GTI Energy (GTR:AU) has announced Scoping Study Demonstrates Low Cost Potential (Replacement)
Download the PDF here.
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Hempalta (TSXV: HEMP), an agricultural clean-tech company that leverages its value chain and knowledge to generate global carbon credit solutions from industrial hemp and other nature based solutions, announced today that it will be presenting at the 2025 Canadian Climate Investor Conference (CCIC), taking place on Wednesday June 11, 2025 at the Arcadian Court in Toronto, Ontario.
For a complete agenda of the conference and to register, see the conference website here: https://events.tsx.com/ccic/.
About Hempalta
Hempalta Corp. (TSXV: HEMP) is a nature-based carbon credit provider utilizing industrial hemp’s potential to sequester carbon. Through its subsidiary Hemp Carbon Standard Inc. (HCS), the Company develops methodologies and supports farmers in monetizing regenerative farming practices.
About the Canadian Climate Investor Conference
The Canadian Climate Investor Conference (CCIC), hosted by Toronto Stock Exchange (TSX) and TSX Venture Exchange (TSXV), brings together growth-oriented clean technology and renewable energy companies, and climate conscious investors, to share ideas and discover ways to accelerate the deployment of capital needed to build a more sustainable future for Canadians.
The conference showcases clean technology investments and is designed to help democratize the ability for investors to participate in growing the clean technology ecosystem.
For further information:
Darren Bondar
CEO
1-877-622-3354
darren.bondar@hempalta.com
www.hempalta.com
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Premier American Uranium Inc. (‘PUR’ or ‘Premier American Uranium’) (TSXV: PUR, OTCQB: PAUIF) and Nuclear Fuels Inc. (‘NF’ or ‘Nuclear Fuels’) (CSE: NF, OTCQX: NFUNF) are pleased to announce that they have entered into an arm’s length definitive agreement (the ‘ Arrangement Agreement ‘) dated June 4, 2025, pursuant to which Premier American Uranium has agreed to acquire all of the issued and outstanding common shares of Nuclear Fuels (the ‘ NF Shares ‘) by way of a court-approved plan of arrangement (the ‘ Arrangement ‘ or the ‘ Transaction ‘). Nuclear Fuels holds a 100% interest in the Kaycee Uranium Project (‘ Kaycee ‘) located in Wyoming’s prolific Powder River Basin (Figure 1). The Kaycee Project spans a 35-mile trend of altered and mineralized sandstones, supported by over 4,200 drill holes and 430 miles of mapped roll fronts. In addition to Kaycee, Nuclear Fuels also holds five exploration-stage projects across key uranium districts in Wyoming, Utah, and Arizona.
Under the terms of the Arrangement, shareholders of Nuclear Fuels (‘ NF Shareholders ‘) will receive 0.33 of a common share of Premier American Uranium (each whole share, a ‘ PUR Share ‘) for each NF Share held (the ‘ Exchange Ratio ‘). Existing shareholders of Premier American Uranium and Nuclear Fuels will own approximately 59% and 41% (on a basic shares outstanding basis), respectively, of the pro forma outstanding PUR Shares on closing of the Arrangement. The Exchange Ratio implies consideration of C$0.43 per NF Share based on the 20-day volume weighted average price (‘ VWAP20 ‘) of PUR Shares on the TSX Venture Exchange (the ‘ TSXV ‘) on June 4, 2025. The Transaction represents a premium of 54% to the closing price of the NF Shares on the Canadian Securities Exchange (the ‘ CSE ‘) and a 46% premium to the VWAP20 of NF Shares on the CSE for the period ending June 4, 2025 1 . The implied equity value of the combined company (the ‘ Company ‘) is estimated at approximately C$102 million 2 .
Strategic Rationale for the Transaction
- Establishes America’s leading uranium explorer with a consolidated portfolio of 12 projects across key U.S. uranium districts, including estimated mineral resource of 18.6 Mlbs U 3 O 8 Indicated and 4.9 Mlbs U 3 O 8 Inferred at its Cebolleta Project in New Mexico 3 and exploration potential at several other projects in Wyoming, as indicated by the results of historical exploration drilling (Figure 2) and recent NI 43-101 technical reports. The combined project portfolio will span over 104,000 acres and includes projects from near-term development to early-stage exploration, supported by an extensive geological database that is expected to enable efficient resource conversion and targeted discovery potential. Additional assets in Colorado, Utah, and Arizona provide further growth potential.
- Enhanced presence in Wyoming, where the Company will have completed the most exploration drilling amongst Wyoming-focused in-situ recovery (‘ISR’) explorers in 2024. The Transaction unites PUR’s Cyclone Project in the Great Divide Basin with NF’s Kaycee Project in the Powder River Basin—two of Wyoming’s most important productive ISR regions. In 2024, the companies completed an aggregate of 368 holes on their respective properties totaling 209,490 feet, representing one of the largest ISR drilling exploration programs in the U.S. Both projects stand to benefit from shared technical expertise ahead of the 2025 drill season.
- Backed by founding shareholders Sachem Cove and IsoEnergy, along with sector leaders enCore Energy Corp. and Mega Uranium, the Company will have strong strategic ownership, deep development expertise, and a clear mandate for U.S. uranium consolidation. Estimated post-transaction ownership includes Sachem Cove Partners LLC (23.2%), enCore Energy Corp. (9.5%), IsoEnergy Ltd. (5.4%) and Mega Uranium Ltd. (2.3%).
- Fully funded for growth, with C$14M in cash 6 , the Company is expected to have financial flexibility to aggressively advance the combined portfolio and evaluate further M&A opportunities .
