TLDR:

• Justin Sun controls roughly 60 billion TRX tokens, representing 63% of the total supply in circulation.
• HTX acquisition allows Sun to channel user deposits into JustLend, using TRX as near-unlimited collateral.
  
• The Tron Inc. Nasdaq reverse merger lets Sun swap on-chain tokens for U.S. dollars without crashing markets.
• Sun’s WLFI investment created an off-exchange token swap that converts TRX exposure into tradable assets.

Justin Sun’s financial maneuvers have drawn scrutiny after a detailed analysis revealed how the Tron founder may be converting illiquid TRX holdings into hard assets.

Crypto analyst Punk2898 outlined several methods Sun allegedly uses to manage his vast token reserves. Sun reportedly controls around 60 billion TRX tokens, valued at over $20 billion, but faces major liquidity challenges due to the sheer size of his position in the market.

The Mechanisms Behind Sun’s Liquidity Strategy

Sun’s approach to managing TRX appears to draw lessons from the FTX collapse. According to Punk2898, FTX once held a large TRX position and could not aggressively sell it.

Instead, FTX continuously bought back TRX on secondary markets to support the price. It then used third-party platforms to collateralize the tokens and borrow stablecoins, creating a steady flow of liquid capital.

Sun’s acquisition of Huobi, now rebranded as HTX, appears to serve a similar function. Users deposit USDT into HTX expecting high-interest returns.

Those funds are reportedly channeled into Aave or JustLend to capture yield spreads. HTX then pockets the interest differential, while JustLend collateral remains largely in TRX — a token Sun controls in virtually unlimited supply.

The USDD stablecoin adds another layer to this structure. USDD is backed by 10.9 billion TRX and approximately 19.6 million USDT, supporting around 745 million USDD in circulation.

Sun uses TRX as collateral to mint USDD, which then attracts real dollar deposits through high annualized yields. This effectively turns his own tokens into a mechanism for pulling in external liquidity.

Sun’s investment in World Liberty Financial and the TRUMP memecoin also fits into this pattern. He reportedly invested over $40 million in WLFI, which then bought TRX in return.

Sun can liquidate his WLFI holdings freely, while WLFI holds TRX. The analyst described it as an off-exchange swap that heavily favors Sun’s position.

The Nasdaq Reverse Merger and Long-Term Conversion Plans

The most direct conversion method came in July 2025 through a Nasdaq reverse merger involving Tron Inc. The deal essentially exchanged on-chain TRX tokens for a U.S. stock ticker.

U.S. stocks were issued to raise dollars, which were then used to buy TRX from Sun directly through over-the-counter trades.

Those TRX tokens then entered the Nasdaq company’s treasury, while the dollars went to Sun. The analyst compared this to Michael Saylor’s Bitcoin treasury strategy but with a key difference—Saylor buys existing Bitcoin, while Sun effectively creates TRX. The structure allows Sun to convert crypto holdings into Wall Street assets without crashing the open market.

Punk2898 noted that Sun’s core task, for years to come, remains converting his 60 billion illiquid TRX into Bitcoin and Ethereum.

Every strategy described feeds into that single objective. Each move builds infrastructure that slowly shifts value from TRX into harder, more widely accepted assets.

TLDR:

• CZ believes US crypto competitors lobbied against his pardon to block Binance from re-entering the American market.
• CZ wrote his book, “The Freedom of Money,” during his 76-day prison sentence under difficult and restrictive conditions.
• CZ views cryptocurrency as the most undervalued asset class and essential infrastructure for an AI-driven global economy.
• CZ regrets not separating Binance US from Binance Global earlier, saying it would have prevented major regulatory problems.

Changpeng Zhao, widely known as CZ, has spoken openly about his prison experience, his pardon process, and his outlook on the future of cryptocurrency.

In a recent interview, the Binance founder discussed writing his book, “The Freedom of Money,” during a 76-day sentence. He also addressed competitor interference during his pardon process.

CZ shared his continued belief in blockchain technology and its role in the coming AI-driven economy.

CZ Claims Competitors Interfered With His Pardon Process

CZ stated that US crypto competitors actively lobbied against his pardon. He believes they did not want Binance returning to the American market. As shared by Crypto Banter on X, this was “business competition taken to the level of personal interference.”

Crypto Banter noted on X that CZ “doesn’t have hard evidence, but he’s confident it happened.” He acknowledged he could not prove the lobbying directly. However, he remained firm in his belief that it took place.

