The cryptocurrency market has recently attracted the attention of capital markets.
On the evening of June 16, SRM Entertainment, Inc. (NASDAQ: SRM) continued its pre-opening gains after the market opened, with an increase of over 320% at one point. As of publication, SRM has risen over 200%.
In terms of news, according to the Financial Times, TRON (波场) led by Justin Sun will complete its listing through a reverse merger with NASDAQ-listed SRM, a transaction orchestrated by a New York-based investment bank Dominari Securities, which is associated with Donald Trump Jr. and Eric Trump.
On June 16, SRM announced that the company has signed a securities purchase agreement with a private investor, which will involve a $100 million equity investment used by SRM to launch a capital management strategy for TRON. Furthermore, the company will be renamed Tron Inc., and TRON founder Justin Sun has been appointed as a company advisor.
Under the aforementioned securities purchase agreement, SRM will issue a total of 100,000 shares of Series B convertible preferred stock, which can be converted into a total of 200 million common shares at a conversion price of $0.50 per share; concurrently, 220 million warrants will be issued, which can be exercised to purchase a total of 220 million common shares at an exercise price of $0.50 per share. The total value of this strategic investment after full exercise of the warrants will be $210 million.
According to the SRM announcement, SRM Entertainment designs, develops, and produces custom merchandise, including toys and souvenirs, for the world's largest theme parks and other entertainment venues. TRON, established in 2017, is a decentralized blockchain that supports smart contracts and decentralized applications.
Previously, Justin Sun and his three companies, including TRON, were sued by the U.S. Securities and Exchange Commission (SEC) in 2023 for allegedly selling unregistered securities and manipulating the market. However, the U.S. later suspended its investigation into Justin Sun and related companies.
Recently, the cryptocurrency market has sparked a frenzy among investors in the U.S. stock capital market.
On the evening of May 12, Bitcoin mining company Gryphon Digital Mining Inc (NASDAQ: GRYP) experienced a surge after the U.S. stock market opened, with its stock price triggering multiple trading halts and rising over 440% at one point. At the close, GRYP was up 171.15%.
In terms of news, on May 12 local time, Hut 8 Corp. (NASDAQ: HUT) announced that its subsidiary American Bitcoin will go public on the NASDAQ through a stock merger with GRYP, which is expected to be completed in the third quarter of 2025. The new company will operate under the American Bitcoin brand after the merger, with 98% of the new company's shares expected to be held by existing American Bitcoin shareholders.
On the evening of June 5, the second-largest stablecoin issuer, Circle Internet Corp. (CRCL.US), officially listed on the New York Stock Exchange. Circle's offering price was ultimately set at $31 per share, far exceeding expectations.
Listed for over ten days, Circle's stock price has already multiplied several times. As of publication, Circle is priced at $158.478, up 18.49%.