Haun Targets $1B for New Crypto Funds

📢 Sponsor | 💡 Telegram | 📰 Past Editions

Good Morning.

The market seems to be a bit more positive today as BTC and altcoins rallied over the weekend, with many predicting that the US open will be a strong one. That said, the market is still in a relatively sideway price performance until we see more clarity from the macro side/Trump’s administration.

In Today's Email:

• What Matters: Haun Ventures Targets $1B 💰️ 

• Product: Fidelity’s ETH-Based Shares for Treasury Fund 👀 

• Charts: Strategy Raises $722.5M, MegaETH’s 20,000 TPS 📈 

Check out our latest podcast episode on TAO here.

You read and share. We listen and improve. Send us feedback at [email protected].

TOGETHER WITH

Safu

Looking to stay ahead in the meme coin market?

Safu Tech is the premier Solana meme wallet tracker, designed to help you follow the highest P/L traders across the top meme coins. 

Gain insights into the moves of top-performing wallets, follow the smart money, and uncover opportunities in real-time.

Start tracking the top traders and take your trading strategy to the next level.

WHAT MATTERS

Haun Ventures Targets $1B for New Crypto Funds

State of play: Haun Ventures, led by former DOJ prosecutor and a16z alumna Katie Haun, is raising $1B in fresh capital to support early and late-stage blockchain startups.

• The raise would be the largest venture deal in the crypto sector since the start of President Trump’s second term.

• The capital will be evenly split: $500M for early-stage investments and $500M for late-stage ventures.

• The strategy mirrors the firm’s 2022 launch strategy when it secured $1.5B ahead of the crypto market downturn.

• Haun Ventures initially aimed to deploy that amount within two years but slowed its pace after the FTX collapse.

• By mid-2023, around 60% of the initial capital remained undeployed.

Haun Ventures has backed notable projects including the NFT platform Zora and stablecoin protocol Bridge, which was acquired by Stripe for $1.1B.

What’s next: According to Fortune, the raise—expected to close by June 2025.

For builders and investors: Understand that investors have their own mandate and interest too — if you’re a builder, during fundraising period, investors are your customers. Figure out what they want to buy.

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 👇

PRODUCT OF THE WEEK

Fidelity’s Ethereum-Based Shares for Treasury Fund

Fidelity is introducing an Ethereum-based share class called "OnChain" for its Fidelity Treasury Digital Fund (FYHXX).

• While share ownership will be recorded on Ethereum for transparency, the official ledger will remain with Fidelity’s transfer agent and be reconciled daily.

• The fund continues to invest in cash and US Treasuries, with no tokenization of the underlying assets.

• The move aligns Fidelity with other major asset managers like BlackRock and Franklin Templeton in the growing $4.77B tokenized US Treasuries market.

• The OnChain shares are set to go live on May 30, pending SEC approval.

• A new filing for a Fidelity Solana Fund hints at possible future expansion.

Other cool products:

• Stakee, a staking platform on TON.

• DLN, a high performance cross-chain exchange.

• Iguana, a decentralized trading platform on Etherlink.

• Four Meme, a meme fair launchpad built on the BNB Chain.

• Swaap, an onchain yield powered by algorithm market making.

CHARTS OF THE WEEK

Strategy Raises $722.5M to Buy More Bitcoin

State of play: Strategy (formerly MicroStrategy) has upsized its STRF preferred stock offering to $722.5M, with net proceeds of $711M aimed at buying more bitcoin and general corporate use.

• The STRF shares offer a 10% annual dividend, compounding up to 18% if unpaid, and begin payouts in June.

• This is part of Strategy’s larger $42B "21/21 plan" to aggressively expand Bitcoin holdings.

• The company now holds 499,226 BTC, worth over $41B, representing nearly 2.4% of total Bitcoin supply.

Our take: Many have criticized that this move from Saylor is screaming a bit of desperation — it’s essentially money that MSTR doesn’t really have.

MegaETH’s Testnet Hits 20,000 TPS on Day One

State of play: MegaETH launched its public testnet on March 21, achieving 20,000 transactions per second (TPS) and 10 millisecond block times on day one.

• Unlike the prevailing rollup-centric roadmap that relies on multiple Layer 2s, MegaETH aims to become a single high-throughput execution environment.

• While it offloads transaction execution like traditional rollups, MegaETH enhances scalability through alternative data availability solutions (like EigenDA) and specialized sequencers, enabling parallel processing.

• The protocol plans to eventually reach 100,000 TPS and sub-millisecond latency.

Our Take: Speed will become the norm. MegaETH’s strength is in its ecosystem building.

QUICK BITES

• Strategy raises $722.5M to buy more Bitcoin.

• MegaETH’s testnet hits 20,000 TPS on day one.

• Haun Ventures targets $1B for new crypto funds.

• Developer ports Tornado Cash to MegaETH testnet.

• Berachain to roll out ‘proof-of-liquidity’ system today.

• Trump boosts $TRUMP by $400M with Truth Social post.

• Tether CEO says full audit by 'Big Four' firm is 'top priority.'

• Daily ETH burn hits an all-time low as Ethereum's on-chain activity dips.

• Fidelity launches Ethereum-tracked shares for Treasury money market fund.

• US Treasury argues no need for final court judgment in the Tornado Cash case.

NOTEWORTHY READS & MEME

• Grant blocmates’ read on the app-coin thesis.

• Eugene’s read on market wizards transcript summary.

• Frontier Fintech’s read on the iceberg theory of fintech.

If you enjoy reading this issue, please consider subscribing. It takes 1 minute of your time but it would mean the world to us 🙇

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.