Bitcoin & Ethereum: Trump’s new bid

June 16, 2025

Reading time: 5 minutes

Trump Media files for dual Bitcoin and Ethereum ETF, eyes broader crypto play

Key points:

  • Trump Media has filed for a dual Bitcoin and Ethereum ETF, allocating 75% to BTC and 25% to ETH.

  • Crypto.com will serve as the custodian and liquidity provider, while Yorkville America Digital sponsors the fund.

News - Trump Media and Technology Group (DJT) officially filed an S-1 with the U.S. Securities and Exchange Commission (SEC) on June 16 to launch a dual-crypto exchange-traded fund (ETF) under the ticker "B.T." The Truth Social Bitcoin and Ethereum ETF aims to provide direct exposure to both Bitcoin (75%) and Ethereum (25%) via a single regulated product.

Sponsored by Yorkville America Digital and supported by Crypto.com as the exclusive custodian and liquidity provider, the ETF will list on NYSE Arca, pending regulatory approval. If cleared, it would mark the first dual-spot crypto ETF backed by a politically affiliated entity.

Part of a larger crypto strategy - The filing aligns with Trump Media's recent pivot into crypto-financial services. Earlier this month, the SEC approved its $2.3 billion Bitcoin treasury registration. The company also raised roughly $2.44 billion through a private placement involving 50 institutional investors. These funds will support Bitcoin acquisitions and the broader development of the firm’s Truth.Fi ecosystem.

Ethereum inclusion not coincidental - Notably, the ETF's 25% allocation to Ether may hint at emerging interest in Ethereum, though Arkham data shows World Liberty Financial, a Trump-affiliated DeFi firm, currently holds less than 0.1% of its assets in ETH. This contrast raises questions about whether the Ethereum allocation signals a strategic diversification, or simply a symbolic gesture tied to future intentions.

Institutional momentum builds - The ETF push comes amid heightened institutional crypto activity. On the same day, CoinShares filed for a Solana spot ETF, joining a growing list of applicants including Fidelity and Franklin Templeton. Meanwhile, Bitcoin ETFs now manage over $131 billion in assets, signaling sustained demand from both retail and institutional investors.

Big Bitcoin buyers ramp up, but VanEck warns of dilution dangers

Key points:

  • Strategy acquired 10,100 BTC worth $1 billion last week, pushing its total holdings to 592,100 BTC.

  • Metaplanet overtook Coinbase with 10,000 BTC, while VanEck warned firms like Semler may face value dilution risks.

News - Corporate Bitcoin accumulation accelerated last week, with Strategy, Metaplanet, and H100 all expanding their crypto treasuries, even as analysts like VanEck’s Matthew Sigel raised caution over potential dilution risks.

Michael Saylor’s Strategy purchased 10,100 BTC for $1 billion, bringing its total stack to 592,100 BTC at an average acquisition cost of $70,666. The move coincided with the Nasdaq debut of Strategy’s third Bitcoin-backed preferred stock, STRD, which aims to raise an additional $250 million for future BTC purchases. This latest acquisition boosted Strategy’s year-to-date BTC yield to 19.1% and marked its second major buy in June alone.

Meanwhile, Japanese firm Metaplanet surpassed Coinbase to become the ninth-largest public Bitcoin holder after purchasing 1,112 BTC for $117.2 million. Its BTC yield has been remarkably strong, posting 87.2% for Q2 so far. To fund this expansion, Metaplanet issued $210 million in zero-interest bonds, a strategy that investors appear to back, as its stock closed 26% higher Monday.

Elsewhere in Europe, Sweden’s H100 secured 150 million kronor (around $15 million) from Blockstream CEO Adam Back through a convertible loan. The firm aims to raise a total of $79 million to advance its Bitcoin strategy, having already completed several successful earlier tranches.

A warning from VanEck - Despite the bullish moves, VanEck’s Sigel cautioned that public companies pursuing aggressive Bitcoin buys may risk share dilution if their market cap nears or falls below the net asset value of their BTC holdings. Semler Scientific, for instance, saw its mNAV drop to 0.821x as its stock plummeted 45% this year despite Bitcoin’s rise. Sigel advised firms to adopt safeguards like halting equity issuance or launching strategic reviews if discounts persist.

