Goldman Sachs-BNY Mellon Tokenization & Crypto Updates

The following article is adapted from The Block's newsletter, The Daily, which is released on weekday afternoons. Happy Wednesday! Here are today's top stories. Traditional finance is increasingly embracing blockchain technology. BNY Mellon and Goldman Sachs have partnered to tokenize money market fund records, signaling a move toward integrating traditional assets into the blockchain. Bitcoin mining company MARA is looking to raise $850 million through a convertible note sale, with a portion of the proceeds earmarked for additional BTC purchases. In another move, Dan Tapiero has launched a new $500 million fund under the '50T' brand, anticipating that the crypto economy will scale to $50 trillion. Ethereum is currently leading the market. U.S. spot ETH ETFs attracted $534 million in a single day—making it the third-largest inflow ever—while World Liberty Financial, connected to Donald Trump, bought 3,400 ETH on the blockchain. According to Bitwise CIO Matt Hougan, Ethereum is experiencing a "demand shock," with ETF and treasury investors acquiring 32 times more ETH than what the network has produced since May. Let’s dive deeper into these developments. Goldman Sachs and BNY Mellon Team Up for Tokenization Ethereum Rally Driven by Structural Demand Surge, Says Bitwise CIO Bitcoin Miner MARA Plans $850 Million Raise to Buy BTC, Restructure Debt U.S. Spot ETH ETFs See $534 Million Inflows Dan Tapiero Eyes $50 Trillion Crypto Future with New Fund In the Next 24 Hours Never miss a beat with The Block's daily digest of the most influential events in the digital asset ecosystem. Disclaimer: The Block is independent media delivering news, research, and data. As of November 2023, Foresight Ventures is a majority investor in The Block and also invests in other crypto companies. Crypto exchange Bitget is a major LP for Foresight Ventures. The Block operates independently to provide objective and timely information about the crypto industry. Current financial disclosures are available. © 2025 The Block. All Rights Reserved. This article is for informational purposes only and not intended as legal, tax, investment, or financial advice.