50T Fund Launches $500M Amid $50T Crypto Market Forecast; Circle Downgraded

Macro investor Dan Tapiero has merged his 10T Holdings and 1RoundTable Partners into the 50T brand. He now forecasts a $50 trillion crypto market within the next decade, up from today’s $5 trillion ecosystem. To back this outlook, 50T launched the 50T Fund, a 10-year closed-end growth equity vehicle targeting $500 million for late-stage blockchain and Web3 infrastructure, with a first close slated for Q4 2025. The merger boosts 50T’s assets under management to $2 billion and emphasizes structured downside protection and active governance, retaining board seats in key portfolio companies. The 50T Fund aims to capitalize on rising institutional demand for crypto growth equity. Meanwhile, stablecoin issuer Circle (CRCL) was downgraded by Compass Point from “Hold” to “Sell,” sending shares down as much as 8%. The analyst cited stretched valuation, intensifying competition and margin pressure in distribution partnerships, cutting Circle’s price target to $130 from $205. They also warned that shifts in Treasury yields backing USDC could impact revenue. Although Circle’s stock volatility may trigger short-term uncertainty, the 50T Fund launch and the bullish $50 trillion crypto market forecast signal continued institutional confidence and potential long-term capital inflows.