ETFs boost market sentiment - According to CoinShares, crypto investment products saw $1.9 billion in inflows last week, a new year-to-date record of $13.2 billion. Bitcoin led the charge with $1.3 billion in inflows, while Ethereum products followed with $583 million. BlackRock’s crypto ETF products alone attracted $1.5 billion, signaling continued institutional confidence in the sector.

Justin Sun plots TRX power move via Trump-tied reverse merger

Key points:

  • Tron aims to go public in the U.S. via a $210M reverse merger with Nasdaq-listed SRM Entertainment.

  • Eric Trump may take a leadership role in the new firm, while Tether froze $12.3M in USDT tied to suspicious Tron-linked activity.

News - Tron founder Justin Sun is pushing for a U.S. public listing through a backdoor merger with SRM Entertainment, backed by a $210 million TRX treasury initiative. The deal, managed by Dominari Securities, would create a new entity, Tron Inc., that plans to buy, hold, and stake large volumes of TRX, mirroring Michael Saylor’s Bitcoin-focused Strategy (MSTR).

Adding political heft to the deal, Eric Trump is expected to join Tron Inc. in a key leadership position, according to reports. This follows Sun’s deepening ties to pro-crypto Trump allies, including his involvement with the TRUMP memecoin and the USD1 stablecoin launched via World Liberty Financial.

The strategic shift comes as Sun seeks to legitimize Tron in U.S. markets after years of scrutiny from U.S. regulators. The deal also includes a $100 million equity investment into SRM, backed by warrants that could raise the total to $210 million. Sun has been named an advisor to SRM, with a future dividend policy tied to staking rewards under discussion.

TRX and SRM soar on market hype - TRX surged nearly 7% to $0.2841 following the news, while shares of SRM Entertainment jumped over 250% in pre-market trading. The market’s reaction underscores growing investor enthusiasm for politically aligned crypto ventures amid regulatory uncertainty.

Tether freezes millions on Tron amid AML crackdown - Meanwhile, Tether froze $12.3 million in USDT on the Tron Network over potential sanctions or anti-money laundering violations. This freeze, conducted Sunday at 9:15 a.m. UTC, is part of Tether’s broader enforcement aligned with OFAC’s SDN list. It also follows the work of the T3 Financial Crimes Unit, jointly led by Tether, Tron, and TRM Labs, which froze $126 million in its first six months.

Vietnam legalizes crypto, bets big on digital future

Key points:

  • Vietnam passed its first law officially recognizing and regulating crypto assets, taking effect January 1, 2026.

  • The legislation includes major incentives for blockchain startups, AI firms, and semiconductor projects to attract talent and capital.

News - In a landmark move, Vietnam’s National Assembly passed the Law on Digital Technology Industry on June 14, officially recognizing digital and crypto assets for the first time. The law categorizes digital assets into virtual, crypto, and other digital assets, each now with civil law protections. It will take effect on January 1, 2026, ending years of regulatory ambiguity in the country’s fast-growing crypto space.

Crypto assets are defined by their use of encryption to validate creation, issuance, and transfers—separate from fiat, securities, or CBDCs. Virtual assets, meanwhile, are intended for exchange or investment purposes but do not rely on encryption. The legislation empowers the government to define oversight conditions, including AML/CFT protocols aligned with FATF standards, as Vietnam seeks to shed its “grey list” status.

Incentives to spark innovation - The law introduces tax breaks, visa perks, and land-use incentives for developers of AI, semiconductor, and blockchain technologies. Projects investing over $160 million in semiconductors or $80 million in data centers can receive “special” status, unlocking deep tax and employment benefits.

The government is also supporting education and workforce training through state subsidies aimed at building a robust talent pipeline in digital industries.

A crypto and tech hub in the making - Vietnam’s ambition extends beyond regulation. With over $105 billion in blockchain investment flowing into the country during 2023–24, mostly offshore, the new law aims to anchor capital and talent locally. Officials target a leap to 150,000 digital tech firms by 2035, signaling a long-term bet on becoming a regional tech powerhouse.

