BlackRock Explores Onchain ETFs

Figure IPO Pops to $36, Valuation Hits $7.6B | Galaxy Bets Big on Solana

Marco Manoppo & Karon Pangestu
September 12, 2025

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Good Morning.

BlackRock is exploring putting its ETFs onchain, including funds tied to real-world assets. With its crypto trusts topping $10B and BUIDL over $2B, tokenized products are starting to scale.

In Today's Email:

What Matters: BlackRock Explores Onchain ETFs 👀
Founders Highlight: Max Fiege of Hyperion 👨
Deal Flows: Figure IPO Pops to $36, Valuation Hits $7.6B 💰️

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Narratives: Tokenization Push

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TOGETHER WITH

Nuvolari Secures Angel Backing to Simplify DeFi

Most people spend too much time swapping, bridging, and rebalancing. Nuvolari is built to change that. It is a Sonic-based Wealth AI Co-Pilot that simplifies DeFi while keeping everything familiar and secure.

Nuvolari handles the tedious work and gives clear strategies based on your own habits. You stay in control, but you get back the hours normally lost to repetitive tasks.

Nuvolari recently raised an Angel Round to build the productivity layer for DeFi markets. Backed by leading builders and traders, the project is now focused on pushing DeFi toward a simpler, more frictionless future.

WHAT MATTERS

BlackRock Explores Onchain ETFs

Source: The Block

State of play: BlackRock is exploring ways to bring its exchange-traded funds onchain, including tokenizing funds tied to real-world assets like stocks, Bloomberg reported.

The firm already leads in crypto ETFs with its iShares Bitcoin and Ethereum Trusts, both surpassing $10B in AUM within a year.
BlackRock also manages the $2B BUIDL tokenized fund, the first of its kind to cross $1B.
The move comes as Wall Street ramps up tokenization efforts, with Fidelity and Nasdaq also experimenting.
CEO Larry Fink has long predicted all assets will eventually be tokenized.
However, analysts remain skeptical that tokenized ETFs will drive mass consumer adoption in the near term.

Why it matters: BlackRock’s move signals that tokenization is shifting from experiments to mainstream finance, with the world’s largest asset manager now exploring onchain ETFs.

Our take: While consumer adoption may be slow, BlackRock’s involvement gives tokenization credibility and could accelerate institutional integration.

For builders and investors: Expect more RWA tokenization pilots, rising demand for compliant infrastructure, and new opportunities in liquidity, custody, and cross-chain markets.

BUILDER-INVESTOR HIGHLIGHT

Max Fiege of Hyperion

Intro: Max Fiege is the Founder and Advisor of Hyperion, the first US publicly listed Hyperliquid DeFi Company.

Max is also a Principal at Merenti Capital and is currently building Native Markets.
Native Market is currently favored on Polymarket to win bid to issue Hyperliquid’s USDH.

Previous background: Before Hyperion, Max Fiege was Head of Growth at Liquity, co-founded Hyperactive Capital, Felix Protocol, Silhouette, USDhl, and Hyperion DeFi, and contributed to BarnBridge and FIAT DAO.

He also led digital assets at Signum Growth Capital, helping launch Polkadot, after earlier roles at Deloitte, Brookings, CFR, and the Embassy of Liechtenstein.

The big idea: Max’s idea with Native Markets is to build liquidity and market-making inside Hyperliquid so profits stay in the ecosystem and drive its growth.

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

Galaxy Bets Big on Solana

Galaxy CEO Mike Novogratz declared it the “season of SOL,” saying Solana is tailor-made for financial markets. He pointed to Galaxy, Jump, and Multicoin’s $1.65B investment into Forward Industries to build the largest Solana treasury strategy.

He also highlights regulatory tailwinds, with SEC Chair calling for markets to move onchain, and Nasdaq filing to allow tokenized securities to trade alongside traditional ones.
He argued Solana’s speed and scale make it ideal for settlement, trading, and institutional adoption, while Bitcoin remains the store of value “going nowhere but up.”
Galaxy has placed itself at the core of Solana’s rise. It tokenized its own stock on Solana and co-led the $1.65B Forward Industries deal to build the largest Solana treasury strategy.

DEAL FLOWS

Figure IPO Pops to $36, Valuation Hits $7.6B

Yahoo Finance

Deal flows soared this week - we saw $870M+ in deals 💼

Figure Technology Solutions opened its Nasdaq debut at $36 per share, boosting its valuation to $7.6B, well above the $25 pricing that implied $5.3B.

The IPO included 23M new shares plus nearly 8M from existing holders, with shares later trading around $31.
The strong debut mirrors recent successful listings from Circle and Bullish, reflecting rising investor confidence in blockchain-based companies.
Co-founder Mike Cagney noted the IPO was delayed from last year due to unfavorable conditions.

Deal flows in the past week:

Gyld Finance, $1.5M Pre-Seed Round
Recoveris, $1.26M Seed Round
Wildcat, $3.5M Seed Round
Inversion Capital, $26.5M Seed Round
ChatterPay, Unknown $ Strategic Round
Gemini, $50M Strategic Round
Play AI, $2M Public Token Sale
Thirdverse, $1.36M Funding Round
Based One, Unknown $ Trading Round
Figure, $787.5M IPO

QUICK BITES

Spot Bitcoin ETFs log $553M in daily inflows.
Galaxy Digital adds $530M in SOL as 'Solana Season.'
FTX estate redeems $45M worth of Solana from staking.
Figure IPO opens at $36 per share as valuation surpasses $7B.
Native Markets heavily favored on Polymarket to win USDH bid.
BlackRock working on tokenizing funds tied to real-world assets.
Hong Kong proposes easing capital rules for banks holding crypto.
BTC whale holding $50M+ in BTC wakes up for first time in 13 years.
Avalanche Foundation eyes $1B to set up AVAX treasury firms in US.
Quintenz accuses Tyler Winklevoss of blocking his CFTC chair nomination.
Mogu stock pops ~200% after board approves 'up to' $20M DAT allocation.

NOTEWORTHY READS & MEME

Max’s read on A New Layer 2 Meta
Pandemic Labs’s read on Memecoin is dead, Whats next?
Baheet’s read on The Game Theory Behind Prediction Markets

If you become a billionaire and then lose it all, Forbes still keeps you on their real-time net worth tracker as some sort of dark humiliation ritual.
— Hunter📈🌈📊 (@StatisticUrban)
10:15 AM • Sep 11, 2025

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