TL;DR

Ondo/Pantera launch $250M tokenization fund; e.l.f. buys Rhode Skin for $1B; Impossible Cloud’s ICNT debuts at $262M FDV.

Highlights

• Ondo Finance and Pantera Capital launch a $250M Catalyst fund for real-world asset tokenization; Ondo also acquires licensed broker Oasis Pro to expand tokenized equities for non-U.S. investors1.
• e.l.f. Beauty acquires Rhode Skin, Hailey Bieber’s three-year-old skincare brand, for $1B, underscoring rapid exit potential for influencer-led consumer startups2.
• Impossible Cloud Network’s ICNT token debuts on Binance, Bybit, KuCoin, and Kraken, reaching a $262M FDV; company reports $7M ARR and 1,000+ enterprise customers4.
• Velvet Capital launches an autonomous, on-chain AI hedge fund using Virtuals’ Agent Communication Protocol to automate trading and risk management5.
• QDayClock raises $6M for quantum-proof Bitcoin security; IBM -backed Qedma closes $26M Series A for quantum error correction technology3.
• U.S. House schedules “Crypto Week” (July 14–18) to vote on digital asset oversight, stablecoin regulation, and a ban on Fed-issued CBDCs6.
• SEBI bars Jane Street from Indian markets, seizing $567M over alleged index manipulation, as India tightens scrutiny of foreign trading activity14.
• TSMC delays its second Japan fab to accelerate U.S. expansion amid potential U.S. tariffs on foreign-made chips8.
• U.S. extends AI chip export controls to Malaysia and Thailand to close rerouting loopholes to China7.
• China shortens rare-earth export licences for Europe, prompting German criticism amid ongoing trade tensions9.
• Beijing moves to curb “disorderly” price wars in solar and EV sectors, signaling imminent consolidation13.
• Meta tests “Project Omni” AI chatbots that proactively message users, aiming to drive engagement and long-term AI revenue15.
• Google faces new EU antitrust complaints over AI search summaries, with publishers alleging competitive harm10.
• Ex-PBOC official forecasts 100+ DeepSeek-style AI breakthroughs in China within 18 months, escalating U.S.-China AI talent competition11.
• Silicon Valley engineer Soham Parekh admits to holding multiple full-time roles at venture-backed startups, renewing debate over remote hiring practices12.

Commentary

Several large-scale transactions and fund launches highlight the ongoing institutionalization of digital assets and the maturing intersection of AI, blockchain, and fintech. Ondo and Pantera’s $250M Catalyst fund, alongside the acquisition of Oasis Pro’s regulatory infrastructure, positions Ondo to compete in the tokenized equities space with a compliant, cross-border offering1. This move, combined with Impossible Cloud’s successful multi-exchange token debut4 and Velvet Capital’s autonomous AI hedge fund5, signals sustained investor interest in decentralized infrastructure and AI-driven financial products, even as the broader crypto market remains volatile.

Regulatory developments are front and center. The U.S. House’s upcoming “Crypto Week” could provide long-awaited clarity on stablecoins and digital asset oversight, which may unlock new deal flow for U.S.-based crypto startups6. Meanwhile, India’s SEBI is increasing scrutiny on foreign trading firms, as seen in the Jane Street ban and asset seizure, a reminder for VCs to closely monitor regulatory risk in emerging markets14. TSMC ’s shift in capex from Japan to the U.S.8 and expanded U.S. chip export controls to Southeast Asia7 further reinforce the premium on domestic technology supply chains and compliance.

In consumer and enterprise, e.l.f. Beauty ’s $1B acquisition of Rhode Skin demonstrates the speed and scale possible for influencer-driven brands, with implications for consumer VC exit timelines2. Meta ’s proactive AI chatbot rollout15 and Google’s mounting regulatory challenges in Europe10 point to intensifying competition and regulatory scrutiny in AI-powered consumer platforms. The surge in AI activity in China, both in terms of talent and projected breakthroughs, underscores the global nature of the AI race and the need for portfolio companies to secure top-tier technical talent11.

Finally, the crackdown on “disorderly” price wars in China’s solar and EV sectors13, and tightening rare-earth export controls9, indicate a regulatory push toward sector consolidation and supply chain security. These shifts may create both risks and entry opportunities for investors focused on clean tech and advanced manufacturing.