Did you know?

  • Crypto funds saw a $6.39 B net inflow in May 2025: According to CoinShares, May 2025 saw a combined net inflow of $5.5 billion into Bitcoin funds and $890 million into Ether funds, while traditional equity and gold funds faced outflows, highlighting growing investor confidence in digital assets.

  • EU regulators race to license crypto giants under MiCA: Both Gemini in Malta and Coinbase in Luxembourg are currently on the verge of securing pan‑EU licences under the new Markets in Crypto-Assets (MiCA) framework, marking a key moment in unified European regulation.

  • Trump Media has registered a $2.3 B Bitcoin treasury deal: In June 2025, Trump Media & Technology Group officially registered a $2.3 billion mix of equity and debt to fund a Bitcoin treasury initiative and reported holding crypto assets alongside $759 million in cash reserves.

Top 3 coins of the day

Ethereum (ETH)

Key points:

  • At press time, ETH was trading at $2,626, up 3.03% over the last 24 hours.

  • The Supertrend indicator remained bullish, while the DMI reflected a weakening trend structure.

What you should know:

Ethereum rebounded from the $2,450 support level and reclaimed the $2,600 mark, aided by over $585 million in institutional inflows last week, $528.2 million from U.S. spot ETH ETFs, marking a 19-day streak. The Supertrend indicator stayed bullish, though the Directional Movement Index (DMI) showed weakening momentum, with the +DI and -DI narrowing and ADX falling below 20. Volume saw a slight increase, supporting the latest upswing. Bullish sentiment was reinforced by whale accumulation (+3.72% in 30 days), growing developer activity ahead of the ETHCluj 2025 conference, and comments from Ethereum co-founder Joseph Lubin about Wall Street’s rising interest in DeFi. If buying pressure holds, ETH may test the $2,700–$2,750 range. A drop below $2,500, however, could reopen downside potential toward the $2,400–$2,450 zone.

Solana (SOL)

Key points:

  • At press time, SOL was trading at $156, up 2.08% over the last 24 hours.

  • The price rebounded from lower Bollinger Band support, but CMF remained negative, reflecting weak capital inflows.

What you should know:

Solana’s price extended its recovery from the $145 region, climbing above the 20-day SMA and approaching the midline of the Bollinger Bands. The short-term trend showed renewed buying interest, supported by back-to-back green candles, though the overall volume remained moderate. The Bollinger Bands suggested expanding volatility after a brief squeeze phase, while the Chaikin Money Flow (CMF) hovered below zero, hinting at a lack of sustained accumulation from smart money. However, institutional moves, such as MemeStrategy’s recent 2.9 Million HKD (approximately $370K) SOL acquisition mimicking MicroStrategy’s BTC model, along with Solana ETF optimism (91% Polymarket odds by year-end) and Bybit’s upcoming Solana-based DEX launch, have reignited bullish sentiment. If momentum holds, SOL may attempt to retest the $165–$170 resistance zone. A breakout above this region could open the door to $180. Conversely, a rejection could trigger a retest of the $150–$152 support cluster.

Tron (TRX)

Key points:

  • At press time, TRX was trading at $0.27, down 0.80% over the last 24 hours.

  • The price hovered near the 9-day SMA, while RSI showed neutral momentum just below the 50 mark.

What you should know:

TRX struggled to hold ground above the $0.275 level after a recent pullback from its multi-month high near $0.29. The 9-day simple moving average acted as dynamic resistance, with the price consolidating in a narrow range. RSI hovered around 48, reflecting indecisive market momentum. The $0.26 support has remained intact so far, supported by modest buyer activity. Notably, Tron's integration of the USD1 stablecoin and a proposal to reduce reward emissions, aimed at boosting deflation, have kept long-term sentiment optimistic. If bulls reclaim control, TRX could retest the $0.29–$0.30 resistance zone. Conversely, failure to hold $0.26 may open doors to $0.24 or lower in the short term.

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