Goldman and BNY Mellon Launch Tokenized Money Market Funds Backed by BlackRock and Fidelity

Marathon Digital to Raise Up to $1 Billion via Zero-Coupon Convertible Notes, Plans Bitcoin Buys and Debt Restructuring

Marathon Digital Holdings (NASDAQ: MARA) plans to raise $850 million through a private offering of 0.00% convertible senior notes due 2032, with an option for an additional $150 million. The notes will be convertible into cash, stock, or a combination, and are aimed at qualified institutional buyers under Rule 144A. Proceeds will go toward repurchasing up to $50 million of MARA’s existing 1.00% convertible notes due 2026, funding capped call transactions to reduce dilution, acquiring additional Bitcoin, and general corporate purposes. The offering is expected to trigger hedge unwinding and derivative activity, potentially affecting MARA’s stock price. Additional capped call transactions are planned to mitigate stock dilution and manage conversion terms. The offering is unregistered and will be made solely through a private memorandum.

Goldman Sachs and BNY Mellon Launch Tokenized Money Market Funds Backed by BlackRock, Fidelity, and Others

Goldman Sachs and Bank of New York Mellon are partnering to offer institutional investors access to tokenized money market funds through Goldman’s blockchain platform. BNY clients will be able to invest in these funds, with ownership recorded digitally. Major asset managers including BlackRock, Fidelity, and Federated Hermes have already signed on. Unlike stablecoins, tokenized money market funds offer yield, making them attractive for hedge funds, pensions, and corporations. The move comes after the recent GENIUS Act legitimized U.S.-regulated stablecoins, setting the stage for a broader digital asset ecosystem. Executives from Goldman and BNY say tokenization will streamline financial infrastructure, enable real-time trading, and potentially allow these funds to serve as collateral across institutions without needing to be liquidated.

Pump.fun, Solana, and Jito Hit With RICO Class Action Alleging $5.5 Billion Meme Coin Scheme and Illegal Gambling Operation

A new class action filed in the Southern District of New York accuses Pump.fun, Solana Labs, the Solana Foundation, Jito Labs, and Jito Foundation of operating a racketeering enterprise that mimics an unlicensed digital casino. The lawsuit, brought by Burwick Law, claims the defendants enabled anonymous, high-risk meme coin trading that defrauded users of $4 to $5.5 billion. Allegations include wire fraud, illegal gambling, unlicensed money transmission, and securities violations under RICO and New York law. Plaintiffs argue that the use of bonding curves, MEV tooling, and insider access created a rigged system that enriched insiders while leaving retail investors at a disadvantage. The suit also claims Solana and Jito were not passive infrastructure providers but active participants profiting from network activity. While the case remains untested in court, its implications could reach far beyond Pump.fun, raising legal risks for crypto infrastructure players often viewed as neutral.