xingpt

No, you're here again. How can we get used to losing money in the crypto world?

The alt season of cryptocurrencies: The fear and anxiety brought by the cryptocurrency clone market have prevented wealth from being made in the stock market.
The water temperature is acceptable for now; it seems that most are missing out. Once the cryptocurrency market starts trading stocks, it will be time to withdraw.

The more compliant the cryptocurrency industry is, the easier it is for traditional brokers to access cryptocurrency services.

However, for cryptocurrency exchanges, it actually means a diversion, especially for offshore exchanges without licensing advantages. Licensed exchanges like OKX can operate independently or collaborate with brokers, similar to incurring the cost of opening an additional broker.

In summary, it's good news for Bitcoin.

So this is how Wall Street values Circle:
Based on transaction volume compared to Visa and Paypal, Circle is valued at 70 billion!

If you find it difficult to make money from trading, it means the trading method is incorrect.
The ways to make money are all simple.
For example, long-term investment and holding Bitcoin, dollar-cost averaging in blue-chip US stocks;
For example, shorting altcoins with low leverage.

Recently, I watched some interviews with internet giants and couldn't help but feel emotional. The post-80s generation of the Republic is really damn lucky!
Going into the internet means being an early employee at Tencent, Alibaba, or ByteDance; going into real estate means riding the wave of skyrocketing house prices during the golden decade; going into finance and securities means being part of the Chinese concept stock listing boom; a very few lucky ones who enter the crypto world are early Bitcoin holders or founders of exchanges; at the very least, those who enter the system can still catch the last train of welfare housing distribution.
The more I listen to those interviews, the more I feel that there is no experience to draw from, it’s all just fate. Closing the video, I watch Israel and Iran fight and feel grateful that at least we can still sleep peacefully. Contentment brings happiness.

🌟Brother Sun takes the mainstream stage, see how Tron navigates capital shell in U.S. stocks🌟
@justinsuntron

1️⃣Transaction Terms and Structure

🚀In June 2025, SRM Entertainment (Nasdaq code: SRM) announced that it had reached a PIPE transaction worth $100 million with a private investor, providing funding support for its business strategic transformation and the basis for governance structure reorganization. According to the disclosed details, the transaction is structured with convertible preferred shares and warrants:

🚀Preferred Share Issuance: SRM will issue 100,000 shares of Series B convertible preferred stock, with a conversion price of $0.50 per share, corresponding to 200 million shares of common stock. According to Nasdaq regulations, the shares held by investors before conversion will not exceed 19.99% of the currently issued share capital; full conversion is permitted after shareholder approval.

🚀Warrant Issuance: 220 million warrants will be issued simultaneously with an exercise price of $0.50, which can be exercised immediately, with a term of two years. If fully exercised, it will further expand the common equity capital.

🚀Payment Method and Valuation Basis: The total investment of $100 million will be paid in TRON tokens (TRX), converted based on the closing market price on June 15, 2025, with the funds deposited into a custodial wallet controlled by the SRM board of directors.

🚀Transaction Dilution Effect: In the initial funding stage, investors will receive approximately 92.6% dilution based on the original circulating share capital of 17.24 million shares; if all warrants are exercised, the total investment scale will increase to $210 million, with potential new equity of 420 million shares, amplifying the original equity by 23.36 times, and the original shareholders' minimum holding ratio will decrease to 3.94%.

🚀Governance Structure Adjustment and Control Intent: After the transaction is completed, SRM will be renamed “Tron Inc.”. At the same time, the company’s board of directors will undergo significant restructuring: all original directors will resign, and the sole shareholder of the investment party, Weike Sun, will serve as chairman, with two new directors, Liu Zhihong and Yang Zi. Previously, TRON founder Justin Sun has been appointed as a company advisor. This governance structure adjustment will formally implement TRON's control within the SRM entity.

🚀The total transaction value cap is $210 million, with Dominari Securities serving as the exclusive agent for the placement. Although SRM did not specify the investor background, public information indicates that the funds come from entities controlled by the TRON Group, having clear strategic synergy objectives.

