TL;DR

Ondo/Pantera launch $250M tokenization fund; Hong Kong tops IPOs; OpenAI rebuffs Robinhood tokens.

Highlights

• Ondo Finance (X:ONDOUSD ) and Pantera Capital launched a $250M fund to invest in blockchain projects focused on tokenizing real-world assets; OKX Wallet joined Ondo’s interoperability alliance 1.
• Hong Kong led global IPO markets in H1 2025, raising over HK$105B (~US$13.4B) across 42–44 deals, with a strong pipeline for H2 2.
• John Smedley’s Distinct Possibility Studios raised $30.5M (led by Bitkraft) for Reaper Actual, an open-world shooter with optional blockchain-based cosmetic trading 3.
• Starboard Value disclosed a 9% stake in Tripadvisor, signaling possible activist involvement; shares rose 10% 4.
• OpenAI publicly rejected Robinhood’s “OpenAI stock tokens,” warning they do not represent equity and were launched without consent 5.
• Microsoft (MSFT ) and Careem are exiting key business lines in Pakistan, highlighting worsening conditions for tech investment and startups in the country 6.
• Apple (AAPL ) is exploring a developer cloud service using its own chips, potentially reducing reliance on AWS (AMZN )/Google (GOOGL ) and entering the cloud infrastructure market 8.
• Google (GOOGL ) expanded Veo 3 video AI access to Gemini Pro subscribers in 159 countries, lowering price barriers for advanced generative video 9.
• Over 45 European CEOs (Airbus, ASML (ASML ), SAP (SAP ), etc.) urged the EU to delay AI Act enforcement, citing lack of implementation guidance 10.
• Datadog surged on news of S&P 500 inclusion, replacing Juniper Networks after its HPE acquisition 11.
• Nvidia (NVDA ) neared a $4T market cap amid continued AI hardware demand; Iris Energy ordered $130M of Nvidia Blackwell chips to expand AI compute 1213.
• Del Monte Foods and CMX Cinemas filed for Chapter 11, reflecting ongoing stress for legacy consumer brands 14.

Commentary

VC activity in blockchain infrastructure continues to accelerate, with Ondo (X:ONDOUSD ) and Pantera’s $250M fund targeting the tokenization of real-world assets and related interoperability standards 1. However, the OpenAI-Robinhood incident highlights the legal and reputational complexity of tokenizing private company equity without issuer approval—VCs should expect closer regulatory scrutiny and must diligence issuer consent in similar deals 5.

Public exit markets are showing renewed strength. Hong Kong’s IPO volume and pipeline signal a robust environment for late-stage exits, especially for China-adjacent and cross-border tech companies 2. In the US, Datadog’s S&P 500 addition and Nvidia’s (NVDA ) near-$4T valuation underscore the continued dominance of AI and cloud infrastructure in public market appetite, which is also reflected in private market demand for AI compute (e.g., Iris Energy’s GPU expansion 13, Apple’s (AAPL ) cloud ambitions 8).

The regulatory environment remains a moving target. European tech leaders are pressing for a delay in the EU AI Act, citing uncertainty and incomplete compliance tools 10. Startups operating in or selling to the EU should monitor implementation timelines closely, as regulatory friction could impact product launches and fundraising. In contrast, Pakistan’s tech sector is facing contraction, with Microsoft (MSFT ) and Careem’s exits likely to further dampen foreign VC interest and slow ecosystem growth 6.

On the consumer side, legacy brands like Del Monte and CMX Cinemas are struggling with inflation and shifting demand 14, while new IP in gaming (e.g., Reaper Actual) continues to attract significant venture funding, especially when paired with Web3 or direct-to-consumer models 3.