SRM Entertainment price

Words: Prathik Desai Compilation: Block unicorn preface TRON founder Justin Sun took his blockchain empire public through a reverse merger with NASDAQ-listed toy company SRM Entertainment. Why would a man who started his career disrupting traditional finance now line up at the gates of Wall Street with an IPO prospectus in hand? Welcome to the big identity crisis for cryptocurrencies in 2025. Rush to Wall Street The craze started at Circle. This month, when the stablecoin giant went public, its shares soared 168% on its first day. The offering was oversubscribed by 25 times: 850 million shares were demanded by the public, while only 34 million shares were actually issued. Image source: TradingView Circle currently has a market capitalization of more than $33 billion, three times the $9 billion to $11 billion it reportedly received from Ripple before going public. Circle's success has not only rewarded early investors, but has also inspired a group of crypto-native companies to consider entering Wall Street and pushed others to restart shelved IPO plans. Three days later, Gemini filed its IPO application. Now, TRON has also announced its plans to go public. Circle provides a template that proves that traditional markets are willing to pay a high premium for regulated cryptocurrency exposure, while mainstream investors are eager for blockchain innovations packaged in familiar corporate structures. The public has embraced cryptocurrency products offered through traditional Wall Street channels. Since January 2024, the net inflow of Bitcoin ETFs has exceeded $45 billion. Strategy's (formerly known as MicroStrategy) share price is several times its Bitcoin holdings: the market capitalization is about $106 billion, while its Bitcoin holdings are worth about $62 billion. Michael Saylor's Bitcoin bet has inspired more public companies to take the vault investment route. These cases confirm the hypothesis that perhaps the quickest path to mainstream adoption is not for the world to move to self-custodial wallets and DeFi protocols. Instead, the path to mass adoption should be to make cryptocurrencies accessible directly through traditional financial infrastructure, through channels that people already trust. Take a look at the math employed. Traditional finance touches billions of people, while there are only 560 million cryptocurrency holders worldwide. When ETFs introduced Bitcoin to 401(k) retirement plans and pension funds, its mainstream penetration in a year surpassed the results of a decade of "not your key, not your coin". Companies that have focused on building pure crypto products for many years are starting to focus on related products that can connect two worlds. Circle leverages stablecoins to create digital payment gateways and corporate treasury services. Coinbase has gone beyond the image of its crypto exchange by building institutional custody and prime brokerage services that rival traditional banks. The IPO path offers something that the crypto ecosystem lacks: the use of public market capital to fund these related product lines. Need to build an enterprise-grade hosting solution? Issuance of shares. Looking to acquire a traditional fintech company? Use stocks as currency. Planning to expand to regulated lending or investment management? The credibility of the public market opens the door to crypto-native credentials that can't. Why trust trumps ideology Traditional finance's overtures also address one of cryptocurrency's toughest problems: institutional trust. For years, crypto companies have struggled to bridge the credibility gap that technological innovation cannot bridge. When Coinbase went public in 2021, institutions saw it as a risky bet on an emerging asset class. Today, Coinbase is included in the S&P 500 and manages billions of institutional assets, becoming a symbol of cryptocurrency's integration into the mainstream financial system. This trust-building mechanism works through a variety of channels. The SEC's regulation provides a level of compliance that is unmatched by pure crypto investments. Quarterly earnings calls and audited financial statements provide transparency not available in community governance forums. When pension fund managers are able to cite S&P ratings and decades of corporate law precedents, cryptocurrencies are no longer a blind belief, but an asset-allocation decision. This verification is two-way. Wall Street's embrace of crypto firms has provided legitimacy to the industry as a whole. When BlackRock aggressively builds crypto infrastructure and Fidelity provides Bitcoin services to millions of retirement accounts, it's hard to dismiss blockchain technology as a speculative bubble anymore. In addition to the philosophical evolution, there is also a practical necessity. After the collapse of FTX in 2023, crypto venture capital financing plummeted by 65%. When the second-largest exchange was exposed as a house of cards based on customer deposits, investors became cautious about writing checks. Traditional venture capital, which was once generous to any business plan with the word "blockchain" in it, is rapidly drying up. Companies accustomed to investing $50 million in Series A funding rounds find that they explain basic concepts to investors without listening. The open market remains open. Institutional investors who are reluctant to invest in crypto startups are happy to buy shares in crypto companies that are regulated, SEC compliant, have audited financial statements, and have a clear business model. This financing shift accelerates the strategic transition to related products. Our point of view The emerging strategy is to build products that solve real problems, demonstrate product-market fit through crypto-native channels, and then scale through traditional financial infrastructure. This clash of ideas may exist, but it doesn't necessarily pose a problem. Companies that can navigate this transformation will be able to deliver DeFi innovation that combines the reliability of traditional finance. They will provide decentralized benefits to mainstream users who will never manage their private keys or understand gas fees, including faster settlements, global accessibility, and programmable currencies. The early promise of the crypto industry was to eliminate intermediaries altogether. But most people still want an intermediary, perhaps a better one. Faster, cheaper, more transparent, more global intermediaries than traditional banks, but still intermediaries. Crypto companies planning to build blockchain empires may not shy away from purity beyond ideology because of the need for funds. Instead, they may focus on raising capital from the public to build the infrastructure that will bring the benefits of crypto to the next billion users. From an adoption perspective, this trust-building mechanism seems to be working: the traditional path has accelerated crypto adoption faster than pure crypto businesses. Finally, crypto founders who have already achieved product-market fit shouldn't be afraid to knock on Wall Street's door when the time comes. They seem eager to get you on board.