2️⃣Implementation Path and Timeline
🚀The transaction will be announced on June 16, 2025, and will take effect immediately. According to the company announcement and market disclosure, subsequent key time nodes and implementation arrangements are as follows:

🚀In the short term (June 2025): The investor must complete the TRX token injection by June 30, and SRM will hold a special shareholders' meeting by the end of this month to discuss core matters such as preferred share conversion, company renaming, and board personnel changes. The current board has completed its initial restructuring, and Weike Sun has assumed the position of chairman.

🚀Mid-term planning (next 12 months): After the completion of the transaction settlement, the company will initiate the “TRON Treasury Strategy,” which involves holding TRX tokens and participating in staking plans to generate income. Management expects that the TRX treasury income will become the core revenue source for SRM's new phase, and the company also plans to introduce a shareholder dividend mechanism to share staking income. In addition, SRM will officially rename itself to “Tron Inc.” in the second half of 2025, positioning itself as the capital operation platform of the TRON ecosystem.

🚀Long-term development (2025–2026): The exercise period of the warrants is two years, and TRON will decide whether to add an additional $110 million investment based on market performance and regulatory progress. If fully exercised, it will significantly enhance its control in Tron Inc. and bring additional funds or equivalent digital assets injection to the company.

🚀From a regulatory perspective, although this shell acquisition path can complete the listing conversion more quickly than a traditional IPO, it still needs to address the SEC's subsequent compliance review and the progress of historical allegations against Justin Sun. Considering TRON's current market share and technological foundation in the stablecoin cross-border settlement field, if the integration goes smoothly, “Tron Inc.” is expected to become the first publicly listed crypto company in the U.S. fully anchored in blockchain asset operations, achieving financial transparency.

3️⃣Lessons for Crypto Projects
Brother Sun's move has been compared by many media outlets to MicroStrategy, but in my view, its significance is entirely different. Brother Sun has opened up a model for crypto projects to reverse acquire U.S. stock shells, providing high market value projects with an additional exit channel: projects like Solana, Sui, and Hype can open up the U.S. stock market to attract compliant investors.
In addition, it provides project founders with a platform to expand their influence and engage with U.S. stock institutions, giving many founders hope for “going ashore.”

4️⃣Impact on Investors
In the short term, the sentiment of stock investors may surge, but in the long term, they will face the risk of significant dilution. Therefore, it is recommended to wait and see how Brother Sun will entice U.S. stock investors after completing the transaction.
The TRX token is worth paying attention to; on one hand, it does not face dilution issues, and on the other hand, it will also be the core asset continuously purchased by the future listed company, linking coins and stocks.
In the long term, I hope more projects can go public in the U.S. Since there is no compliant regulation in the crypto circle, manipulators and coin issuance groups 🈹 to the point of desolation, they must find a bigger pond to continue fishing.

(The picture shows Brother Sun winning over Trump)

The deeper you mix in the crypto circle, the more you feel: learn from Brother Sun, learn from um-hum.

Brother Sun's investment bank intermediary for acquiring SRM is a small New York brokerage called Dominari Securities. Trump’s two sons, Don Jr. and Eric Trump, are both board members of this brokerage.
Brother Chuan really knows how to make money, Brother Sun is very capable.
The above is from Reuters.

In the cryptocurrency world, issuing tokens is only a third-rate choice: first-rate companies go public on the US stock market (Circle, Coinbase); second-rate companies are acquired/earn cash flow; only third-rate companies issue tokens.

🌟XinGPT Project Introduction —Virtuals Launches Ethereum Mainnet Project: I.R.I.S. 🌟

Virtual Ecosystem $IRIS is coming, it’s really coming!!!

ETH official X@virtuals_io releases first AI Agent project @UndercoverIRIS

Summary & Comment: $IRIS, 37 followers hide multiple Nethermind core members, true Alpha! I.R.I.S. is an Agent project led and managed by Virtuals and built based on @NethermindEth technology.

