The Daily: Goldman-BNY tokenization push, Ethereum’s ‘demand shock’, $50 trillion crypto forecast, and more

The following article is adapted from The Block’s newsletter, The Daily, which comes out on weekday afternoons. Happy Wednesday! Let’s take a look at the top stories.

Traditional finance is moving further onchain. BNY Mellon and Goldman Sachs have teamed up to tokenize money market fund records — a step toward bringing traditional assets onto blockchain rails.

Bitcoin miner MARA plans to raise $850 million through a convertible note sale, with proceeds partially set aside to buy more BTC. Separately, Dan Tapiero has launched a new $500 million fund under the "50T" brand, betting the crypto economy will hit $50 trillion.

Ethereum is leading the market. U.S. spot ETH ETFs pulled in $534 million in single-day inflows — the third-largest on record — while Trump-linked World Liberty Financial bought 3,400 ETH onchain. Bitwise CIO Matt Hougan says ETH is in the middle of a "demand shock," with ETF and treasury buyers acquiring 32x more ETH than the network has minted since May.

Let’s get into it.

Goldman Sachs and BNY Mellon team up for tokenization

• BNY Mellon and Goldman Sachs have partnered to tokenize ownership records of select money market funds, using blockchain infrastructure developed by Goldman.
• The initiative enables institutional investors to subscribe to fund shares via BNY’s LiquidityDirect and Digital Assets platforms, with “mirrored” records created on Goldman’s GS DAP blockchain.
• BlackRock, Fidelity, Federated Hermes, Goldman Sachs Asset Management, and BNY’s Dreyfus unit are participating in the initial launch.
• BNY will continue to maintain the official books and settlements under existing regulations, while the mirrored tokens aim to improve how fund shares can be moved or used, including as collateral.
• The project highlights rising institutional interest in tokenizing traditional financial products — particularly money market funds — as firms explore more programmable, blockchain-based infrastructure.

Ethereum rally driven by structural demand surge, says Bitwise CIO

• Ethereum is facing a “demand shock,” with ETFs and corporate treasuries buying an estimated 2.83 million ETH — worth around $10 billion — since mid-May, according to Bitwise CIO Matt Hougan. That’s 32 times more than the network minted over the same period.
• Hougan attributed ether’s recent 65% price jump to the widening demand-supply gap, rather than sentiment shifts.
• He drew parallels to bitcoin’s rally last year, where spot ETFs and public companies acquired more than five times the amount mined. A similar setup may now be unfolding for ETH, Hougan wrote.
• Since mid-May, ETH spot ETFs have taken in over $5 billion, while firms like BitMine, SharpLink, Bit Digital, and The Ether Machine unveiled large ETH treasury positions.
• Looking ahead, Hougan projects another $20 billion in ETH purchases over the next year — versus just 800,000 ETH expected to be issued — suggesting the imbalance may deepen. “As a result, I think we’re heading higher,” he said.

Bitcoin miner MARA plans $850 million raise to buy BTC, restructure debt

• MARA Holdings, the largest bitcoin holder among miners, is looking to raise $850 million via a zero-coupon convertible note offering due 2032, with proceeds earmarked for bitcoin purchases and debt restructuring.
• The notes, offered under Rule 144A, won’t accrue interest and are convertible into cash, stock, or a mix at MARA’s discretion under specific conditions. An additional $150 million could be raised if initial buyers exercise their option.
• Up to $50 million will go toward retiring part of MARA’s 1% notes due 2026. The miner recently boosted its BTC holdings to 50,000 and expanded its stake in SEC-registered lender Two Prime, allocating 2,000 BTC to its yield strategies.

U.S. spot ETH ETFs see $534 million inflows

• Spot Ethereum ETFs in the U.S. drew $533.9 million in net inflows on Tuesday — the third-largest single-day inflow since launch, according to SoSoValue data.
• BlackRock’s ETHA led with $426.2 million, followed by Grayscale’s Ethereum Mini Trust at $72.6 million and Fidelity’s ETF with $35 million. The inflows trail only last Wednesday and Thursday, which saw $726.7 million and $602 million, respectively.
• The surge comes as ether gains ground against bitcoin, both in price and institutional demand. Kronos Research CIO Vincent Liu said ETH momentum looks likely to hold in the near term as BTC dominance dips. Min Jung of Presto noted the rotation resembles past cycles when capital shifted from bitcoin to ether and then to altcoins.
• Meanwhile, spot bitcoin ETFs saw outflows of $67.9 million Tuesday, after $131.3 million in redemptions on Monday. Some firms are also leaning into ETH for treasury strategies — SharpLink Gaming, for example, has been accumulating ether since May.

Dan Tapiero eyes $50 trillion crypto future with new fund

• Veteran macro investor Dan Tapiero has rebranded his firms 10T Holdings and 1RoundTable Partners under a new banner, 50T — launching a $500 million growth equity fund to match the outlook.
• Tapiero, who originally projected the digital asset ecosystem could reach $10 trillion, now sees a path to $50 trillion over the next decade, citing recent tailwinds from Washington and stronger institutional momentum.
• The estimate includes the global crypto market cap as well as the combined valuation of public and private crypto companies.
• The new 50T Fund V will target growth-stage investments across blockchain, crypto, and web3 infrastructure. First close is expected in Q4.

In the next 24 hours

• Watch for U.S. initial jobless claims, new home sales, and flash PMI data for both manufacturing and services on Thursday — key indicators for macro sentiment. The European Central Bank is also set to announce its latest interest rate decision.

Never miss a beat with The Block's daily digest of the most influential events happening across the digital asset ecosystem.

Disclaimer: The Block is an independent media outlet that delivers news, research, and data. As of November 2023, Foresight Ventures is a majority investor of The Block. Foresight Ventures invests in other companies in the crypto space. Crypto exchange Bitget is an anchor LP for Foresight Ventures. The Block continues to operate independently to deliver objective, impactful, and timely information about the crypto industry. Here are our current financial disclosures.

© 2025 The Block. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.