Tron has officially landed on Nasdaq, and Sun has another ordinary victory. Tron Inc. today (Nasdaq code: TRON) rang the opening bell on Nasdaq to celebrate the official name change of TRON Inc. Sun spent $100 million to reverse-acquire the nearly bankrupt SRM Entertainment, announcing a maximum $210 million TRX token reserve strategy this June. There are some noteworthy stories behind this acquisition: 1️⃣ An important prerequisite for the deal was the cessation of the U.S. regulatory investigation into Justin Sun's fraud. One of the benefits of being a close friend of President Trump. 2️⃣ The firm responsible for this acquisition, Dominari Securities, is headquartered in Trump Tower, and its parent company, Dominari Holdings, has board advisors including Donald Trump Jr. and Eric Trump. 3️⃣ In mid-June 2025, the FT reported that Tron would inject up to $210 million in TRX into SRM Entertainment through a reverse merger, with the company renamed to Tron Inc. The deal includes $100 million in private equity financing to purchase TRX, plus warrant allocations, with total financing potential reaching $210 million.

Recently, I wanted to go to the beach 🏖️. I had planned to work hard on my body and seriously cut fat, but then my mom came, and after she left, the market came back. I didn't eat well, and I didn't train well either. In 10 days, I have to go out, so it looks like I need to go into hell mode for a bit. AI suggested I train three times a day ➕ dehydrate three days in advance 🙂.

Non-technical, trying to understand the recent phenomenon of the ETH unstaking queue that everyone has been discussing a lot. This is a beginner's guide, experts don't need to read it. If I make any mistakes, feel free to comment and correct me. When designing the staking system for Ethereum, a "throttling mechanism" was established to avoid system instability or sudden changes in security—like a queue at the entrance, only a fixed number of people are allowed to enter or exit at a time. Churn refers to "the maximum number of validators allowed to join or exit per unit of time." Churn is dynamically adjusted based on the total number of stakers in the network; the more stakers there are, the faster the rate of adjustment. For example, currently, a maximum of 8 validators are allowed to join or exit every Epoch (every 6.4 minutes). This means that if many people want to join, they need to queue; if many people want to leave, they also need to queue. The waiting time for joining (staking) has significantly increased in May and July of this year (June was relatively okay). In May, it remained in the range of 300k–350k ETH; in mid-July, the queue for joining was still about 357k ETH. Based on what we previously knew, with a maximum of 8 validators (or 256 ETH/epoch) allowed per Epoch (every 6.4 minutes), it would take about 5-6 days to stake. On July 22-23, the exit queue reached 519k ETH, with a waiting time of 8-9 days, which is also the longest duration since January of last year. Behind the congestion of entering and exiting is likely a change in hands: the influx is driven by institutions, large ETH treasuries (like BMNR/SBET), and ETFs; the outflow is due to some stakers taking profits after the recent significant rise in ETH.

The progress of civilization is equal to the deprivation of privacy rights ———Asimov

Some of the more important points today 1. Brother Sun chose to ship ether at this location You must know that Brother Sun is a person that Mr. President admires very much 2. The PUMP big truck is starting to break In any case, the project party left with the young model of the money yacht It also seized a very good opportunity in the market

Penguins are 100x cuter than those labubu gremlins

On Friday, SharpLink Gaming $SBET experienced a significant pullback, dropping from an opening high of $39 to $29, a decline of over 20%. The reasons behind this, aside from profit-taking, are more related to the drop in June, as the ATM (At-the-Market) issuance limit expanded from the original $1B to $6B, which directly broke the previous dilution ceiling, raising market concerns. I actually explained some of the reasons for this in my previous tweets: 1⃣️ The additional financing through issuance is necessary to acquire funds to buy ETH, thereby surpassing BMNR to become the top coin holder. 2⃣️ Is continued issuance good or bad? This is a very critical question: Can SBET increase the ETH content per share through continued ATM financing + buying ETH? If this is something expected, why is the market so panicked? I think one reason is that the speed and magnitude of the financing breakthrough exceeded everyone's expectations. In fact, since May, $SBET @SharpLinkGaming has already conducted three rounds of financing, raising over $800 million. However, the spending rate is too fast, and this money has all gone into ETH for interest. Facing the watchful $BMNR, it is necessary to strike earlier and faster to gain funding and market attention. According to U.S. securities law, there are clear registration financing limit restrictions, where the "$1B limit" applies to certain small issuers, which also applies to SharpLink Gaming. SBET submitted a new S-3/A filing to apply for breaking this financing limit and raising another $6 billion from the market. Will the application definitely be approved? The answer is no. 1⃣ The S-3 registration form allows financing, but within 12 months, it can raise no more than 1/3 (about 33.3%) of its Public Float. 📌 Current data for SBET: Market cap: approximately $2.79B, Public Float estimated at 85% ≈ $2.37B. Baby Shelf financing limit ≈ $2.37B × 1/3 ≈ $790M. $6B is $6 billion, which is far too much, exceeding more than twice the entire company's market value. I had AI evaluate several achievable paths and their respective success rates. So: ➡️ This dilution is unlikely to happen all at once; ➡️ The $6B financing target seems more like a strategic upper limit rather than a one-time action; Using PIPE, strategic investments, mergers, etc., along with phased ATM usage, is the high-probability path to realization; ➡️ If ETH surges, SBET can use the rising market value to "roll" and unlock higher ATM space, which is a realistic operational path.

The struggle for the crown prince has always been like this. The printing ability of $BMNR has surpassed $SBET, making it the number one ETH reserve today. One has Peter Thiel (the man behind Trump); the other is backed by Lubin from the Ethereum Foundation. Who will be the final winner? I want them all. Peter's introduction to the portal:

On June 1st, I drew the first fortune at Kiyomizu Temple, very auspicious. During this period, my trading has been incredibly smooth! Thank you, thank you, thank you 🙏 I will definitely come back to express my gratitude.

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