As of June 17, 2025, the Spark token $SPK , linked to the Spark protocol (sparkdotfi), has experienced notable developments. The token is priced at approximately $0.06101 (via BingX chart), having dropped 51.46% in the past 24 hours, with a market capitalization of $103.72 million and a circulating supply of 1.7 billion coins.

SPK functions as the native governance and staking token, facilitating governance, security, and reward distribution across Ethereum, Arbitrum, Base, Optimism, Unichain, and Gnosis Chain. The platform currently manages $3.5 billion in stablecoin liquidity and generates $172 million in annualized revenue.

Meanwhile, Trump Media & Technology Group (TMTG) filed with the SEC on June 16, 2025, to launch the Truth Social Bitcoin and #ETFEthereum , under the ticker B.T., offering exposure to Bitcoin (75%) and Ethereum (25%).

It is structured as a Nevada business trust, the ETF is set to list on NYSE Arca pending regulatory approval, with Crypto.com serving as custodian, execution agent, and liquidity provider. This marks TMTG's second crypto ETF filing in June, complementing its $2.5 billion Bitcoin treasury strategy and other ventures such as the $TRUMP meme coin and World Liberty Financial.

The ETF will compete with dominant players like BlackRock, whose iShares Bitcoin ETF holds $70 billion in assets, and its success will depend on fee competitiveness, the strength of the Trump brand, and overcoming regulatory and ethical concerns related to President Trump's ties to TMTG. Bitcoin is currently trading between $105,450 and $109,000, while Ethereum ranges from $2,540 to $2,640, signaling a stable market.

While Spark focuses on decentralized finance and stablecoin liquidity, and TMTG aims to penetrate traditional finance through crypto ETFs, both are navigating competitive landscapes by leveraging strong branding and strategic growth.