Daily News: Truth Social Files for Bitcoin ETF, Ethereum Engages with A Sovereign Wealth Fund, Pump.fun to Raise $1 Billion via TGE, and More

Donald Trump Jr. Denies Rumors That WLFI Is Co-Developing Wallet With Magic Eden, WLFI to Launch Its Official Wallet

Donald Trump Jr., co-founder of World Liberty Financial (WLFI), has publicly refuted rumors that WLFI is collaborating with Magic Eden to develop a crypto wallet.

“The Trump Organization has zero involvement with this wallet product. @EricTrump and I know nothing about it," he noted in his X post, "stay tuned—World Liberty Financial @worldlibertyfi, which we have been working tirelessly on, will be launching our official wallet soon."

CoinShares Meets With SEC Crypto Task Force to Discuss Digital Asset Regulation

CoinShares International Limited — the largest digital asset investment firm in Europe (manages over $6 billion in assets) — alongside law firm Chapman & Cutler LLP, met with the SEC’s Crypto Assets and Cyber Unit to discuss matters of digital asset regulation. CoinShares shared its experience with exchange-traded products (ETPs) in both Europe and the U.S., and offered suggestions on five key issues according to their announcements:

1. Incorporating staking rewards into digital asset ETPs

2. Reviewing the “Winklevoss standard” for ETP applications

3. Crypto custody solutions

4. In-kind creation and redemption mechanisms

5. Loosening restrictions on registered investment companies holding digital assets, including rescinding the 2018 Blass Letter

CoinShares expressed its willingness to contribute its global perspective in helping the SEC build a regulatory framework that fosters innovation while protecting investors.

Standard Chartered Warns of Potential Bitcoin Sell-Off Triggered by Corporate Holdings

Geoff Kendrick, Head of Digital Assets Research at Standard Chartered Bank, warned that although current corporate holdings of Bitcoin have increased buying pressure, they may pose a risk of forced sell-offs.

Currently, 61 publicly listed companies collectively hold 673,800 BTC (3.2% of the total supply). If prices fall 22% below average acquisition cost, it could trigger mass sell-offs. MicroStrategy (MSTR) holds 580,000 BTC of them. Drawing parallels to Core Scientific’s 2022 forced sale of 7,202 BTC when prices dropped below cost by 22%, the report suggests that if BTC falls below $90,000, half of corporate holders may face losses. This could increase selling pressure.

Ethereum Co-Founder in Talks With Sovereign Wealth Fund Over Infrastructure Deal

Consensys CEO and Ethereum co-founder Joe Lubin revealed that the company is in discussions with a sovereign wealth fund and banks from a “major country” to build infrastructure within the Ethereum ecosystem. Lubin predicted that Ethereum is entering a “decentralized supercycle” and could become the foundation of the next global financial system.

Last week, Lubin-led Consensys invested $425 million in SharpLink Gaming to create an Ethereum treasury, leading to a more than 400% surge in the company’s stock price. Meanwhile, Vitalik Buterin, another Ethereum co-founder, stated that the Ethereum blockchain’s capacity will increase tenfold within the next year. Lubin described Ethereum as “the gold standard in trust” and believes its value could eventually surpass Bitcoin’s.

Trump’s Social Platform Truth Social Files for Bitcoin ETF

Trump's Truth Social has filed for a Bitcoin ETF with the U.S. Securities and Exchange Commission (SEC). The NYSE Arca division submitted the 19b-4 form on June 3, and the ETF is designed to track Bitcoin’s price performance. The sponsor is Yorkville America Digital, an asset manager operating under the “America First” branding.

Pump.fun Eyes $1 Billion Raise at $4 Billion Valuation

Pump.fun, a memecoin launchpad on Solana, is planning to raise $1 billion through a token sale at a $4 billion valuation. The token will be available to both public and private investors, though exact dates and details of the offering have not yet been disclosed.

Sonic to Launch $S Token Airdrop This Month, Totaling 190 Million Tokens

Sonic will airdrop a total of 190.5 million $S tokens in its first season, aiming to incentivize users and developers to participate in the ecosystem.

The airdrop will also reward past participants of Opera activities, Sonic Arcade users, and Shard NFT minters. The initial 25% of airdropped tokens will be claimable six months after Sonic’s launch, expected around June 2025. The remaining 75% will be gradually unlocked over 270 days in the form of NFTs. Users who choose early withdrawal of locked tokens will incur a burn penalty, which decreases over time.

Sky Introduces Stablecoin Rewards for SKY Token Staking, APY at 17.48%

Sky (formerly Maker) has introduced stablecoin incentives for staking its SKY token. Rewards are distributed in the form of USDS, and the current annual percentage yield (APY) for SKY staking stands at 17.48%.

Ethereum Interoperability Protocol Polymer Hints at June 10 TGE

Ethereum-based interoperability project Polymer Labs hinted at an upcoming Token Generation Event (TGE) on June 10, sharing a post featuring the date. Previously, Polymer Labs closed a $23 million Series A funding round led by Blockchain Capital.

Binance Alpha to List Lagrange (LA) on June 4

Binance Alpha will list Lagrange (LA), with trading set to open on June 4. Eligible users can claim airdrops using Alpha points via the Binance Alpha event page, which will also be launched on June 4 along with event details.

Metaplanet Tops Japan’s Stock Market in Trading Volume and Value

Simon Gerovich, CEO of Japan-listed company Metaplanet, announced on X that the firm has topped Japan’s stock market in both trading volume and value for the first time. Metaplanet recorded ¥222 billion (approx. $1.51 billion) in trading value and 170 million shares in volume.