- Stronger capital markets profile, with a more diversified shareholder base and enhanced market capitalization, the Company is expected to have broader institutional, retail investor and ETF interest and increased visibility among research analysts .
Colin Healey, CEO of Premier American Uranium, commented, ‘Premier American Uranium is proud to pursue this Transaction to combine our assets with those of Nuclear Fuels. Kaycee is an exciting ISR prospect that, in combination with our own Cyclone Project, is expected to position PUR as one of the most active uranium explorers in Wyoming. While we target resource growth in Wyoming, we will continue to advance our Cebolleta Project in New Mexico along the development curve. This is the second major acquisition for Premier American Uranium within the last 12 months, and it adheres to our goal of growth during a time of pronounced optimism in the nuclear space. Finally, the joining of strengths and backers of the two companies is a notable merit to the deal, with IsoEnergy, enCore Energy Corp., Mega, and Sachem Cove all on the pro forma share register.’
Greg Huffman, CEO, President & Director of Nuclear Fuels, further added, ‘We believe this Transaction offers numerous merits for NF Shareholders. Primarily, we welcome the diversification and depth of the expanded asset portfolio across the key U.S. uranium jurisdictions, most notably a doubling down on exposure in Wyoming. An exploration focus is too rare amongst U.S. uranium miners, and the combined company will seek to fill that gap. Additionally, the strength of the combined shareholder registers and the increasingly important role of ETF ownership is expected to underpin the Company’s prospects going forward.’
About the Kaycee Project
Historic exploration at the Kaycee Project, including over 3,800 drill holes has confirmed uranium mineralization over more than 1,000 vertical feet in all three historically productive sandstones within the Powder River Basin, making the Kaycee Project unique as the only project in the Powder River Basin where all three formations—Wasatch, Fort Union, and Lance—are known to be mineralized and potentially amenable to ISR extraction. The majority of the mineralized trends have not yet been well-explored with drilling concentrated only on approximately 10% of the trend.
In September 2024, Nuclear Fuels released a NI 43-101 technical report for the Kaycee Project entitled ‘NI 43-101 Technical Report, Kaycee Uranium Project, Johnson County, WY, USA’ with an effective date of December 31, 2023. The technical report, prepared by WWC Engineering, identified an exploration target of 9.6 million tons at an average grade of 0.060% to 14.8 million tons at an average grade of 0.101 U 3 O 8 % 5 supported by available historical data from previous operators and recent exploration conducted by Nuclear Fuels.
Nuclear Fuels acquired the Kaycee Project from enCore Energy Corp. (‘ enCore ‘) in 2022 and has completed 411 exploration drill holes totalling 225,260 feet over the past two years. enCore retains a buyback option to acquire a 51% interest in Kaycee by making a cash payment equal to 2.5 times the exploration expenditures incurred by Nuclear Fuels and carrying the Kaycee project through to commercial production (with 49% of post-exercise project expenditures recoverable from net proceeds of commercial production). This buyback option is exercisable by enCore upon Nuclear Fuels establishing a NI 43-101 compliant estimate of measured and indicated mineral resources of greater than 15 Mlbs U 3 O 8 , or 20 Mlbs U 3 O 8 measured and indicated plus inferred resources, so long as total measured and indicated resources is at least 10 Mlbs U 3 O 8 .
Figure 1: Location of Nuclear Fuels’ Kaycee Project in Wyoming’s Powder River Basin, situated near Premier American Uranium’s Cyclone Project in the neighbouring Great Divide Basin.
Figure 2: Pro forma portfolio of 12 projects across key U.S. uranium districts.
Transaction Details
Pursuant to the terms of the Arrangement Agreement, all of the issued and outstanding NF Shares will be exchanged for PUR Shares based on the Exchange Ratio. Outstanding and unexercised warrants and stock options to purchase NF Shares will additionally be adjusted in accordance with their terms based on the Exchange Ratio.
The Arrangement Agreement includes standard deal protections, including non-solicitation and fiduciary out provisions with respect to Nuclear Fuels and a right-to-match in favour of Premier American Uranium, as well as certain representations, covenants and conditions that are customary for a transaction of this nature and a termination fee of $2 million payable to Premier American Uranium in certain circumstances.
The Transaction will be effected by way of a plan of arrangement completed under the Business Corporations Act (British Columbia). The Transaction will require approval by at least 66 2/3% of the votes cast by NF Shareholders and, if required by Multilateral Instrument 61-101 – Protection of Minority Security Holders in Special Transactions, a simple majority of the votes cast by NF Shareholders excluding certain interested or related parties, in each case by shareholders present in person or represented by proxy at a special meeting of NF Shareholders to be called in connection with the Transaction (the ‘ NF Special Meeting ‘).
The NF Special Meeting is expected to be held in the third quarter of 2025. An information circular detailing the terms and conditions of the Transaction will be mailed to the NF Shareholders in connection with the NF Special Meeting. All NF Shareholders are urged to read the information circular once available, as it will contain important additional information concerning the Transaction.
Closing of the Transaction is subject to the receipt of applicable regulatory approvals and the satisfaction of certain other closing conditions customary in transactions of this nature, including, without limitation, court and stock exchange approval. Closing of the Transaction is anticipated to occur in the third quarter of 2025.
None of the securities to be issued pursuant to the Transaction have been or will be registered under the United States Securities Act of 1933, as amended (the ‘ U.S. Securities Act ‘), or any state securities laws, and any securities issuable in the Transaction are anticipated to be issued in reliance upon available exemptions from such registration requirements pursuant to Section 3(a)(10) of the U.S. Securities Act and applicable exemptions under state securities laws. This press release does not constitute an offer to sell or the solicitation of an offer to buy any securities.
