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Justin Sun’s Tron To Go Public
Alpha Team
June 16, 2025
Tron to Go Public in U.S.
Tron’s U.S. Listing: Tron, founded by Justin Sun, announced on June 16, 2025, it will go public in the U.S. via a reverse merger with Nasdaq-listed SRM Entertainment, as reported by the Financial Times. The deal, managed by Dominari Securities, aims to create Tron Inc. Dominari, linked to Eric and Donald Trump Jr., advised SRM, whose shares surged 533.79% to $9.19 on June 16, 2025. Tron will inject $210M in TRX tokens into the new firm. TRX rose 4% to 28 cents.
TRX Holding Plan: Tron Inc. will hold $210M in TRX tokens, mirroring Strategy’s $16B Bitcoin reserve model. SRM’s market cap was $12M before the merger news, compared to Tron’s $24B. The merger, set to close by Q3 2025, will see SRM’s operations continue under Tron Inc. Justin Sun will advise the new entity. SRM’s stock, trading at $9.19, saw 246M shares traded. The deal follows SRM’s $5M capital raise in May 2025, with no major updates in June until the announcement.
SRM’s Pre-Announcement Rally: SRM shares, trading between $0.30-$0.90 in 2025, surged to $1.18 on June 12 and $1.45 on June 13, with no news or SEC filings. The unexplained rally raised suspicions of insider knowledge, as no public sources foreshadowed the Tron merger. Justin Sun’s involvement draws scrutiny due to a paused SEC fraud case from February 2025, which alleged unregistered securities offerings and market manipulation in Tron’s operations. The case’s pause, without resolution, fuels speculation about Sun’s market influence. His $75M stake in World Liberty Financial tokens, tied to a Trump-backed project, underscores his high-profile connections. Read More.
️ On today's Top Picks:
- ✨ Nansen to launch Points Season 01 on June 17th.
- 🪂 Spark to launch $SPK airdrop claim on June 17th.
- 👀 JPMorgan $JPM files JPMD trademark hinting at stablecoin.
- ⚠️ ZachXBT issues warning about WhiteRock $WHITE.
Read time: ⏰ 5 minutes
Crypto News
• ⭐️ Tron $TRX to go public in the US via reverse merger with SRM Entertainment $SRM; firm to buy and hold TRX.
• CoinShares files S-1 with US SEC for Solana $SOL ETF; several issuers also filed amended S-1s for Solana ETFs last Friday.
• PumpFun & its founder's X accounts have been suspended; several other crypto accounts have also been suspended.
• Digital Asset Investment Products saw $1.9B of inflows last week; Bitcoin $BTC $1.3B inflows, Ethereum $ETH $583M inflows, Solana $SOL $1.3M inflows, Ripple $XRP $11.8M inflows.
• Coinbase $COIN & Gemini to receive crypto-asset service provider license under MiCA; allows them to operate across all 27 EU countries.
Alpha
• Plasma announces there will be no further increases to the deposit cap for $XPL sale; total deposits limited to $1B.
• Hyli relaunches testnet after initially launching last week; invite code needed to participate.
• Bungee launches support for Solana $SOL; get any Solana token with one-click swaps from 30+ chains.
• Noble extends Noble Points Program by 1 month; program extension includes 2x points boost at the highest tier, 5% extra points for everyone, & more.
• ⭐️ Nansen posts "Every step leads to tomorrow. June 17. Nansen Points. Season 01." on X; to launch Nansen Points Season 01 tomorrow on June 17th.
Airdrops
• Weekly Airdrop Recap (June 14th) by Earndrop.
• ⭐️ Spark to launch $SPK airdrop claim on June 17th at 08:00 AM UTC; eligibility & allocation checker is live; SparkLend users, various stablecoin holders, & more are eligible.
• Binance launches Spark $SPK HODLer Airdrop; $BNB Simple Earn and/or On-Chain Yields product subscribers from June 10th to June 13th are eligible.
