The Daily: NYSE parent firm ICE to invest $2 billion in Polymarket, Bitcoin ETFs log biggest daily inflows since Trump's election win, and more

The following article is adapted from The Block’s newsletter,  The Daily , which comes out on weekday afternoons.

Happy Tuesday! Bitcoin's 2025 rally ranks among the most " structurally sound ," driven by sustained real demand, though short-term overheating could prompt brief consolidation before the next leg higher toward $135,000, BRN Head of Research Timothy Misir told The Block.

In today's newsletter, ICE is set to make a $2 billion strategic investment in Polymarket, U.S. spot bitcoin ETFs attract their second-largest ever daily inflows of $1.2 billion, India doubles down on its CBDC plans, and more.

Meanwhile, gold-backed crypto tokens top $3 billion as the precious metal hits a new all-time high.

Let's get started!

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NYSE parent firm ICE to invest $2 billion in Polymarket's prediction platform

Intercontinental Exchange (ICE), the parent company of the New York Stock Exchange, is investing $2 billion in Polymarket , valuing the predictions platform at $9 billion post-money.

• The funding marks one of the largest TradFi investments in crypto, bolstering Polymarket's credibility as it pushes to establish a U.S. presence after striking a deal to acquire derivatives venue QCEX this summer.
• Confirming the strategic investment on X, Polymarket said that together the firms are "building the next evolution of markets."
• The investment follows months of fundraising chatter, after reports that Polymarket was weighing a financing round at a $9–$10 billion valuation, while rival Kalshi was close to raising at around $5 billion.
• Polymarket's markets span politics, macroeconomics, cryptocurrency, and culture, and have become a high-frequency barometer for rapidly moving news.

Bitcoin ETFs see largest daily inflows since Trump election

U.S. spot bitcoin ETFs pulled in $1.21 billion on Monday — their largest daily inflows since the Trump election surge in November — as BTC hit new all-time highs.

• BlackRock's IBIT dominated with $970 million worth of inflows alone, lifting its assets under management to nearly $100 billion and cementing its place as BlackRock's top revenue-generating ETF.
• Combined spot bitcoin ETF assets have surged to around $170 billion since their January 2024 debut, with IBIT on pace to become the fastest ETF ever to reach the $100 billion AUM milestone.
• Meanwhile, the U.S. Ethereum ETFs saw net inflows of $181.8 million on Monday, again led by BlackRock's ETHA product with $92.6 million, adding to a six-day positive streak totalling nearly $1.5 billion.

India plans to double down on CBDC, reaffirms stance against crypto

India plans to double down on its central bank digital currency initiative , with Union Minister Piyush Goyal reaffirming government support for the RBI-backed digital rupee.

• Goyal said the CBDC aims to make transactions faster, more traceable, and less reliant on paper compared to traditional banking, according to local media reports.
• The minister also reiterated the government's discouragement of private cryptocurrencies, keeping them under heavy taxation without granting legal legitimacy.
• Despite regulatory resistance, India remains the world leader in grassroots crypto adoption, topping the global rankings for the second consecutive year, according to Chainalysis.

Bitcoin life insurer Meanwhile raises $82 million in new funding

Bitcoin life insurance company Meanwhile has raised $82 million in new funding co-led by Haun Ventures and Bain Capital Crypto, with participation from Pantera and Apollo, among others.

• The round, structured as a performance-based convertible rather than traditional equity, will fund bitcoin purchases for Meanwhile's balance sheet and its global expansion plans, building on a $40 million Series A closed in April.
• Meanwhile's bitcoin-denominated life insurance business has grown its assets under management by more than 200% year-over-year, exceeding 660 BTC ($80 million) across hundreds of policyholders.
• The firm plans to expand into markets like Hong Kong, Dubai, and Singapore by 2026 and partner with insurers to integrate bitcoin into annuities and savings products.

Ethereum treasuries and spot ETFs now hold over 10% of ETH supply

Ethereum treasury companies and spot ETFs now control 12.48 million ETH, or 10.31% of its circulating supply , signaling deepening institutional adoption.

• According to data from StrategicETHReserve, treasury firms now hold around 5.66 million ETH, equivalent to 4.68% of supply, while spot ETFs account for 6.81 million ETH, or 5.63% of the total.
• The growing accumulation reflects rising confidence in Ethereum's yield potential, with Grayscale recently enabling staking for its Ethereum ETFs and firms like BitMine and SharpLink leading corporate accumulation.

In the next 24 hours

• The latest U.S. FOMC meeting minutes are scheduled to be released at 3 p.m. ET on Wednesday.
• ECB President Christine Lagarde will speak at 12 p.m. U.S. FOMC member Neel Kashkari is due to speak at 3:15 p.m.

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