Management and Board of Directors
On closing of the Transaction, the Company’s board of directors is expected to be comprised of up to five members from the current directors or management of Premier American Uranium and two nominees from the current directors or management of Nuclear Fuels. The Company will be managed by the current executive team of Premier American Uranium, led by Colin Healey as CEO.
Nuclear Fuels Special Committee and Fairness Opinion
Nuclear Fuels established a special committee of its Board of Directors (the ‘ Special Committee ‘) to review the Transaction. The Special Committee engaged Evans & Evans, Inc. (‘ Evans & Evans ‘) to provide a fairness opinion with respect to the Transaction.
The fairness opinion provided by Evans & Evans confirmed that, as of the date of such opinion, and based upon and subject to the assumptions, limitations and qualifications stated in such opinion, the consideration to be received by NF Shareholders pursuant to the Transaction is fair, from a financial point of view, to NF Shareholders.
The Special Committee unanimously recommended that the Board of Directors of Nuclear Fuels approve the Arrangement and that NF Shareholders vote in favour of the Transaction at the NF Special Meeting.
Board Recommendations and Voting Support
The Arrangement has been unanimously approved by the boards of directors of both Premier American Uranium and Nuclear Fuels, and Nuclear Fuels’ board unanimously recommends that its shareholders vote in favour of the Transaction.
Each of the officers and directors of Nuclear Fuels, along with enCore Energy Corp., holding collectively 21.19% of the outstanding NF Shares, have entered into customary voting support agreements with Premier American Uranium pursuant to which they have agreed, among other things, to vote their NF Shares in favour of the Transaction.
Haywood Securities Inc. has provided a fairness opinion to the Board of Directors of Premier American Uranium, to the effect that, as of the date of such opinion, and based upon and subject to the assumptions, limitations and qualifications set out in such opinion, the consideration to be paid by Premier American Uranium pursuant to the Transaction is fair, from a financial point of view, to Premier American Uranium.
Canaccord Genuity Corp. has provided a fairness opinion to the Board of Directors of Nuclear Fuels, to the effect that, as of the date of such opinion, and based upon and subject to the assumptions, limitations and qualifications set out in such opinion, the consideration to be received by NF Shareholders pursuant to the Transaction is fair, from a financial point of view, to NF Shareholders.
Advisors and Counsel
Haywood Securities Inc. is acting as financial advisor to Premier American Uranium. Cassels Brock & Blackwell LLP is acting as legal counsel to Premier American Uranium.
Canaccord Genuity Corp. is acting as financial advisor to Nuclear Fuels. Morton Law LLP is acting as legal counsel to Nuclear Fuels.
Qualified Persons
The scientific and technical information contained in this news release has been prepared in accordance with the Canadian regulatory requirements set out in NI 43-101 and reviewed and approved on behalf of Premier American Uranium by Dean T. Wilton, PG, CPG, MAIG, and on behalf of Nuclear Fuels by Mark Travis, CPG, each of whom are consultants and contractors of Premier American Uranium and Nuclear Fuels, respectively, and each a ‘Qualified Person’ as defined by NI 43-101.
For additional information regarding PUR’s Cebolleta Project, including the current mineral resource estimate, please refer to the Technical Report entitled ‘The Cebolleta Uranium Project Cibola County, New Mexico, USA’ with an effective date of April 30, 2024, prepared by SLR International Corporation, available under PUR’s profile on www.sedarplus.ca .
For additional information regarding PUR’s Cyclone Project including the exploration target, please refer to the Technical Report entitled ‘Technical Report on the Cyclone Rim Uranium Project, Great Divide Basin, Wyoming, USA’ with an effective date of June 30, 2023, prepared by Douglas L. Beahm, P.E., P.G., available under PUR’s profile on www.sedarplus.ca.
For additional information regarding Nuclear Fuels’ Kaycee Project, including the exploration target, please refer to the Technical Report entitled ‘NI 43-101 Technical Report, Kaycee Uranium Project, Johnson County, WY, USA’ with an effective date of December 31, 2023, prepared by WWC Engineering, available under NF’s profile on www.sedarplus.ca .
About Premier American Uranium Inc.
Premier American Uranium is focused on the consolidation, exploration, and development of uranium projects in the United States, aiming to strengthen domestic energy security and support the transition to clean energy. One of Premier’s key strengths is the extensive land holdings in three prominent uranium-producing regions in the United States: the Grants Mineral Belt of New Mexico, the Great Divide Basin of Wyoming and the Uravan Mineral Belt of Colorado.
With current resources and defined resource exploration targets, Premier American Uranium is actively advancing its portfolio through work programs. Premier American Uranium benefits from strong partnerships, with backing from Sachem Cove Partners, IsoEnergy Ltd., Mega Uranium Ltd., and other institutional investors. The Company’s distinguished team has extensive experience in uranium exploration, development, permitting, and operations, as well as uranium-focused mergers and acquisitions—positioning PUR as a key player in advancing the U.S. uranium sector.
About Nuclear Fuels Inc.
Nuclear Fuels Inc. is a uranium exploration company advancing early-stage, district-scale ISR amenable uranium projects towards production in the U.S. Leveraging extensive proprietary historical databases and deep industry expertise, Nuclear Fuels is well-positioned in a sector poised for significant and sustained growth on the back of strong government support. Nuclear Fuels has consolidated the Kaycee district under single-company control for the first time since the early 1980s. Currently planning its 2025 drill program following successful 2023 and 2024 drilling, the Company aims to expand on historic resources across a 35-mile trend with over 430 miles of mapped roll-fronts defined by 3,800 drill holes. The Company’s strategic relationship with enCore Energy Corp., America’s Clean Energy Company, offers a mutually beneficial ‘pathway to production,’ with enCore owning an equity interest and retaining the right to back-in to 51% ownership in the flagship Kaycee Project in Wyoming’s prolific Powder River Basin.