CZ also reflected on a key business regret from his time running Binance. He said he should have separated Binance US from Binance Global from the start. That decision, he believes, would have helped avoid many regulatory complications.

Beyond legal matters, CZ described the difficult conditions inside prison. He had limited computer access and faced mental anxiety throughout his sentence. His greatest struggle, though, was the absence of his family and loved ones.

CZ Sees Crypto as the Foundation for an AI-Driven Economy

CZ continues to hold a strong belief in blockchain and cryptocurrency. He views them as foundational technologies for global finance going forward.

In his view, crypto is currently “the most undervalued asset class,” poised to become the rails for a much larger global economy.

He argues that crypto will serve as the transactional layer as AI agents become more active in finance. Without crypto infrastructure, AI-driven transactions would lack a reliable settlement layer. He described crypto as “indispensable for future transactions, especially in an AI-driven economy.”

Currently, CZ is working with Google Academy, Easy Labs, BNB Chain, and advising governments. His investment focus targets mission-driven founders with strong technical backgrounds. He is particularly interested in AI and biotech for their potential positive impact.

On personal matters, CZ emphasized the value of meaningful family time over material wealth. He spoke about raising children with drive and a sense of purpose.

His approach to wealth centers on “enabling positive impact through investments” rather than accumulating personal luxury.

TLDR

• First quarter financial filings reveal President Trump’s accounts executed more than 3,700 transactions valued between $220M-$750M, including major positions in Nvidia, Palantir, Microsoft, Boeing, and Oracle
• Ethics watchdogs highlight potential timing issues, noting certain transactions occurred around the same time as relevant administrative decisions, including approvals for Nvidia chip exports to specific Chinese companies
• Representatives for Trump maintain all holdings are controlled by independent financial institutions using automated trading systems, without any Trump family involvement in decisions
• Financial industry experts characterized the transaction frequency—exceeding 40 trades daily—as extraordinary, with seasoned professionals expressing bewilderment
• Trump represents the first commander-in-chief whose stock activity falls under STOCK Act reporting mandates; predecessors Obama and Biden avoided equity trading during their presidencies

The most recent financial disclosure forms from President Donald Trump indicate his investment accounts executed over 3,700 transactions during the opening quarter of 2026, with total values ranging from $220 million to $750 million. These trades spanned major corporations across technology, aerospace, and consumer sectors.

The extensive list of companies includes Nvidia, Microsoft, Oracle, Apple, Amazon, Meta, Alphabet, Boeing, Palantir, Costco, and numerous others. These revelations came through documentation submitted to the US Office of Government Ethics, comprising more than 100 pages of detailed transactions.

NVIDIA Corporation, NVDA

The transaction frequency translates to approximately 40 daily trades throughout the three-month reporting period. This level of activity caught the attention of numerous financial professionals.

“The trading volume here is absolutely extraordinary,” observed Matthew Tuttle, CEO of Tuttle Capital Management. He noted the pattern resembles algorithmic hedge fund operations rather than typical personal investment management.

Eric Diton, president of The Wealth Alliance, shared similar sentiments. “Throughout my four decades on Wall Street, I’ve rarely encountered trading activity of this magnitude,” he commented.

Timing Concerns Emerge

Certain transactions attracted particular scrutiny based on their proximity to related governmental actions.

The President acquired Nvidia equity positions just prior to administrative clearance of semiconductor sales to designated Chinese entities. Additionally, Palantir stock purchases preceded his Truth Social posts commending the firm’s “war fighting capabilities.”

Senator Elizabeth Warren criticized Trump for allegedly advocating with Chinese President Xi Jinping regarding Nvidia chip acquisitions during diplomatic meetings in Beijing. “This presidential corruption threatens our national security,” she stated.

Eric Trump responded by emphasizing the family’s assets reside in a blind trust overseen by independent financial organizations. “Any claim that individual equities are being purchased or liquidated at the direction of Trump family members is categorically false,” he posted on X.

White House officials similarly rejected misconduct allegations. Spokesman David Ingle stated Trump “exclusively pursues actions serving the American public’s best interests” and emphasized “no conflicts of interest exist.”

Historical Presidential Precedent

Former presidents implemented various strategies to maintain distance between personal finances and governmental responsibilities. George H.W. Bush and Bill Clinton both utilized blind trust arrangements. Barack Obama maintained investments exclusively in Treasury securities and broad-based mutual funds. Joe Biden refrained from stock trading entirely throughout his presidency.

