Justin Sun's Tron Plans Nasdaq Debut Via Reverse Merger

A new firm linked to Justin Sun will go public through a reverse merger with Nasdaq-listed SRM Entertainment, per the Financial Times. The deal is orchestrated by Dominari Securities, an investment bank tied to Donald Trump Jr. and Eric Trump.

The renamed company, Tron Inc., will adopt TRX as a treasury reserve asset and initiate a staking-based dividend policy. “We are excited to invest into the future of the world’s next generation financial infrastructure,” said SRM CEO Rich Miller.

SRM has already obtained a $100 million equity injection, with full investment potentially reaching $210 million depending on warrant execution. The company plans to begin TRX accumulation immediately and listed Dominari as its exclusive placement agent.

Justin Sun, serving as advisor, joins the venture as his legal battles with the SEC remain paused amid settlement talks. Sun has deepened ties to the Trump family, attending a TRUMP memecoin dinner and investing $75 million in their World Liberty Financial DeFi project.

Trump Media Files for Dual Bitcoin and Ether ETF

Trump Media and Technology Group has filed to launch a dual Bitcoin and Ethereum ETF under the Truth Social brand. The proposed fund would allocate 75% to Bitcoin and 25% to ether, with Crypto.com named as custodian and liquidity provider. The application follows an earlier filing for a standalone Bitcoin ETF in June.

The ETF builds on Trump Media’s deepening ties to crypto, including a $2.4 billion raise to start a Bitcoin treasury. World Liberty Financial, a DeFi project backed by the Trump family, is heavily Ethereum-based. The firm also aims to release more "America First" funds tied to stablecoins, blockchain equities, and onchain infrastructure.

XRP ETF From Purpose To Launch In Canada

Purpose Investments will launch a spot XRP ETF in Canada on June 18, following approval by the Ontario Securities Commission. The fund, trading under the ticker XRPP, gives investors access to XRP via the Toronto Stock Exchange. Purpose previously launched the world’s first spot Bitcoin ETF in Canada back in 2021.

The firm originally filed the prospectus in January, making this the first approved XRP ETF in North America. XRP jumped 7% on the news, outperforming Bitcoin and broader crypto indices. The fund will provide exposure to XRP without requiring investors to hold the asset directly, appealing to traditional portfolio strategies.

Coinbase And Gemini Near MiCA Licenses In EU

Crypto exchanges Coinbase and Gemini are close to securing MiCA-compliant licenses from Luxembourg and Malta, respectively, according to Reuters. These licenses would allow both firms to operate across all 27 EU member states under the bloc’s new regulatory passporting regime. Each company plans to expand its presence in Europe in 2025.

While the approvals would unlock pan-European access, regulators voiced concern about potential "regulatory arbitrage" from smaller jurisdictions. The European Securities and Markets Authority is reviewing Malta’s licensing process amid staffing concerns. Critics warn of a "race to the bottom" that could undermine MiCA’s goal of uniform oversight and consumer protection.

Data of the Day

Bitcoin treasury firm Strategy has purchased 10,100 BTC for $1.05 billion, boosting its total holdings to 592,100 BTC. The acquisition was funded using proceeds from preferred stock sales, including STRK, STRF, and a new IPO for STRD. The company now holds nearly 3% of Bitcoin’s fixed supply at an average cost of $70,666.

Strategy’s updated capital strategy includes raising $84 billion through 2027 for further Bitcoin accumulation. Its STRD offering pays a 10% fixed dividend and attracted institutional interest. Michael Saylor hinted at the move Sunday with a cryptic post, signaling continued expansion of Strategy’s aggressive Bitcoin treasury policy.

More Breaking News

• Spot Bitcoin ETFs now account for 25% of global BTC trading, up from 10% last year, as Wall Street rapidly captures market share from crypto exchanges.
• A TikTok crypto influencer in France was released by kidnappers after they found his wallet empty, highlighting a rise in violent “wrench attacks.”
• Tether has frozen $12.3 million in USDT on Tron tied to suspicious addresses, continuing its aggressive enforcement of global sanctions policies.
• Nearly half of Kraken users in a new survey say their biggest crypto security risk is themselves, citing fear of mistakes over hacks or fraud.
• Metaplanet now holds 10,000 BTC after its latest purchase, surpassing Coinbase in corporate Bitcoin reserves and sending its stock up over 20%.
• Bybit will launch Byreal, its first Solana-based DEX, in Q3, aiming to combine centralized exchange liquidity with transparent DeFi mechanisms.
• Michael Saylor met with Pakistan’s finance ministers to advise on Bitcoin adoption, praising the country’s crypto pivot and policy ambitions.

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