Contact Information
| Premier American Uranium Inc. Colin Healey CEO 1 (833) 223-4673 info@premierur.com www.premierur.com |
Nuclear Fuels Inc. Greg Huffman CEO 1 (647) 519-4447 info@nfuranium.com www.nfuranium.com |
Cautionary Statements
This news release contains ‘forward-looking information’ within the meaning of applicable Canadian securities legislation. Forward-looking information and statements are based on numerous assumptions, including assumptions regarding the completion of the Arrangement, including receipt of required shareholder, regulatory, court and stock exchange approvals; the ability of the parties to satisfy, in a timely manner, the other conditions to the closing of the Arrangement; the prospects of the combined company following completion of the Arrangement; that the anticipated benefits of the Arrangement will be realized; the anticipated timing of completion of the Arrangement; anticipated strategic and growth opportunities for the combined company; expectations regarding the U.S. uranium industry, including the demand for uranium; the exploration targets for the Cebolleta Project and the Kaycee Project, the prospects of the Cebolleta Project, including mineralization of the Cebolleta Project and plans with respect to preparation of an updated mineral resource estimate and preliminary economic assessment on the Cebolleta Project; any expectation with respect to any permitting, development or other work that may be required to bring any of the projects into development, expectations as to future exploration potential for any of the projects, any expectations as to the outcome or success of any proposed programs for the projects, any expectations that market conditions will warrant future production from any of the projects, and any other activities, events or developments that the companies expect or anticipate will or may occur in the future. Generally, but not always, forward-looking information and statements can be identified by the use of words such as ‘plans’, ‘expects’, ‘is expected’, ‘budget’, ‘scheduled’, ‘estimates’, ‘forecasts’, ‘intends’, ‘anticipates’, or ‘believes’ or the negative connotation thereof or variations of such words and phrases or state that certain actions, events or results ‘may’, ‘could’, ‘would’, ‘might’ or ‘will be taken’, ‘occur’ or ‘be achieved’ or the negative connotation thereof. Such forward-looking information and statements are based on numerous assumptions, including assumptions regarding the combined company following completion of the Arrangement; that the anticipated benefits of the Arrangement will be realized; that the Arrangement will be completed on the terms and timing currently anticipate; that all conditions to closing of the Arrangement will be satisfied, including receipt of required shareholder, regulatory, court and stock exchange approvals; the ability of the parties to satisfy, in a timely manner, the other conditions to the closing of the Arrangement, that financing will be available if and when needed and on reasonable terms, and that third party contractors, equipment and supplies and governmental and other approvals required to conduct the parties’ planned exploration and development activities will be available on reasonable terms and in a timely manner. Although the assumptions made by Premier American Uranium and Nuclear Fuels in providing forward-looking information or making forward-looking statements are considered reasonable by management of each company at the time, there can be no assurance that such assumptions will prove to be accurate.
Forward-looking information also involves known and unknown risks and uncertainties and other factors, which may cause actual events or results in future periods to differ materially from any projections of future events or results expressed or implied by such forward-looking information or statements, including, among others: the failure to obtain shareholder, regulatory, court or stock exchange approvals in connection with the Arrangement, failure to complete the Arrangement, failure to realize the anticipated benefits of the Arrangement or implement the business plan for the combined company, negative operating cash flow and dependence on third party financing, uncertainty of additional financing, no known current mineral reserves or resources, reliance on key management and other personnel, potential downturns in economic conditions, actual results of exploration activities being different than anticipated, changes in exploration programs based upon results, and risks generally associated with the mineral exploration industry, environmental risks, changes in laws and regulations, community relations and delays in obtaining governmental or other approvals and the risk factors with respect to Premier American Uranium and with respect to Nuclear Fuels set out in the companies’ most recent annual management discussion and analysis and other filings which have been filed with the Canadian securities regulators and available under Premier American Uranium’s and Nuclear Fuels’ respective profiles on SEDAR+ at www.sedarplus.ca.
Although Premier American Uranium and Nuclear Fuels have attempted to identify important factors that could cause actual results to differ materially from those contained in the forward-looking information or implied by forward-looking information, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that forward-looking information and statements will prove to be accurate, as actual results and future events could differ materially from those anticipated, estimated or intended. Accordingly, readers should not place undue reliance on forward-looking statements or information. Premier American Uranium and Nuclear Fuels undertake no obligation to update or reissue forward-looking information as a result of new information or events except as required by applicable securities laws.
_______________________
1 Premium is calculated using the 20-day VWAP of PUR Shares and NF Shares over all Canadian exchanges for the period ending June 4, 2025.
2 Calculated using the closing share price of PUR Shares on the TSXV on June 4, 2025 and the pro forma basic shares outstanding of the Company.
3 See NI 43-101 Technical Report on the Cebolleta Uranium Project Cibola County, New Mexico, USA – effective date April 30, 2024, prepared by SLR International Corporation.
4 Uranium resources in the Grants uranium district, New Mexico: An update Virginia T. McLemore, Brad Hill, Niranjan Khalsa, and Susan A. Lucas Kamat 2013.
6 Premier American Uranium Financial Statements as at March 31, 2025, Nuclear Fuels Financial Statements as at December 31, 2024.
5 The potential quantity and grade of the exploration targets are conceptual in nature, there has been insufficient exploration to define a mineral resource and it is uncertain if further exploration will result in the target being delineated as a mineral resource; See NI 43-101 Technical Report on the Kaycee Uranium Project Johnson County, Wyoming, USA – effective date September 6, 2024, prepared by WWC Engineering.