Trump stands as the initial sitting president whose trading activity necessitates disclosure under the STOCK Act, legislation enacted in 2012.

His largest single-session liquidations occurred February 10, when he divested positions in Microsoft, Meta, and Amazon, each valued between $5 million and $25 million.

Trump submitted both quarterly disclosures beyond the statutory 45-day deadline. The associated penalty amounts to $200 per delayed filing, which his documentation confirms was remitted.

The ethics office extended Trump’s comprehensive annual financial disclosure deadline by 45 days. This broader filing, encompassing income and assets from his extensive business holdings, now carries a June 29, 2026 due date.

Institutional crypto ETF filings for the first quarter showed a split between buyers and sellers. 

Abu Dhabi’s Mubadala Investment Company raised its BlackRock iShares Bitcoin Trust position, while Harvard Management Company reduced its Bitcoin ETF stake and removed its BlackRock Ether ETF holding.

The filings came after a volatile quarter for digital assets and ETF flows. They also showed how large investors used regulated funds in different ways. Some funds added exposure through Bitcoin ETFs. Others cut risk, shifted products, or widened allocations beyond Bitcoin and Ethereum.

Mubadala keeps building its IBIT position

Mubadala’s latest 13F filing listed 14,721,917 IBIT shares worth $565.6 million as of March 31. Crypto.news reported that the position rose 16% from 12.7 million shares at the end of the fourth quarter.

The same report said Mubadala has kept adding to IBIT since late 2024. The position has remained above $500 million for three straight quarters. Abu Dhabi-linked exposure also stayed visible through ADIC, which The Block reported kept 8,218,712 IBIT shares unchanged.

Harvard lowers Bitcoin and exits Ether

Harvard Management Company moved in the other direction. Its March 31 filing listed 3,044,612 IBIT shares worth $116.97 million. That was below the 5.35 million IBIT shares it held at the end of 2025.

The filing listed 17 holdings and no iShares Ethereum Trust position. Harvard had opened a 3,870,900-share ETHA position in the fourth quarter, valued at about $86.8 million at the time. The absence of ETHA in the new filing indicates the endowment exited that position during the quarter.

Dartmouth adds Solana to the mix

Dartmouth took a different route. Crypto.news reported that the school disclosed about $14 million in crypto ETF exposure. The filing showed about $7.7 million in IBIT, about $3.5 million in the Grayscale Ethereum Staking ETF, and about $3.3 million in the Bitwise Solana Staking ETF.

The Solana position stood out because it moved the endowment beyond the two largest crypto assets. Dartmouth’s reported endowment remains much larger than the disclosed ETF positions, so the allocation is small. Still, the filing shows regulated crypto products are reaching more public portfolios.

Other institutions also changed their positions. The Block reported that Brown University kept 212,500 IBIT shares, while Emory University exited a small IBIT position and increased its Grayscale Bitcoin Mini Trust holding.

Key Highlights

• ZETA shares climbed more than 4% to reach $17.60 on Friday, marking the highest trading level since May 7 following the Snowflake Open Semantic Exchange (OSI) partnership announcement
• First quarter 2026 revenue reached $396 million, representing a 50% increase year-over-year and extending the company’s streak to 19 consecutive quarters of beating and raising guidance
• The super-scaled customer base expanded 19% YoY to reach 189 clients, while average revenue per user (ARPU) climbed to $1.7 million
• Adjusted EBITDA increased 42% YoY to $66 million; operational cash flow jumped 43% to reach $50 million
• Analyst consensus price target stands at $28.33, suggesting approximately 64% potential upside from current trading levels

Shares of Zeta Global (ZETA) advanced over 4% during Friday’s trading session, climbing to $17.60 — the stock’s strongest performance since May 7 — following the company’s announcement of its participation in Snowflake’s Open Semantic Exchange (OSI). Trading volume exceeded 6.9 million shares, slightly below the three-month average daily volume of approximately 8 million.

Zeta Global Holdings Corp., ZETA

The Open Semantic Exchange represents a universal framework aimed at standardizing disparate data definitions through an open, vendor-agnostic semantic architecture. For Zeta Global, this integration represents a strategic alignment of its AI-powered marketing platform with a unified data infrastructure — a critical component given the company’s emphasis on data-driven intelligence solutions for clients.

Additional momentum came from anticipation of the JPMorgan Global Technology, Media, and Communications Conference scheduled for Monday, where Zeta Global is slated to present alongside companies including DigitalOcean, Lattice Semiconductor, IMAX, and Outfront Media.

