Hi Investors,

It was a big week of news for our portfolio companies, with major developments across exchanges, AI infrastructure, and onchain markets. Kraken raised $800MM at a ~$20Bn valuation and filed its S-1, prediction-market capital surged with Kalshi’s $1Bn round and a reported integration into Coinbase, and infrastructure momentum accelerated as Cipher secured a multi-billion-dollar AI hosting deal and Bitfury committed $1Bn to new AI and blockchain investments. Across the portfolio, strategic partnerships strengthened - from Tether taking an equity stake in Ledn to Animoca expanding its RWA footprint with Hang Feng - while Core’s injunction against Maple highlighted growing pressure on offchain custody models. With Coinbase’s acquisition of Vector and steady growth in stablecoin, RWA, and DeFi activity, the week reflected broad advancement across exchanges, compute, and onchain financial rails.

Below are the key developments:

Market Moves

Core Foundation secured an injunction blocking Maple Finance from launching syrupBTC pending arbitration
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Kalshi raised $1Bn at an $11Bn valuation as the prediction-market funding cycle accelerates
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Aave launched a high-yield savings app with insurance-backed protection up to $1MM per depositor
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Phantom launched Phantom Terminal, a pro trading interface offering deep onchain data and advanced order routing
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Vitalik Buterin introduced Kohaku, a new privacy-focused framework for Ethereum transactions
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DappRadar shut down, citing financially unsustainable market conditions
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The Digital Chamber launched a state-level policy network to expand crypto influence ahead of the U.S. midterms
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Hong Kong launched a “Real Value Tokenization” pilot to test regulated RWA frameworks
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 Revolut enabled stablecoin payments and remittances for 40M+ users on Ethereum and Polygon
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1inch launched AQUA, a new liquidity layer designed to improve routing and execution efficiency across DeFi
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