Crypto Currents: Tron files for potential fundraising

As bitcoin, ethereum and other cryptocurrencies get increasing attention from investors, Wall Street and its traditional banks continue to adjust to the shift. Stay up on the crypto news that matters with “Crypto Currents,” daily from The Fly. Join us 2 PM daily for your essential briefing on the fast-moving world of cryptocurrency on FlyCast radio. Also, subscribe to our YouTube channel for the Crypto Fly By weekly recap.

CORPORATIONS NOW HOLD 1% OF TOTAL ETHER SUPPLY: A new report from multinational bank Standard Chartered revealed that corporate treasuries have now acquired 1% of the total circulating supply of ether (ETH). The bank’s research quantifies a significant trend of institutional adoption, validating the movement of corporations to add digital assets to their balance sheets beyond just bitcoin (BTC). Standard Chartered noted this accumulation directly impacts the supply and demand dynamics of the second-largest cryptocurrency, providing a strong bullish narrative for the sector. The report highlights a diversification in corporate crypto strategy and suggests that the trend of holding digital assets as a hedge or productive asset is maturing.

TRON FILES TO SELL $1B IN SECURITIES TO INCREASE TRX HOLDINGS: In a regulatory filing, the Tron Foundation (TRON) announced its intent to sell up to $1B in securities. The foundation stated that the proceeds from the sale would be used to increase its holdings of the Tron network’s native token, TRX (TRX). This represents a massive potential capital injection and direct buying pressure for the top-20 cryptocurrency, demonstrating a high level of corporate commitment to supporting the ecosystem’s value. The filing frames the move as a strategic initiative to “enhance the stability and growth potential of the TRON ecosystem.”

TWENTY ONE CAPITAL BOOSTS BITCOIN HOLDINGS TARGET TO 43,500 BTC: Bloomberg reported that Twenty One Capital, an alternative asset manager with ties to Cantor Fitzgerald and Tether, has increased its target for bitcoin holdings to 43,500 BTC. The move reinforces the growing institutional trend of accumulating bitcoin as a primary treasury reserve asset. Sources in the report noted that setting a specific, large target provides a clear signal of continued institutional demand for the market’s leading digital asset, regardless of short-term price volatility.

HONG KONG FINALIZES STABLECOIN ISSUER GUIDELINES: The Hong Kong Monetary Authority on Monday finalized its new regulatory guidelines for stablecoin issuers. The rules, which are set to take effect in Q4, establish requirements for licensing, asset reserves, and risk management protocols. This major regulatory development from a global financial hub is expected to set a precedent for the Asia-Pacific region and alter liquidity and trading dynamics by bringing more clarity to the crypto market’s plumbing.

Other Crypto News:

• Mill City Ventures III (MCVT) announced it has raised approximately $450M through a private placement to institutional investors, including Pantera Capital and Arrington Capital, and will use the proceeds to acquire SUI (SUI) tokens for its primary treasury reserve.
• SharpLink Gaming (SBET) chairman and Ethereum co-founder Joe Lubin stated in a Bloomberg interview that the company aims to accumulate ether faster per share than any other project, using at-the-market facilities to expand its reserves daily.
• Interactive Brokers (IBKR) also announced it is “actively considering” the launch of its own U.S. dollar-pegged stablecoin, a move that would mark a significant step into the digital asset space for the major brokerage firm.
• Canadian vape company CEA Industries (VAPE) announced plans to become the largest publicly traded BNB (BNB) treasury company in the U.S. The company is pivoting its strategy through a collaboration with investment firm 10X Capital and YZi Labs, a firm previously associated with Binance co-founder Changpeng Zhao. CEA Industries plans a $500M private share sale, with an additional $750M available through exercised warrants. This could provide up to $1.25B, which the company intends to use to acquire BNB tokens. The company plans to generate revenue from its holdings through staking and lending.
• In South Korea, the ruling and opposition parties clashed over the timeline and severity of proposed stablecoin regulations, creating uncertainty in a key crypto market.
• Block (XYZ) also announced it aims to draw more users to its Cash App with the launch of a new group payments tool.
• Meanwhile, Google Trends data shows that search interest for the term “stablecoins” hit an all-time high this week, indicating a surge in public awareness.

PRICE ACTION: As of time of writing, bitcoin was trading at $117,783.62, while ethereum was trading at $3,782.07