Robust First Quarter Results Support Bull Case

The OSI partnership announcement and conference participation follow Zeta Global’s impressive Q1 2026 financial results released on April 30, which represented the company’s 19th consecutive quarter of exceeding expectations and raising forward guidance. Revenue totaled $396 million, reflecting a substantial 50% year-over-year increase. This growth trajectory demonstrates accelerating demand for the company’s AI marketing cloud platform.

Operational cash flow increased 43% to $50 million, while adjusted EBITDA expanded 42% to reach $66 million. Nine out of ten industry verticals served by Zeta demonstrated growth during the quarter.

The Marigold acquisition has exceeded initial expectations, according to Needham analysts. Additionally, the company’s Athena AI solution secured its largest contract to date, a development highlighted by RBC Capital when they elevated their price target from $27 to $29 on May 1.

Management increased full-year revenue projections by $30 million, setting the midpoint at $1.785 billion. RBC Capital believes this guidance may be conservative considering the early momentum generated by Athena.

Client Base Expansion Continues

The super-scaled customer segment — representing Zeta Global’s highest-tier clients — grew 19% year-over-year to total 189, marking the sixth consecutive quarter of sequential expansion. Average revenue per user advanced to $1.7 million, up 21% from the prior year period.

Looking ahead, the company has established a long-term revenue target of $2.3 billion by 2028, compared to the projected $1.785 billion anticipated for the current year. The company forecasts adjusted EBITDA will reach $573 million by 2028, with free cash flow expected to hit $371 million.

On the analyst front, multiple firms including B. Riley, Royal Bank of Canada, KeyCorp, and Goldman Sachs have issued upgrades or reaffirmed positive ratings. Needham maintained its Buy rating on May 1 with a $25 price objective.

The Street consensus price target currently stands at $28.33 — representing approximately 64% upside from ZETA’s current trading price.

From a technical perspective, the stock is trading between support at $14.60 and resistance at $19.40, attempting to break above its 50-day exponential moving average and the 50% Fibonacci retracement level. A decisive move above $19.40 could establish a path toward $25, based on technical chart patterns.

Strategy executive chairman Michael Saylor has floated a potential shift in Strategy’s bitcoin treasury approach, saying the firm could sell part of its holdings to safeguard the asset’s long‑term value. The remarks come as Strategy maintains a massive stake in Bitcoin and continues to buy more while facing renewed questions about its commitment to “never sell.”

“It’s pretty important to us to send the signal that if we need to, we can.”

The comments add fuel to a longer-running debate about Strategy’s treasury policy. In May, the firm’s chief executive had already signaled a potential shift. During Strategy’s first-quarter earnings call, executive leadership suggested the company could sell Bitcoin to inoculate the market against panic or to reinforce confidence in the business, contrasting with the firm’s long-held stance of never selling.

TLDR

• Tehran is developing an official framework to regulate and monetize maritime passage through the Strait of Hormuz
• Access will be restricted to vessels aligned with Iranian interests; ships connected to Washington’s “Project Freedom” will be denied passage
• Major technology corporations including Google, Meta, Microsoft, and Amazon face potential charges for subsea cable infrastructure traversing the waterway
• Iranian government-affiliated outlets have suggested possible interference with cable systems if payment demands are ignored
• Earlier reports indicated Tehran might accept cryptocurrency, particularly Bitcoin, for transit fees

Tehran is positioning itself to capitalize financially on its strategic hold over the Strait of Hormuz, rolling out initiatives to extract fees from both maritime traffic and international technology corporations for passage through this vital global thoroughfare.

Ebrahim Azizi, who chairs Iran’s parliamentary committee on national security, announced over the weekend that Iranian officials have developed a “professional mechanism” to oversee maritime movement through the critical waterway. According to Azizi, details of the framework will be released in the coming period, with collection systems established for vessels utilizing the authorized shipping corridor.

The proposed route would exclusively serve commercial shipping operations and entities maintaining cooperative relations with Tehran. Azizi emphasized that access would be permanently denied to operators associated with what Iranian officials term the “freedom project”—a direct reference to former U.S. President Donald Trump’s “Project Freedom” initiative, which sought to maintain open commercial navigation through the strait. Trump suspended that operation in early May.

Maritime Tolls and Cryptocurrency Speculation

Iran has maintained an effective blockade of the Strait of Hormuz following the escalation of U.S.-Israeli military actions that commenced in late February. This closure has triggered substantial increases in international oil and natural gas prices, considering approximately twenty percent of global petroleum supplies transit through this narrow passage.

