Dan Tapiero sees crypto ecosystem reaching $50 trillion as he launches new $500 million fund under 50T rebrand

10T Holdings (10T) and 1RoundTable Partners (1RT), two crypto growth equity funds founded by veteran macro investor Dan Tapiero, have consolidated under a new brand, 50T, and launched a new $500 million fund.

The rebrand comes alongside a revised market outlook from Tapiero, who now sees the digital asset ecosystem reaching $50 trillion in value over the next decade — up from his original $10 trillion projection in 2020.

Asked whether this referred to the global crypto market alone, Tapiero told The Block that it also includes the valuation of all public and private companies in the space.

"We originally named our fund 10T because we projected the digital asset ecosystem could reach $10 trillion in value over the next decade. This ecosystem encompasses Bitcoin, Ethereum, all cryptocurrencies, and equity in the space. Remarkably, we've already reached $5 trillion today. Looking ahead to the next decade, especially considering the recent significant changes in Washington DC, we believe there's a realistic path from today's $5 trillion to $50 trillion," Tapiero said.

The new vehicle, called 50T Fund V, is a 10-year closed-end fund focused on growth equity investments in blockchain, crypto, and web3 infrastructure. The first close is planned for the fourth quarter of this year.

The rebrand and new fund follow a string of notable exits from the firm’s portfolio, including Deribit’s recent $2.9 billion acquisition by Coinbase and the public listings of Circle and eToro. Earlier this year, 1RT Acquisition Corp. — a special purpose acquisition company (SPAC) affiliated with the firm — raised $172.5 million in an oversubscribed IPO on Nasdaq. The SPAC focuses on digital assets and technology-enabled businesses, particularly in the cryptocurrency, blockchain, and fintech sectors.

With additional portfolio companies preparing for public listings, the firm says it is positioned to continue benefiting from what it sees as the next wave of growth in the digital asset ecosystem.

Under the combined brand, 50T currently manages $2 billion in assets and maintains board representation across its portfolio. The firm says its "picks and shovels" concentrated approach emphasizes structured downside protection and active governance.

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