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SRM will rebrand as Tron Inc. and build a $210M TRX treasury with Justin Sun as adviser.
Purpose Investments launches Canada’s first spot XRP ETF, ticker XRPP, trading June 18.
Trump’s Truth Social files with the SEC to launch a new Bitcoin-Ethereum ETF in the U.S.
The cryptocurrency market has started the week with several key announcements that redefine the nature of digital assets. SRM Entertainment's rebranding to Tron Inc., the Green-lighting of a spot XRP ETF in Canada, and Truth Social's newest ETF filing headline a day of rebranding. Each of these events show both growing institutional participation and evolving regulatory attitudes toward cryptocurrencies.
SRM Entertainment, listed on Nasdaq, announced plans to build a $210 million Tron (TRX) treasury and rebrand as Tron Inc. The firm secured a $100 million equity investment through a securities purchase agreement with a private investor to fund this strategy. Tron founder Justin Sun will serve as an adviser to the newly rebranded company.
As part of the deal, SRM will issue 100,000 shares of Series B convertible preferred stock. These shares can be converted into 200 million common shares at $0.50 per share, along with 220 million warrants that are also exercisable at $0.50 per share. This setup, valued at $210 million if all warrants are exercised, will help build a substantial Tron-focused treasury strategy, according to the company.
Dominari Securities, the bank that structured the deal, has reported ties to the Trump family, and Eric Trump is expected to take a leadership role at Tron Inc. Tron Inc. also plans to launch a TRX staking program and a dividend policy for shareholders.
The action follows a regulatory thaw between Tron founder Justin Sun and the US Securities and Exchange Commission. The SEC and Justin Sun have recently asked to postpone the legal action until settlement negotiations can be held. The persistence of Sun in the US-based market, as well as its role as an adviser to Tron, implies new hope regarding Tron's regulatory outlook.
Asset manager Purpose Investments received approval to list the first spot XRP exchange-traded fund (ETF) in North America. The Purpose XRP ETF, set to begin trading on June 18 on the Toronto Stock Exchange under the ticker symbol XRPP, will provide investors with direct exposure to XRP. This product follows a preliminary prospectus filed in January and is preceded by similar spot and futures-based products launched in Brazil and Switzerland.
XRP’s price surged by over 6% to $2.32 after the ETF announcement, with its market capitalization reaching $136.5 billion. Other US-based firms, such as Bitwise, CoinShares, and Grayscale, have filed for approval of a spot XRP fund but have not yet received clearance from US regulators. The launch signals Canada’s willingness to lead in altcoin ETF offerings, raising pressure on US authorities as institutional interest grows.
Trump’s Truth Social Files for Bitcoin-Ether ETF in Push for Crypto Expansion
Trump Media & Technology Group’s Truth Social platform has filed with the SEC to launch an ETF that tracks both Bitcoin and Ethereum. The application comes just days after the firm’s prior filing for a single-asset bitcoin ETF. It builds on the momentum from the SEC’s recent approval of Trump Media’s bitcoin treasury plan.
The proposed Truth Social ETF, sponsored by Yorkville America Digital, plans to allocate three-quarters of its assets to bitcoin, with the flexibility to adjust that balance.
The application, disclosed in a Form S-1 filing, proposes that the Truth Social Bitcoin and Ethereum ETF allocate around 75% of its assets to bitcoin and the remainder to ether, though this ratio may change. The application follows an earlier single-asset bitcoin ETF filing and recent SEC approval of a multi-billion-dollar bitcoin plan for Trump Media.
These steps follow Trump’s financial disclosures, which revealed substantial earnings from digital assets, further solidifying the group’s crypto ambitions. Truth Social becomes the third issuer to pursue a dual bitcoin-ether ETF, joining Bitwise and Hashdex as major players seek to expand access to crypto investments in regulated markets.
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