Technology relies on Nethermind’s AuditAgent platform, which is designed for automatic auditing of smart contracts and has been posted on Iris Twitter Bio. Although it has not been officially announced yet, the follow list reveals @UndercoverIRIS
Platform foundation: EVM, but the style is different from traditional L1 and is quite innovative.

Partner background:
Nethermind is the core development team of the Ethereum ecosystem, deeply engaged in the development of Ethereum protocols, L2 and smart contracts, with hardcore + mature + full experience.

Core figure Tomasz Stanczak is also a member of the Starknet board of directors and was elected as one of the executive directors of the Ethereum Foundation in early 2025.

Token distribution (total amount to be determined):
50% of $IRIS tokens are directly allocated to the Ethereum community, and the team reserves 0, positioning pure public goods (public good), and full marks for the spirit of decentralization.

Product highlights:
Etheruem is for AI! The project has been officially cited by @ethereum! @ethereum strongly supports it.

Important people speak out: Virtual founder @everythingempt0, community core @ethermage

Coin issuance time: Launch within 40 hours, no Virgen Points accumulation, get on board directly!

Completion: Currently only on waitlist, product experience to be opened.

Dynamics: The team is active, the community is looking forward to it, it's worth going all in!

For more details, please see @Alvin0617's analysis (

🌟Xingpt Research Thinking - The Altcoin Market is Becoming More Like the A-Share Market with Several Major Characteristics🌟
- The overall market capitalization remains unchanged for years; 10 years ago, the A-share market was at 3000 points, now at 3300, more stable than stablecoins; Bitcoin hits new highs year after year, while the market capitalization of altcoins continues to reach new lows.
- Leading and star stocks in the A-share market continue to perform excellently; blue-chip stocks like BYD and Moutai have also increased tenfold in 10 years; long-term performers in altcoins like Solana and Sui have also performed very well.
- Most stocks in the A-share market reach their peak upon listing, shareholders reduce holdings to cash out, pledge to cash out, and then split businesses to list again and cash out; altcoin teams illegally unlock and cash out, allowing retail investors to pledge and sell to cash out, OTC cash out, and then create a new project to issue tokens and continue cashing out.
- Most A-share investors lose money; most people in altcoins lose money.
- A-share speculators rely on insider information, forming cliques to manipulate stocks, with speculators targeting retail investors; in the crypto space, speculators rely on team insider information, forming cliques to manipulate, with contracts being pulled down to harvest retail investors.
- Small-cap stocks in the A-share market cannot be short-sold due to lack of borrowing; small-cap altcoins have very poor short-selling liquidity as well.
- Northbound capital (external funds buying in) gradually declined after 2021 in the A-share market; in the crypto space, external incremental funds no longer choose to buy altcoins after 2021.
- A-share investors are mostly good at telling jokes; people trading altcoins are also mostly good at telling jokes.

Play your motherfucking Solana

Cetus compensated, with a cash + future tokens model. It's uncertain how the team will maintain motivation to fill the gaps or if they will reopen a dungeon.
At least for now, the attitude is excellent; they didn't play dead after being stolen.

U.S. Stock PvE, Cryptocurrency PvP

The CEO of Hashed's think tank has become a new senior official of the South Korean government, taking on a role similar to that of a policy advisor.
The Web3 native generation of South Korea has stepped onto the mainstream political stage.
In contrast...
Let's not say more, comparisons are the most damaging.

If the mixed currency circle doesn't want to engage in scams, does it only have to deal with central bank digital currencies, stablecoin payments, and the RWAization of debt?
Why does it feel not cool at all?

🌟XinGPT Research US Stock Research - Circle IPO Analysis🌟

Circle, as the highly anticipated first stock of a stablecoin, will officially start trading tomorrow, June 5th. I spent two days reading the complete S-1 prospectus, and now let's break down Circle and see how to go all in.

1️⃣Circle Business Model

The business logic of stablecoins is actually very simple; it earns the interest income from the total amount of stablecoins issued. That is, the larger the issuance, the higher the U.S. benchmark interest rate, and the higher the interest income.

As shown in the figure below, Circle revenue = Stablecoin issuance * Benchmark interest rate, with an issuance of approximately 43B in 2024 and a benchmark interest rate of about 4.5%, resulting in an annual revenue scale of approximately 1.66 billion USD.