Photos accompanying this announcement are available at :
https://www.globenewswire.com/NewsRoom/AttachmentNg/16e8e370-62c6-4088-826d-24c83f821270
https://www.globenewswire.com/NewsRoom/AttachmentNg/71533f9a-f05b-448c-bd00-2e64919946aa
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Here’s a quick recap of the crypto landscape for Wednesday (June 4) as of 9:00 p.m. UTC.
Get the latest insights on Bitcoin, Ethereum and altcoins, along with a round-up of key cryptocurrency market news.
Bitcoin and Ethereum price update
Bitcoin (BTC) was priced at US$105,057, as markets closed, down 1.1 percent in 24 hours. The day’s range for the cryptocurrency brought a low of US$104,648 and a high of US$105,484.
Bitcoin price performance, June 4, 2025
Chart via TradingView
Despite the price dip, institutional interest remains strong. Heath care technology provider Semler Scientific (NASDAQ:SMLR) recently acquired 185 BTC for US$20 million, bringing its total holdings to 4,449 BTC (US$500 million), underscoring continued confidence in Bitcoin’s long-term value.
Market analysts are closely monitoring key resistance levels, with some anticipating a potential breakout that could influence broader cryptocurrency market dynamics in the days ahead. Crypto analyst Michaël van de Poppe suggested that a breakout above US$107,500 could pave the way for a new ATH for Bitcoin and potentially push Ethereum’s price to US$3,000, identifying that level as a key area of concentrated derivatives market liquidity.
Ethereum (ETH) finished the trading day at US$2,629.53, a 0.3 percent increase over the past 24 hours. The cryptocurrency reached an intraday low of US$2,609 and saw a daily high of US$2,667.
Altcoin price update
- Solana (SOL) closed at US$155.69, down 3.1 percent over 24 hours. SOL experienced a low of US$155.60 in the final minutes of trading and reached a high of US$157.54.
- XRP is trading at US$2.22, reflecting a 2.7 percent decrease over 24 hours. The cryptocurrency reached a daily low of US$2.21 and a high of US$2.26.
- Sui (SUI) peaked at US$3.22, showing a decreaseof 3.2 percent over the past 24 hours. Its lowest valuation on Wednesday was US$3.19, and its highest was US$3.24.
- Cardano (ADA) is trading at US$0.6746, down 2.4 percent over the past 24 hours. Its lowest price of the day was US$0.6742, and it reached a high of US$0.6900.
Today’s crypto news to know
Hong Kong to launch digital asset derivatives trading
According to a local report, Hong Kong’s securities regulator plans to launch digital asset derivatives trading for professional investors to broaden market offerings and strengthen Hong Kong’s position in the global digital asset space.
The Hong Kong Securities and Futures Commission (SFC) emphasizes prioritizing robust risk management, mandating that trades occur ‘in an orderly, transparent and secure manner.’
To further enhance preferential tax regimes for funds, single-family offices and carried interest virtual assets will be designated as qualifying transactions for tax concessions. This initiative aims to draw a greater number of significant international fintech firms to establish operations in Hong Kong, recognizing their potential contribution.
Bybit enhances security measures
Following a hack resulting in the loss of approximately US$1.4 billion worth of ETH in February, Bybit unveiled a comprehensive security enhancement today, as reported to Cointelegraph. This upgrade involves three key pillars:
First, Bybit has fortified its security auditing processes, both internally and externally, by implementing 50 new security measures.
Second, the company has strengthened its cold wallet protocols. This includes instituting a revised operational safety procedure that mandates continuous supervision by security experts, integrating multiparty computation (MPC) for enhanced protection, and consolidating hardware security modules (HSMs).
Lastly, Bybit has achieved ISO/IEC 27001 certification for information security risk management. In addition, all internal and customer communications, as well as data storage, are now fully encrypted.
WEF speculates DePIN market could reach US$3.5 trillion in three years
According to a report published on Tuesday (June 3) by the World Economic Forum (WEF), the convergence of blockchain and AI could see the DePIN market exceed US$3.5 trillion by 2028.
The report cites the emergence of decentralized physical AI (DePAI) as a catalyst for the industry’s growth, referring to it as a “fundamental shift” in AI agent interactions with physical infrastructure and external data.
Yet the report notes that companies face challenges when it comes to determining which developments to invest in and which are too immature to drive significant business value. It mentions that allocating limited resources across different technology maturity levels requires a disciplined approach to technology assessment that goes beyond traditional ROI calculations, recommending a balanced portfolio approach that considers future value and business model innovation potential.
Trump-Linked Truth Social Takes Aim at Spot Bitcoin ETF Market
Interest in crypto-linked investment products continues to grow, with NYSE Arcafiling a proposal to list a spot Bitcoin exchange-traded fund (ETF) tied to Donald Trump’s media platform, Truth Social.
Submitted on behalf of Yorkville America Digital, the proposed ‘Truth Social Bitcoin ETF’ would enter an increasingly competitive field of spot Bitcoin ETFs. If approved, it would be custodied by Foris DAX, the same provider used by Crypto.com.
While the 19b-4 filing marks a key regulatory milestone, the ETF must still undergo US Securities and Exchange Commission (SEC) review of its S-1 registration statement before it can move forward.
JD Vance reveals Bitcoin Reserve Act is on the way
At the Bitcoin 2025 conference, Frax Finance founder Sam Kazemian disclosed his private conversation with Vice President JD Vance, who revealed the administration’s sweeping crypto roadmap.
According to Kazemian, Vance confirmed that stablecoin legislation is only the starting point, with a broader market structure bill and a Bitcoin Reserve Act also in the pipeline.
This reserve act would codify Bitcoin as a long-term federal asset, mirroring how some countries hold gold. Vance emphasized bipartisan support and framed crypto as central to economic innovation.
