GM. This is Milk Road – 'the spice rack of crypto news' (we bring you the heat).

Here’s what we got for you today:

• ✍️ What happened to $SBET?

• ✍️ Tron is going public?

• 🎙️ The Milk Road Show: When Altseason in 2025? The Signals You Need to Know About w/ Jesse Eckel

• 🍪 Trump is getting deeper and deeper into crypto

Meanwhile provides life insurance that lets you access your Bitcoin wealth tax-efficiently while you're still alive. Read more about Meanwhile here.

WHAT THE HELL HAPPENED TO $SBET? 🥴

At the end of last week, $SBET (the Microstrategy of $ETH) tanked ~75% in the span of roughly 30 minutes.

…and if you’ll remember, this is a stock our Head Of Research, Kyle, was super bullish on.

So why did it crater, and where is the opportunity (if any)?

The ‘why’ = a handful of crypto news sites and Key Opinion Leaders (KOLs) shared an SEC filing, claiming the entire ownership structure of the company sold 100% of its shares.

This was untrue. 

The filing simply defined WHEN those on the cap table COULD sell. 👇

Either way – this misread was enough to spook investors and tank the stock price by ~75% (yikes!)

…but herein lies the opportunity:

• SharpLink Gaming ($SBET) just announced a purchase of $460M worth of $ETH

• Raised another $79M to (you guessed it) buy even more Ethereum

• Are now staking 95% of their stash (earning ~$14M a year)

After last week’s 75% decrease, the valuation of $SBET got as low as ~$650M – making it almost 1-to-1 with the amount of $ETH it held (accounting for the incoming $79M.)

Which is kinda nuts – ‘cause as we know from tracking other crypto treasury companies: the market likes to put premiums on these kinds of businesses.

The question is – will the premium return to $SBET, or will it remain roughly 1-to-1? 

Those with the stomach for high-risk plays now have the opportunity to bet that the premium will return.

And right now, it looks like that’s the trajectory $SBET is on (it’s up ~46% since trading opened this morning).

P.S. Want to be updated about these opportunities as they happen? Our PRO members were updated about this opportunity in real time. Don’t miss the next one – go PRO here!

TRON IS GOING PUBLIC? 🤨

Cryptocurrency was created so we could unplug from the traditional financial system.

…so why is Tron ($TRX) going public on the Nasdaq? 👇

Well, there are three main reasons:

1/ Access to capital 

By becoming a publicly traded company, Tron will gain access to U.S. capital markets, allowing it to raise a good chunk of funds through stock offerings.

2/ Enhanced credibility 

Over the years, Tron’s brand power has been spotty at best.

Partnering with the President’s son to launch the company on a U.S. stock exchange will help boost Tron's legitimacy, distancing it from past regulatory issues and attracting traditional investors.

3/ Using the Strategy ($MSTR) playbook

$SBET is running a Strategy-like playbook with Ethereum (take on debt → buy $ETH → stake it → repeat). 

Now, Tron is looking to run the same playbook with a $TRX treasury strategy.

But is there really that much of an appetite for $TRX from the traditional financial world?

Honestly – no idea. 

But we’re about to find out.

“THIS MACRO FACTOR WILL BRING ABOUT ALT SEASON” 👀

Earlier in the year, Jesse Eckel joined The Milk Road Show to share his 2025 predictions.

Today, he returned to go over what he got right, what he got wrong, and how his view of the market has changed since then.

In this episode, Jesse shares his thoughts on:

• When we can expect a true alt season to start

• The one key macro factor that will trigger it

• Bitcoin and Ethereum cycle targets

Click below to watch it now! 👇

YouTube | Spotify | Apple Podcasts

BITE-SIZED COOKIES FOR THE ROAD 🍪

Don't let the IRS take more of your money than they have to. Schedule a free appointment with TaxQuotes to get your crypto taxes in order.*

10,000 Bitcoin. That’s how much Bitcoin Metaplanet holds after their most recent purchase. – DL News

Make that 8. With CoinShares' latest filing, there are now eight companies in the race to launch the first Solana ETF in the U.S.

Trump is getting deeper and deeper into crypto. His media company, Truth Social, has filed for a dual Bitcoin and Ethereum ETF.

We’re hosting a meetup at Permissionless! If you’re hanging around New York on June 23, come grab a beer with the Milk Road team.

This DEX solves an actual UX issue! Milk Road Swap supports both Ethereum and Solana tokens in a single interface.

*this is sponsored content.

MILKY MEMES 🤣

RATE TODAY’S EDITION

ROADIE REVIEW OF THE DAY 🥛

VITALIK PIC OF THE DAY