Truth Social Crypto ETF Eyes NYSE Listing

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Good Morning.

Truth Social’s ETF push mixes political theater with a bid for financial clout, while Bitcoin’s $14B options expiry hints at strategic accumulation behind seemingly bearish signals. In crypto, narrative is half the game.

In Today's Email:

• What Matters: Truth Social Crypto ETF Eyes NYSE Listing 👀 

• Case Study: Bitcoin Braces for $14B Options Expiry 🔎 

• Governance & Features: Gun.fun’s EOAs for Cross‑Chain Trading 🚀 

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WHAT MATTERS

Truth Social Crypto ETF Seeks NYSE Listing

State of play: The New York Stock Exchange (NYSE) has filed a proposed rule change to list the Truth Social Bitcoin and Ethereum ETF, a passive fund designed to track the prices of bitcoin and ether.

• The ETF is backed by Trump Media & Technology Group, with Yorkville America Digital as the sponsor and Foris DAX Trust Company as custodian.

• The fund aims to maintain a 3:1 BTC to ETH ratio in value. This follows a recent 19b-4 filing for a separate Bitcoin-only ETF by the same firm.

• Trump Media also plans a $400M share buyback and recently secured $2.32B in private funding to build a BTC treasury.

Why it matters: This filing is more than just another crypto ETF proposal. It reflects a convergence of politics, media, and digital assets, with Trump Media using its platform and brand to gain relevance in financial markets.

Our take: The Truth Social ETF isn’t just a financial product, it’s a political and cultural signal. Trump Media appears to be positioning itself at the intersection of populist branding and digital finance

For builders and investors: While it could introduce new on-ramps and visibility, the mix of politics, media, and finance adds layers of uncertainty.

CASE STUDY

Bitcoin Braces for $14B Options Expiry

Over $14B in Bitcoin options are set to expire on Deribit this Friday, with a sharp rise in the put-call ratio to 0.72.

• While this usually signals bearish sentiment, much of the activity reflects cash-secured puts, strategies aimed at yield generation and BTC accumulation.

• Around 20% of call options are already in profit, which may lead to profit-taking or position rollovers, potentially adding to market volatility.

• Traders expect tight price action between $100K and $105K, with a slight bullish bias, as implied volatility stays elevated.

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INSIGHTS

NEAR Proposal Seeks to Halve Inflation Rate

HOT Protocol has proposed cutting NEAR's annual inflation from 5% to 2.5% to curb excessive token dilution. With minimal fee burns (~0.1%), current net inflation sits at 4.9%, far above the intended 2–3%.

• The proposal argues that lower inflation would reduce unnecessary supply growth, strengthen token value, and make NEAR more competitive.

• A validator vote is planned for July 2025, ahead of the formal House of Stake governance launch later this year.

• If passed, the change could go live by late Q3 2025.

FEATURES & GOVERNANCE UPDATE

Gun.fun Launches EOAs for Cross‑Chain Trading

Gun.fun (Shogun) announced that EOAs (Externally Owned Accounts) are now live on their platform. Users can connect non-custodial wallets and trade any token across multiple chains directly.

• The feature enables wallet-based, cross‑chain trading without relying on custodial services.

Other notable feature updates:

• Supra has unveiled Hydrange.

• Babylon has launched Genesis V2.

• EigenLayer has launched EigenCloud.

• Jupiter has launched Radar on its mobile app.

• Ondo Finance has launched the Global Markets Alliance.

QUICK BITES

• Procap buys first $385M worth of BTC.

• Metaplanet raises $515M through new stock issuance.

• South Korea's largest bank files stablecoin trademarks.

• Polymarket to close a $200M fundraise at a $1B valuation.

• Arizona advance bill to establish crypto reserve using seized funds.

• Nano Labs plans $500M convertible note sale to fund BNB treasury.

• Aurora Mobile plans to allocate up to 20% of cash reserves to crypto.

• SharpLink expands crypto treasury to 188K+ ETH in second ether acquisition.

• NYSE files proposed rule change to list Truth Social ETF tracking BTC and ETH.

NOTEWORTHY READS & MEME

• Vijay’s thread on Collapses of Genesis Situation Update.

• Renc’s read on Building Autonomous Markets, Not Just Agents.

• Eli5DeFi’s read on DePIN is The Substrate and Missing Layer of AI.

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Disclaimer: All the information presented in this publication and its affiliates is strictly for educational purposes only. It should not be construed or taken as financial, legal, investment, or any other form of advice.