Is Pumping Tokens the End of the Meme Era?

Most likely not.

The golden age of memes ended after the Trump token launch, and since then, the on-chain liquidity has never returned to what it once was; the frequency and market cap of the golden dog (Doge) are no longer comparable.

However, I believe that the funds attracted after the pump will only draw a portion of the capital still engaged in PVP on Solana, which will instead shift funds toward a multi-chain ecosystem. Therefore, I remain optimistic about memes on ETH (during ETH's strong period) and the planned strategies on BSC.

This is why I am optimistic about @UseUniversalX, which positioned itself early in the multi-chain ecosystem and has consistently used it to engage with Doge, making it suitable for more stable operators who prefer less risk.

After the meme speculation cycle, the industry will gradually return to value discovery through intrinsic innovation, providing better premiums for projects that generate native yields.

Return to value, discover value.

Today everyone is discussing the issuance of tokens by Pumpfun, expecting to raise $1B at a valuation of $4B.
Let's see if Pump is worth $4B.

According to the benchmarking valuation method favored by financial veterans, we first list all cash flow projects (Cash Cow) and rank them according to annualized revenue. The uniform calculation method for annualized revenue here is: past 30 days' revenue * 12. This estimation method is very affected by market conditions, but mainly discusses relative valuation rather than profitability, so as long as everyone adheres to this algorithm, it is fine.

As shown in the following data:
Pump Fun's annualized revenue for the past 30 days is $77.98 million, which corresponds to an FDV of $5B, giving it an FDV/annualized revenue ratio of 64; which is relatively high.

However, there are similar projects like ENA and Pendle with even higher ratios.

So I believe that in the long run, Pump is definitely not worth this valuation; the revenue certainty is not as strong as leading DeFi projects like Ray/Cake; but if the market is good, the team may create FOMO and it could possibly double.

Regarding this valuation, combined with the sentiment on X, I think there is no need to be overly bearish or even short it at the opening.
Holding cash and watching the changes is enough.

🌟XinGPT Research Project Review-SaharaAI🌟
1️⃣What does Sahara do?
Since the Web3+AI narrative became popular last year, Sahara is an unavoidable project. I simply divide Sahara's business into two parts. One part is the AI ​​data layer, which obtains the data set required for AI training through labeling, collection, etc., and the other part is the public chain platform, which completes specific AI training tasks, assetization and trading.
https://t.co/VMoa4zeo18

2️⃣Why are you optimistic about Sahara?
The team is awesome. The combination of a great professor + crypto native, Sean is one of the few who has achieved success in the academic circle and is willing to personally start a web3 project, and as a founder instead of selling reputation on the platform, this has outperformed 99% of professor projects. After Tyler's experience in bn labs, he also enhanced the team's experience in the operation of web3 projects.

3️⃣Why should you participate in BuidlPad fundraising?
The founder of BuidlPad and I worked together at bn. His work ability and character are well-known. The strong performance of Buidlpad's first project Solayer after its launch also defeated all the shorts.

4️⃣ How to participate in the community round:
Buidlpad launched the $SAHARA community allocation event, with a total amount of 8.5 million US dollars, accounting for 1.4167% of the total supply, and FDV of 600 million US dollars. The event time is from June 8 to June 18, 2025. You need to complete KYC, verify the X account, follow Buidlpad and join Discord. Participants need to subscribe from June 10 to June 11, and contribute 50 to 3000 US dollars (using USD1 or BNB) from June 14 to June 15. The final allocation will be unlocked 100% at TGE.
Priority allocation (up to 30%): given to active members of the Sahara AI ecosystem, you need to submit relevant content before June 7 to obtain the code.

Some netizens commented that 600 million US dollars does not seem cheap, but I think for a leading AI + Web3 project, the benchmark should be an expected 1 billion US dollars. Of course, the subsequent development space depends on the team's execution. If the execution is good, the ceiling is higher.

If you can hit it, you will basically not lose money. Go for it when you should.