$10B Crypto Liquid Fund Buying Power

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Good Morning.

We just launched a new publication under the name StableScope, where we’ll be sending two issues per week focusing on all things stablecoin. There’ll be an entire team focusing on different stablecoin-related insights if that’s your cup of tea :)

Check out the new publication below!

Check out my latest podcast episode with Adrian from Chorus One Ventures!

In Today's Email:

• What Matters: Plasma Completes $500M Vault Raise 🚀 

• Case Study: BidClub $10B Liquid Fund List 📜 

• Governance & Features: Morpho Aligns Fully Around MORPHO 🔎 

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TOGETHER WITH

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WHAT MATTERS

Plasma Hits $500M Stablecoin Cap in 1 Hour

State of play: Plasma hit its $500M stablecoin vault deposit cap within 48 minutes of opening on June 9, 2025, via the Sonar ICO platform.

• Over 1,100 wallets participated, with an average deposit of $35,000.

• Depositors earned rights to buy Plasma’s XPL token, part of a raise targeting 10% of the total supply.

• The vault now holds $345M in USDC, $146.1M in USDT, $7.5M in USDS, and $1.21M in DAI, according to Arkham.

• Originally aiming for $50M in May, Plasma’s raise exceeded expectations amid growing interest in stablecoins.

• Backed by Bitfinex and Echo (founded by Cobie), Plasma is building an EVM-compatible sidechain to eliminate USDT transaction fees.

Why it matters: Plasma’s successful raise shows the appetite that investors have for stablecoin, especially when there’s upside for retail participants.

Our take: Participants will most likely be up on their investments as the comparable for L1s out there with a similar amount of hype is in the billions.

For builders and investors: Don’t try to be the Plasma beta, find your own angle.

CASE STUDY

BidClub Liquid Crypto Investor List

BidClub released a curated list of institutional crypto investors who actively buy/sell beyond Bitcoin and majors in open markets (non-OTC).

• The list, featuring over 35 firms like Paradigm, Multicoin, and Framework, includes their websites, X handles, fund types, and estimated liquidity profiles.

• The estimated combined buying power is around $10B, with $3–5B excluding the top five.

• BidClub plans to add direct contact links and offers to help teams arrange non-deal roadshows (NDRs).

Take a peek at our referral reward at the bottom of this issue. Share this newsletter and receive our list of 500 crypto VC individuals 👇

INSIGHTS

Bitcoin ETFs Near $1T Milestone as IBIT Sets Records

US spot Bitcoin ETFs are set to hit $1T in cumulative trading volume less than 18 months after launching in January 2024, with current volume at $995.2B.

• BlackRock’s IBIT dominates the market, holding a 79% share of trading volume and $70B in AUM.

• Ibit is also becoming the fastest ETF ever to reach that amount, five times faster than gold’s GLD.

• Spot Bitcoin ETFs collectively hold over $120B in AUM, with $44.9B in net inflows, led by IBIT.

• In contrast, spot Ethereum ETFs, launched in July 2024, have seen $83.4B in trading volume and $6.6B in AUM.

• Bitcoin’s strong ETF momentum positions it as a major asset class contender alongside traditional ETFs like QQQ and VOO.

FEATURES & GOVERNANCE UPDATE

Morpho Aligns Fully Around MORPHO Token

Morpho is consolidating its governance and incentives around a single token, MORPHO, to ensure full alignment between contributing entities and the DAO.

• To eliminate conflicts of interest, Morpho will become a wholly owned subsidiary of the Morpho Association, a French nonprofit legally barred from profit distribution.

• This mirrors the structure of Morpho Labs Inc. in the US.

• The Morpho Association advocates reinvesting protocol fees to drive long-term growth, treating Morpho like a high-growth startup rather than distributing early profits.

Other notable feature updates:

• Euler Labs has launched Frontier.

• Plume Genesis mainnet is now live.

• Farcaster now supports HyperEVM.

• Berachain has activated Bectra on mainnet.

• OpenSea has launched OS2 as its default platform.

• Ethena has launched savings support for USDe on TON.

• Sky Protocol has activated USDS rewards for SKY stakers.

QUICK BITES

• Bullish files for US IPO.

• Solana ETFs could see approval in four months.

• SEC asks potential Solana ETF issuers to update S-1s.

• Japan's SBI says it invested $50< in Circle during IPO.

• IREN unveils proposed $450M convertible notes offering.

• US Senate set for GENIUS stablecoin bill vote this Wednesday.

• South Korean lawmaker proposes stablecoin licensing regime.

• Quintenz says CFTC will need more funding for crypto oversight.

• 60% of Fortune 500 firms are working on blockchain initiatives.

• Connecticut enacts law banning state crypto reserves, investments.

• XRP Ledger plans sidechain launch in Q2 for Ethereum compatibility.

• Trump-backed Bitcoin mining firm acquires first $23M worth of BTC.

• US spot Bitcoin ETFs set to hit $1T cumulative trading volume milestone.

• Sandeep Nailwal steps up as Polygon Foundation CEO, unveils strategic shift.

NOTEWORTHY READS & MEME

• Pix’s read on the setup to farm HyperEVM.

• Coinmetrics’ read on analyst spotlight Tether (USDT) overview.

• Wublockchain’s read on Singapore’s new crypto regulations explained.

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Disclaimer: All the information presented in this publication and its affiliates is strictly for educational purposes only. It should not be construed or taken as financial, legal, investment, or any other form of advice.