Kazemian also noted that Frax USD, his stablecoin project, may be designated legal tender under the upcoming legislation.
Trump-Linked Truth Social Takes Aim at Spot Bitcoin ETF Market
Interest in crypto-linked investment products continues to grow, with NYSE Arcafiling a proposal to list a spot Bitcoin exchange-traded fund (ETF) tied to Donald Trump’s media platform, Truth Social.
Submitted on behalf of Yorkville America Digital, the proposed ‘Truth Social Bitcoin ETF’ would enter an increasingly competitive field of spot Bitcoin ETFs. If approved, it would be custodied by Foris DAX, the same provider used by Crypto.com.
While the 19b-4 filing marks a key regulatory milestone, the ETF must still undergo US Securities and Exchange Commission (SEC) review of its S-1 registration statement before it can move forward.
GENIUS Act nears Senate vote amid sharp partisan divide
The bipartisan GENIUS Act, aimed at regulating stablecoins, could reach the Senate floor by the end of the week, according to journalist Eleanor Terrett.
Passed out of committee with a strong 66-32 vote in May, the bill still faces turbulence due to over 60 proposed amendments.
Much of the friction stems from concerns over conflicts of interest tied to Trump’s crypto engagements, including his backing of the USD1 stablecoin.
Lawmakers are now scrambling to trim the amendment list to a “manageable” level that both parties can agree on.
If consensus is reached, the Senate could vote within days — but failure to compromise may delay the bill into next week. The bill’s progress is closely watched by the US$248 billion stablecoin industry.
Trump-Linked crypto firm drops mini ‘stimulus check’ to wallets
World Liberty Financial, a Trump-family-backed crypto firm, sent US$47 worth of its USD1 stablecoin to every wallet involved in its WLFI token sale, effectively issuing a small-scale “stimulus check.”
The drop is being viewed as a marketing maneuver tied to growing momentum around the token, which is pegged to the US dollar and integrated with Chainlink’s CCIP for multichain expansion.
Though the amount is modest, it helped spur conversation on social media and drew attention to USD1’s role in major deals, including a US$2 billion investment into Binance by MGX.
World Liberty Financial currently boasts a US$200 million market cap for USD1 and is gearing up to release its own crypto wallet.
Securities Disclosure: I, Giann Liguid, hold no direct investment interest in any company mentioned in this article.
Securities Disclosure: I, Meagen Seatter, hold no direct investment interest in any company mentioned in this article.
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NEWYou can now listen to Fox News articles!
Sen. Dick Durbin, D-Ill., used his opening remarks during the Senate’s first judicial nominee hearing of the year on Wednesday to remind his colleagues that he was holding up at least one of President Donald Trump’s Department of Justice nominees.
‘I’ve got a hold on one nominee from Florida,’ Durbin said. ‘I’ve spoken to both Florida senators about it. It isn’t personal. We’ve got to find a way out of this that is fair and bipartisan that we’re going to stick with for both political parties.’
Durbin, the top Democrat on the Senate Judiciary Committee, is blocking the nomination of Jason Reding Quinones, Trump’s choice to lead the U.S. attorney’s office in the Southern District of Florida. Durbin also recently threatened to obstruct more of Trump’s picks to lead the DOJ’s 93 U.S. attorney’s offices.
Durbin’s threat loomed over the committee hearing, which featured five of Trump’s nominees to fill federal judge positions. The Illinois Democrat attributed his blockade to Vice President JD Vance announcing a hold on DOJ nominees in 2023. Vance, then a senator, said he would not lift his hold on nominees until then-Attorney General Merrick Garland stopped ‘going after his political opponents,’ a reference to the two federal prosecutions of Trump.
Any senator has the power to use holds to object to nominations. The practice significantly slows down the confirmation process because it prevents senators from voting for nominees through the typical, expedited unanimous consent process.
Committee Chairman Chuck Grassley, R-Iowa, argued Wednesday that, like Durbin, he too disagreed with Vance’s decision, but Grassley said it was notably different than Durbin’s.
‘This isn’t what you can legitimately call a precedent for blanket obstruction at the beginning of an administration before even a single one of these 93 U.S. attorneys have been filled,’ Grassley said.
Grassley, who himself has hindered nominees in past administrations, said holds should be used ‘selectively’ and quoted Durbin saying last Congress that ‘public safety will suffer across the United States’ if the obstruction of U.S. attorneys is carried out.
Durbin said Vance changed the rules ‘overnight.’
‘And guess what? The tables turn,’ Durbin said. ‘There comes a time when you want to move these by voice vote, and we’re going to have to say, as Democrats, we’re going to follow the Vance precedent.’
Durbin, who has an amicable relationship with Grassley, signaled he was willing to come to negotiate with Republicans over the Florida nominee, who has already been favorably reported out of the committee along party lines.
Asked by Fox News Digital what a resolution would look like, a Durbin spokeswoman pointed to the senator’s remarks during the hearing and declined to comment further.
Durbin’s hold is not the only roadblock for Trump’s nominees. Senate Minority Leader Chuck Schumer, D-N.Y., said Wednesday from the Senate floor that Republicans wanted to ‘quietly rubber-stamp’ Patrick Davis’ nomination and that he would not allow it.
Trump nominated Davis, a former Grassley aide, to serve as assistant attorney general for the Office of Legislative Affairs, who is responsible for handling DOJ’s correspondence with Congress. Schumer said he opposed Davis’ nomination in part because the DOJ has been unresponsive to his inquiries about the controversial luxury plane that Qatar gifted to the Trump administration.
‘They won’t even answer serious questions about this. This plane should be withdrawn,’ Schumer said.