Earlier reporting this year indicated Iranian authorities were exploring cryptocurrency collection methods, particularly Bitcoin, for transit payments. Iranian state broadcasting also disclosed that European governments had initiated discussions with Revolutionary Guards naval forces regarding vessel passage arrangements, though specific countries were not identified.

Trump has categorically rejected Iranian authority over the strait and has demanded the waterway’s immediate reopening. Intelligence reports from late last week suggested Trump was evaluating expanded military options against Iran, having previously declared that the regional ceasefire was hanging by a thread.

Technology Giants Face Cable Infrastructure Charges

Beyond maritime shipping, Iranian authorities are now focusing on the subsea fiber-optic cable networks running beneath the strait. These critical infrastructure systems transmit internet traffic and financial transaction data connecting Europe, Asia, and Persian Gulf nations.

Iranian military representative Ebrahim Zolfaghari announced through social media channels that Tehran would “impose fees on internet cables.” Government-aligned media outlets indicated that corporations such as Google, Microsoft, Meta, and Amazon would be required to adhere to Iranian regulations, with submarine cable operators facing mandatory licensing payments.

Under the proposed framework, exclusive maintenance and repair authorization would be transferred to Iranian-based companies.

Questions remain regarding Iran’s enforcement capabilities. Existing U.S. economic sanctions explicitly prohibit American companies from conducting financial transactions with Iran, and several analysts suggest these announcements may represent strategic posturing rather than actionable policy.

Nevertheless, government-connected media sources have issued explicit warnings about potential infrastructure damage. Security researcher Mostafa Ahmed cautioned that any deliberate attack could precipitate a “cascading digital catastrophe” with devastating consequences for banking infrastructure, military communications networks, and internet connectivity spanning multiple continents.

According to telecommunications intelligence firm TeleGeography, two specific cables—Falcon and Gulf Bridge International—do traverse Iranian territorial waters. However, the same research organization indicated that cable systems running through the Strait of Hormuz represent less than one percent of total global international bandwidth capacity as of 2025.

Iranian officials have drawn parallels between their strategy and Egypt’s successful monetization of the Suez Canal, which generates hundreds of millions annually through cable transit fees. Legal scholars, however, point out that the two waterways operate under distinctly different international maritime law frameworks.

House Agriculture Committee Chair Glenn Thompson and Ranking Member Angie Craig urged President Donald Trump to nominate a full bipartisan slate of Commodity Futures Trading Commission members. 

Their May 15 letter said the CFTC faces urgent work tied to derivatives markets, new technology, and changing market structures.

The lawmakers said Congress and the White House are working on legislation that would expand the CFTC’s mandate over spot digital commodity trades. They said a five-member commission would produce better regulations, more durable rules, and broader input from derivatives market users.

Senate vote adds pressure to the agency

The request came after the Senate Banking Committee advanced the CLARITY Act by a 15-9 vote. The committee said the bill now moves to the Senate floor, where it would set federal rules for digital assets and market oversight.

Separate market updates said the bill still faces a harder path. The measure needs 60 Senate votes, an ethics provision remains unresolved, and the final text would still need to be reconciled with the House version before reaching Trump’s desk.

Moreover, the CFTC already has a thin leadership bench. Chairman Michael Selig has been the only sitting commissioner at the five-seat agency, and Reuters reported in April that he told Congress the agency would continue rulemaking despite the empty seats.

Industry comments shared with crypto.news show why the staffing issue matters to crypto firms. Aptos Labs CEO Avery Ching said, “Builder input is necessary to create the very best framework for digital assets.” Bitfinex Securities Head of Operations Jesse Knutson said investors want access to markets “not limited by legacy infrastructure.”

DoubleZero General Counsel Mari Tomunen said the bill helps create clearer legal boundaries for decentralized and non-custodial activity. Blockaid CEO Ido Ben-Natan said the debate should move toward clearer rules on consumer protection, illicit finance prevention, and market transparency.

Rulemaking load grows beyond market structure

The CFTC’s current work also reaches prediction markets and innovation policy. Crypto.news previously reported that the agency named members to an Innovation Task Force as it expanded work on crypto, AI, and prediction markets.

The agency has also fought to protect its role over prediction markets. On May 12, the CFTC filed an amicus brief in the Sixth Circuit in a Kalshi case, saying it has exclusive jurisdiction over prediction markets.