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Bitcoin Jumps Below $107,000 with a Narrowed 0.27% Increase in 24 Hours

Bitcoin has jumped below $107,000 and is now trading at $106,976, with a narrowed 0.27% increase in 24 hours.

U.S. Senate to Vote on GENIUS Act Final Approval

The U.S. Senate is set to conduct a final vote on the GENIUS Act (S.1582) at 4:30 a.m. UTC+8 on June 18, 2025. This follows the completion of the amendment process. If the bill is approved, it will proceed to the House of Representatives for further consideration. This marks the last round of voting for the bill in the Senate.

Trump Crypto Ally Justin Sun Poised to Take Tron Public Through Reverse Merger

Justin Sun, the China-born crypto entrepreneur with ties to the Trump family who saw a federal investigation of his business interests paused earlier this year, is set to take his Tron blockchain platform public in the US through a reverse merger.

SRM Entertainment, Inc., a maker of toys and related projects, said in a statement Monday that it entered into a securities purchase agreement with a “private investor” for a $100 million equity investment. The name of Winter Park, Florida-based SRM will be changed to Tron Inc. and Sun will serve as an adviser. SRM said the investor is an affiliate of Sun, while Sun confirmed his involvement to Bloomberg News.

Shares of SRM surged 9% in overnight trading after soaring 534% on Monday.

Proceeds from the investment will be used to to initiate a Tron crypto token treasury, similar to the buying and holding of Bitcoin popularized by Strategy’s Michael Saylor and now copied by dozens of companies.

Trump Media Deepens Crypto Push With Bitcoin–Ether ETF Filing

Donald Trump’s media company has filed to launch an exchange-traded fund that would invest directly in both Bitcoin and Ether, the latest in a wider push into digital assets tied to the president’s personal brand.

The proposed fund, dubbed the Truth Social Bitcoin and Ethereum ETF, was disclosed in a regulatory filing Monday. It aims to give investors an easy way to gain exposure to the two largest digital assets and serves as a “simple and cost-effective” alternative to using peer-to-peer networks or digital platforms. Yorkville America Digital is listed as the sponsor of the latest product.

Circle Internet Stock Surges After CEO Predicts iPhone Moment for Stablecoins

Circle Internet Corp. stock climbed 13% in Monday trading, bringing the stock's recent value to more than five times its IPO price of $31.

Over the weekend, Circle's CEO said via X post that stablecoins "are not quite yet at the iPhone moment when developers everywhere realize the power and opportunity of programmable digital dollars on the internet in the same way they saw the unlock of programmable mobile devices. Soon."

Michael Saylor Shifts to Using Preferred Shares to Buy Bitcoin as Criticism Rises

Michael Saylor’s Strategy bought $1.05 billion in Bitcoin in the last seven days, the third consecutive week in which the cryptocurrency treasury company has used preferred shares exclusively instead of common stock to fund purchases.

The company formerly known as MicroStrategy Inc. purchased 10,100 Bitcoin from June 9 to June 15 at an average price of $104,080, according to a filing Monday. The haul was the largest by Strategy in five weeks, raising its total holdings to roughly $63.4 billion.

Saylor announced plans earlier this year to raise $84 billion in capital to buy Bitcoin through a combination of at-the-market common share sales and debt offerings over the next few years. In 2020, Strategy began buying Bitcoin with cash on hand before shifting to stock sales.

Trump Family Launches Branded Mobile Phone Service in US

President Donald Trump’s family is getting into the mobile phone business with a Trump-branded service that will rely on pre-existing wireless networks and hardware that is “made in America.”

Trump’s sons, Eric Trump and Donald Trump Jr., unveiled the service, dubbed Trump Mobile, Monday at Trump Tower in New York on the 10-year anniversary of their father’s announcement that he would run in the 2016 presidential election.

“We’ve partnered with some of the greatest people in the industry to make sure that real Americans get true value from their mobile carriers,” Trump Jr. said. He and Eric Trump are executive vice presidents at the Trump Organization.

Solana Investors May Benefit As Financial Uses Grow, Cantor Says

Companies looking to invest in the cryptocurrency Solana may benefit from increased use of the coin in the financial industry, according to analysts at Cantor Fitzgerald.

While Solana’s blockchain has seen its use as a memecoin expand over the past year, it has the potential for more applications as the use of tokenized securities grows in finance, Cantor analyst Thomas Shinske wrote in a note to clients Monday. Though Bitcoin treasury companies like Michael Saylor’s Strategy provide investors exposure as a reserve asset, Shinske sees Solana as offering quick, cheap transactions and the ability to use tokens to validate transactions for reward, known as staking.

“With increased liquidity making it easier to raise capital, Solana treasury companies can follow the ‘Saylor playbook’ and raise capital at a premium to NAV, purchase SOL, and increase SOL-per-share,” Shinske said

Bitcoin Spot ETF Flow

The overall net inflow of the US Bitcoin spot ETF on Monday was $408.59 million. The total net asset value of Bitcoin spot ETFs is $132.34 billion, and the ETF net asset ratio (market value compared to total Bitcoin market value) is 6.13%.

The Bitcoin spot ETF with the highest net inflow on Jun. 16 was iShares Bitcoin Trust ETF, with a net inflow of $266.60 million. Following that was Fidelity Wise Origin Bitcoin Fund, with a net inflow of 82.96 million, according to SoSoValue.

SoSoValue