He added that when ‘this Justice Department is as horrible as it is, as political as it is, as destructive of American values as it has been, no way.’
Grassley responded to Schumer on X: ‘Why would Democrats expect responsiveness to Congress from DOJ when they obstruct Pres Trump’s nominees who r responsible to ANSWER THEIR LTTRS????’
The last two Senate-confirmed heads of the Office of Legislative Affairs, during the Biden administration and first Trump administration, were confirmed through the speedy voice vote process.
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Less than a week after leaving his position as head of the White House’s Department of Government Efficiency, Elon Musk is calling on Americans to urge their senators and representatives to ‘kill’ the ‘big, beautiful’ budget bill backed by President Donald Trump.
Musk has grown increasingly critical of Trump’s ‘big, beautiful bill,’ claiming that if passed, it would increase the U.S. budget deficit by $5 billion.
On Wednesday afternoon, Musk posted an image of the 2003 Uma Thurman movie ‘Kill Bill,’ appearing to reference his call to nix the Trump-backed bill.
‘We need a new bill that doesn’t grow the deficit,’ Musk said on X.
In another post, Musk urged: ‘Call your Senator, Call your Congressman, Bankrupting America is NOT ok! KILL the BILL.’
Musk said Tuesday afternoon that he ‘just can’t stand it anymore.’
‘This massive, outrageous, pork-filled Congressional spending bill is a disgusting abomination,’ he said. ‘Shame on those who voted for it: you know you did wrong. You know it.’
Musk previously criticized the bill during an interview with CBS, noting he was ‘disappointed’ in the spending bill because ‘it undermines’ all the work his DOGE team was doing.
The bill passed the House in late May, ahead of Memorial Day, largely along party lines. However, two Republicans did vote against the measure, citing insufficient spending cuts and a rising national debt. GOP Kentucky Sen. Rand Paul has also signaled he likely will not vote in favor of the bill in its current form, citing a debt ceiling increase that is a red line for him.
Trump has lashed out at Paul and others for opposing the bill, but so far he has taken a more measured approach to Musk’s criticism.
‘Look, the president already knows where Elon Musk stood on this bill,’ White House press secretary Karoline Leavitt said during a Tuesday afternoon briefing when asked about Musk’s most recent criticism.
‘It doesn’t change the president’s opinion. This is one big, beautiful bill, and he’s sticking to it,’ she said.
Fox News Digital’s Alec Schemmel contributed to this report.
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Former President Joe Biden doubled down on his use of an autopen on Wednesday, insisting that he was in control of the White House during his term in office.
President Donald Trump ordered an investigation into Biden’s administration, alleging that top officials used autopen signatures to cover up the former president’s cognitive decline.
‘I made the decisions about the pardons, executive orders, legislation, and proclamations. Any suggestion that I didn’t is ridiculous and false,’ Biden said in a statement.
‘This is nothing more than a distraction by Donald Trump and Congressional Republicans who are working to push disastrous legislation that would cut essential programs like Medicaid and raise costs on American families, all to pay for tax breaks for the ultra-wealthy and big corporations,’ he added.
Trump called on Attorney General Pam Bondi to open investigations into top Biden officials on Wednesday, arguing they may have conspired to deceive the public about his mental state and exercised presidential authority through the autopen use.
Trump wrote in a Wednesday memo that the U.S. president has a tremendous amount of power and responsibility through his signature. Not only can the signature turn words into laws of the land, but it also appoints individuals to some of the highest positions in government, creates or eliminates national policies and allows prisoners to go free.
‘In recent months, it has become increasingly apparent that former President Biden’s aides abused the power of Presidential signatures through the use of an autopen to conceal Biden’s cognitive decline and assert Article II authority,’ Trump wrote. ‘This conspiracy marks one of the most dangerous and concerning scandals in American history. The American public was purposefully shielded from discovering who wielded the executive power, all while Biden’s signature was deployed across thousands of documents to effect radical policy shifts.’
‘Given clear indications that President Biden lacked the capacity to exercise his Presidential authority, if his advisors secretly used the mechanical signature pen to conceal this incapacity, while taking radical executive actions all in his name, that would constitute an unconstitutional wielding of the power of the Presidency, a circumstance that would have implications for the legality and validity of numerous executive actions undertaken in Biden’s name,’ he added.
House Republicans, led by Oversight Committee Chairman James Comer, launched an investigation earlier last month aimed at determining whether Biden, who was in declining health during the final months of his presidency, was mentally fit to authorize the use of the autopen. Comer said last week he was ‘open’ to dragging Biden before the House to answer questions about the matter if necessary.
Fox News’ Greg Wehner contributed to this report
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Elon Musk’s diatribe against President Donald Trump’s ‘one big, beautiful bill’ continued Wednesday as Senate Republicans embarked on their own course to tweak and reshape the gargantuan legislative package.
The former head of the Department of Government Efficiency (DOGE) rehashed a similar talking point from his takedown of a previous House GOP government funding bill in December, which, after his input, was gutted and reworked.
The nation’s debt sits at over $36 trillion, according to FOX Business’ National Debt Tracker.
‘Call your Senator, Call your Congressman,’ Musk said among a flurry of posts on X. ‘Bankrupting America is NOT ok! KILL the BILL.’
Though Musk’s continued tirade against the bill sent House Republicans into a tizzy, on the other side of the Capitol, senators were busy hashing out the finer points of the legislation.
This time around, Musk, who just ended his four-month tenure as a special government employee rooting out waste, fraud and abuse, may not have the same level of impact, given that senators want their chance to shape the bill.
