 2024 crypto x AI hype cycle, critiquing speculative tokenization trends while advocating for net-new applications that meaningfully integrate AI and crypto through infrastructure like Ritual.
Analyzed the importance of the CLARITY Act, a bipartisan U.S. House bill aimed at establishing a clear regulatory framework for digital assets, improving upon previous legislation to support innovation, consumer protection, and domestic blockchain development.
Quick Recap
Total Deals: 22
Total Raised: $128M
Acquisitions: 3
Crypto Treasuries: StablecoinX ($360M), Mercury Fintech ($200M), and xTAO ($22.8M)
Newly Launched Funds: 50T Fund V – $500M
That’s a wrap for this week’s Crypto Venture Weekly. Thanks for tuning in, and see you next week!
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Jake is a Research Analyst on the Protocol Research team. He previously worked as an Investment Analyst at an AI-driven crypto research platform and as a Venture Analyst at a digital assets venture fund. He advised multiple RWA tokenization projects on tokenomics. Jake graduated from the University of Southern California, where he studied Philosophy and Finance.
Alice is a Research Analyst on the Protocol Services team. She previously worked as a Research Analyst at The Block and was an Investment Intern at Variant Fund. Alice graduated from Northwestern University, where she studied Economics.
Jake is a Research Analyst on the Protocol Research team. He previously worked as an Investment Analyst at an AI-driven crypto research platform and as a Venture Analyst at a digital assets venture fund. He advised multiple RWA tokenization projects on tokenomics. Jake graduated from the University of Southern California, where he studied Philosophy and Finance.
Alice is a Research Analyst on the Protocol Services team. She previously worked as a Research Analyst at The Block and was an Investment Intern at Variant Fund. Alice graduated from Northwestern University, where she studied Economics.