I just realized recently that the TRON project is really doing the work! While everyone is still focused on USDC, TRON has quietly taken the lead in the stablecoin space. Currently, one-third of global stablecoin transactions are conducted on TRON, and more than half of USDT is on its platform. And you think it's just a chain-side gimmick? They are directly landing in Latin America, Africa, and Lebanon—salaries, shopping, and imports/exports are all settled in USDT. TRON has practically become the "on-chain dollar bank." The key is—they are also planning to go public on NASDAQ via a shell company, following Visa's path as a "U.S. stock payment infrastructure stock!" Steadily capturing traffic and quietly making money, isn't that better than those who pump and shout orders? Don't underestimate TRON; this wave is really making things happen. @justinsuntron @trondao #TRON #TRONEcoStar

Eyenovia announced last night that it will purchase $50 million worth of $HYPE and stake it all. The news caused a surge of 3.5 times. I saw this news before bed, and my US stock account was already out of money... so I casually added more $HYPE. Increasing crypto holdings and various reserve news in the US stock market is undoubtedly a new meta... 😂 Now there’s another branch in the playbook for altcoins; can listed companies serve as reserve assets? Besides the most commonly seen $BTC, $ETH, and $SOL, there are currently $XRP, $TAO, and $HYPE. This chaotic dance will be driven by ETFs and various listed companies' speculation 😂 Just looking at the tweet below shows how terrifying the Hyperliquid community is, with 220,000 interactions coming from a smart account with less than 10K followers 👇

This wave of TRON's reverse merger listing is a reward for Sun Ge being the number one boss these past few years, with WLFI and $TRUMP both having his number one presence. With a $210 million acquisition and SRM skyrocketing 647% overnight, it’s not just a coin going public; Sun Ge has directly pulled the entire track into Nasdaq. Behind this is still the Trump family's resources, with the operator being Dominari Securities, which has a close relationship with them, almost directly marrying the Web3 narrative to Wall Street. But the most noteworthy aspect is not TRON, but HTX. Don’t forget, TRX started from HTX. This time with TRX going public, HTX is not just a bystander; it was one of the earliest "tree planters." Now that TRX has the opportunity to become an ETF, could HTX possibly follow the same path? I think people have already started laying the groundwork in this regard. Looking at Sun Ge, his rhythm has been really precise these past two years. From being targeted by the SEC to now hugging the Trump family's leg, and now even "TRON Inc" is settled. Previously, everyone laughed at him for messing around, but now looking back, the path is actually very clear: no fluff, directly charging into the capital market, using the rules of the financial system to reverse-engineer market position. So I think this is not just the story of TRX; it’s the "Sun Ge track" starting to enter its second phase. And #HTX is likely to be the next protagonist. To put it bluntly: in the past, TRX's ups and downs had little impact, but now it’s different; when it moves, the entire platform's valuation, volume, and imaginative space of HTX could change accordingly. You either understand this wave, or you passively wait for others to take off. In this bull market, some are telling stories, some are making products, and some are already ringing the bell. Sun Ge is taking the third path.

📰 CRYPTO NEWS 📰 ▪Tron goes public in US through reverse merger with Eric Trump to take a role at the newly formed company. SRM up 10x on the week. ▪Truth Social files for combined Bitcoin and Ethereum ETF. ▪JP Morgan files trademark for the JPMD stablecoin ▪US and UK finalize trade deal. ▪Strategy purchases $1.05B worth of Bitcoin. ▪The first XRP ETF will begin trading tomorrow on the Toronto Stock Exchange. ▪Coinshares files for Solana ETF. ▪Thailand approves 5-year tax exemption on crypto capital gains. Thoughts? 💭