• ICYMI Weekly Airdrop Recap (June 7th) by Earndrop.
• ICYMI WalletConnect launches $WCT airdrop for Backpack users; Challenger, Diamond, or Platinum badge holders are eligible; 500+ randomly selected users with other badges are also eligible.
• ICYMI WalletConnect launches $WCT airdrop for Jupiter users; Cat of Culture & Catdet role holders are eligible; wallets that participated in the first 24 Jupiter DAO votes are also eligible.
Finance News
• Key Events This Week by the Kobeissi Letter.
• ⭐️ JPMorgan $JPM files JPMD trademark; application describes a system for digital asset trading, exchange, transfer, & payment services; potentially related to a stablecoin.
• Strategy $MSTR buys an additional 10,100 Bitcoin $BTC for ~$1.05B at $104,080 per BTC; holds 592,100 BTC worth ~$64B.
• Trump Media and Technology Group $DJT files S-1 with US SEC for Truth Social Bitcoin $BTC & Ethereum $ETH ETF; holdings ratio of 75% BTC & 25% ETH.
• Metaplanet $3350.T buys an additional 1,112 Bitcoin $BTC for $117.2M at $105,435 per BTC; holds 10,000 BTC worth ~$1B.
Security and Exploits
• Interchain Labs $ATOM unknowingly onboarded North Korea-linked actor; finds no security issues and doubles bounty.
• ⭐️ ZachXBT issues warning about WhiteRock $WHITE; cites links to $30M Zkasino exit scam.
Token Unlocks
• Starknet $STRK / ~$15M / JUN 15th
• Arbitrum $ARB / ~$31M / JUN 16th
• ZKsync $ZK / ~$40M / JUN 17th
• ApeCoin $APE / ~$11M / JUN 17th
• Sonic $S / ~$17M / JUN 18th
Sourced from Tokenomist
Funding
• PrismaX raises $11M in funding led by a16z Crypto CSX.
• Defx raises $2.5M in Seed funding from several investors.
• Colossus DIgital raises $1.15M in Seed funding led by SBI Ven Capital.
The Degen Farmer
Top stablecoin yield farms of the day, more than $3,000,000 in TVL. DYOR and step up your farming game!
| PROTOCOL | ASSETS | APY |
|---|---|---|
 Spectra V2 (Ethereum) | CUSDO | 11217.49% |
 Curve DEX (Ethereum) | IDAIIUSDCIUSDT | 79.12% |
 Peapods Finance (Ethereum) | USDC | 59.11% |
 Merkl (Ethereum) | KPDUSDC | 35.00% |
 Indigo (Cardano) | IUSD | 27.53% |
 Synthetix V3 (Base) | USDC | 26.96% |
 SMARDEX AMM (Ethereum) | USDN | 22.05% |
 FlowX V3 (Sui) | SBUSDTUSDC | 20.52% |
Socket: First Chain Abstraction Protocol |  |
Socket: The first chain-abstraction protocol, Socket empowers developers to build applications that seamlessly interact across multiple blockchains as if they were one. By unifying liquidity, users, and assets, Socket eliminates the complexities of cross-chain operations, offering a secure, efficient, and decentralized framework for the multichain future.
Bungee: Powered by Socket, Bungee is a global liquidity marketplace that simplifies cross-chain swaps. With over $20B in volume and integrations in major wallets and dApps, Bungee finds the fastest, cheapest, and most secure routes to move any token across any chain, delivering a gasless and user-friendly DeFi experience.
v2 & Solana: Bungee’s newly launched v2, the Open Liquidity Marketplace, makes trading across chains even smoother with BungeeAuto ensuring reliable swaps and access to deeper liquidity pools. Now, with Solana support, you can bridge from over 30 EVM chains to Solana in a snap, swapping tokens to dive into its thriving memecoin markets with minimal hassle.
That’s it for today’s edition! See you soon.
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