‘I mean, if Elon was going to give me advice on how to get to the moon, I’d listen,’ said Sen. Kevin Cramer, R-N.D. ‘You know, if he was going to give me advice on how to raise several billion dollars from other billionaires, I’d listen.’
‘But… he doesn’t govern, you know, and so, to be honest, Elon, he’s not that big a factor,’ he continued. ‘I know he’s a glamorous sort of celebrity, but he’s not a big factor.’
Cramer’s comments came after Senate Republicans heard from the chairs of the Senate Banking, Armed Services and Commerce committees on how they would approach their respective portions of the megabill in a closed-door meeting.
After that meeting, members of the Senate Finance Committee, which will handle the tax portion of the package, met with Trump later to shore up support for the tax package.
Sen. Roger Marshall, R.-Kan., said that the president’s main message during the meeting was to ‘pass the damn bill’ with as few changes as possible. When asked if Trump seemed concerned about Musk’s impact on the bill’s fate, the lawmaker said ‘absolutely not.’
‘It was almost laugh— more of a laughing conversation for 30 seconds,’ he said. ‘It was very much in jest and laughing, and I think he said something positive about Elon, appreciating what he did for the country.’
Congressional Republicans intend to use the budget reconciliation process to skirt the Senate filibuster, meaning they do not need Senate Democrats to pass the package. However, they do need at least 51 Senate Republicans to get on board.
The Senate’s shot at tinkering with the reconciliation package comes after months of deliberations and negotiations in the House that culminated in a package that Trump has thrown his full support behind.
Some lawmakers want higher spending cuts to the tune of $2 trillion, others want a full rollback to pre-pandemic spending. Then there are pockets of resistance solidifying around cuts to Medicaid and green energy tax credit provisions baked into the House’s offering.
Among the green energy provisions on the chopping block are electric vehicle tax credits. Speculation has swirled that their proposed demise could be the driving force, in part, behind Musk’s anger toward the bill.
‘Any senator with a brain sees Elon’s comments for what they are, a CEO worried about losing business,’ a Senate Republican source told Fox News Digital. ‘The only reason he’s causing a fuss is because we’re getting rid of pork that benefits his electric car company.’
Musk had been pushing for deeper spending cuts until his new demand that the bill be nuked. Currently, the House GOP’s offering sets a goal of $1.5 trillion in spending cuts over the next decade that, coupled with expected growth, would help offset the roughly $4 trillion price tag of making the president’s first-term tax cuts permanent.
Sen. Mike Lee, R-Utah, engaged with some of Musk’s posts on Tuesday and appeared to agree with the tech billionaire’s position that the bill had to go further to cut spending.
‘I think most of what he’s saying is he would like it to do more and be more aggressive to try to address the debt and deficit problem,’ Lee said.
However, the nonpartisan Congressional Budget Office found in its latest report that the bill would only cut $1.3 trillion, reduce revenues by roughly $3.7 trillion and add in the neighborhood of $2.4 trillion to the deficit.
Some lawmakers who had found common ground with Musk’s earlier anger with the ‘big, beautiful bill’ still found a common ally on the second day of his rant.
Sen. Rand Paul, R-Ky., reiterated to Fox News Digital that he shared Musk’s ‘skepticism’ of the bill. He would not say whether he agreed that congressional Republicans should start from scratch, but noted that his main objection to the bill was a plan to increase the nation’s debt limit by $5 trillion.
‘My main goal is to say, take the debt ceiling and make it a separate vote, and then vote on a separate bill, and then there’s still a need for less spending,’ he said. ‘But I would be very open to supporting the bill if we had more spending cuts and the debt ceiling was a separate vote.’
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Snacktime is nigh at the Golden Arches.
On June 3, McDonald’s announced exactly when the Snack Wrap will return to partipating restaurants nationwide: July 10. And, thankfully, it’s not a limited-time offer, either — it’s here for good.
The Snack Wrap, which has been off menus for almost a decade, features one of the chain’s new McCrispy Strips — a chicken strip made with all-white meat — and is topped with shredded lettuce and shredded cheese, wrapped in a flour tortilla.
This go-round, the Snack Wrap comes in two flavors: Spicy, which McDonald’s says “brings the heat with a habanero kick” reminiscent of its Spicy McCrispy sandwich; and Ranch, which “delivers a satisfying burst of cool ranch goodness,” according to the brand, along with hints of garlic and onion.
Customers can get the Snack Wrap on its own or as a combo meal, which will come with two wraps, a medium fries and your drink of choice.
It’s been a long journey for Mickey D’s devotees: On Dec. 5, Joe Erlinger, president of McDonald’s USA, first revealed that the Snack Wrap was on its way back while discussing the new McValue menu.
“The Snack Wrap will be back in 2025,” Erlinger said at the time, declining to reveal the exact date. “It has a cult following, I get so many emails into my inbox about this product.”
Then, on April 15, the chain teased the official release date: “snack wraps 0x.14.2025,” it posted on X, without specifying the month.
Now, for the official rollout, McDonald’s is leaning into the fact that for years, fans have inundated the chain with pleas to reinstate the item after it was kicked off menus in 2016. A Change.org petition started in 2021 in its honor garnered over 17,000 signatures, and fans resorted to posting TikToks and making dedicated Instagram accounts devoted to bringing it back.
While the chicken-craving masses waited for the Snack Wrap’s return, other fast-food chains have dropped their own versions: In March 2023, Wendy’s introduced its Grilled Chicken Ranch Wrap; in July 2023, Taco Bell reintroduced its Crispy Chicken Taco for a limited time; and in August 2023, Burger King launched BK Royal Crispy Wraps for a limited time, too.
Most recently, a single day before McDonald’s announcement, Popeyes dropped its own Chicken Wraps as a limited-time offer. Let the wrap battle commence.
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