TRX Gold (AMEX:TRX) Stock

TRX Gold

TRX Gold Corp is a mineral resource company. It is engaged in the acquisition of interests and the exploration of natural resource properties. Its mineral properties are located in the United Republic of Tanzania. The company's main area of interest has been in the exploration and development of gold properties. Its projects include the Buckreef project, and Itetemia Gold project whereas, its exploration stage project consists of the Lunguya project and the Luhala project.

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Justin Sun, the founder of the TRON (CRYPTO: TRX) blockchain, threw a jibe on Tuesday at Microsoft’s decision not to consider adding Bitcoin (CRYPTO: BTC) to its reserves, saying tha

Justin Sun&#39;s Takes A Cheeky Dig At Microsoft For Rejecting Bitcoin Strategy: &#39;Highly Recommend Buying It When BTC reaches $1M&#39;

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SUNDOG, a dog-themed coin on the Tron (CRYPTO: TRX) blockchain, overcame the broader memecoin slump to post healthy gains on Sunday.

Justin Sun-Backed Memecoin Rallies Among Dogecoin, Shiba Inu Slump — What You Need To Know

Vitalik Buterin Pavel Durov

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Prominent voices from the cryptocurrency space reacted to the arrest of the popular messaging app Telegram‘s CEO and founder Pavel Durov in France.

Telegram Founder Pavel Durov&#39;s Arrest In France Sparks Reactions From Ethereum Creator Vitalik Buterin And Tron Founder Justin Sun

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TRX Gold Secures New Financing Agreements With Stanbic And Auramet To Boost Liquidity, Expand Growth Opportunities

TRX Gold Corporation Says In Q1 It Poured 4,841 Ounces Of Gold Compared With 4,927 Ounces YoY; Generating Revenue Of $12.5M Higher Than $9.4M YoY

TRX Gold Corporation (TSX:<a class="ticker" href="https://www.benzinga.com/stock/TRX#TSX">TRX</a>) (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/TRX#NYSE">TRX</a>) (the "Company" or "TRX Gold") is pleased to announce the appointment of Richard Boffey as Chief Operating Officer ("COO"), effective immediately. Mr. Boffey is a seasoned executive, bringing more than 35 years of operational experience to the TRX Gold team and will be instrumental in the continued growth and development of Buckreef Gold.
TRX Gold also announced the departure of the Company's current COO,&nbsp;Andrew Cheatle. Mr. Cheatle also resigned as a director of the Company.
 &nbsp;

Management

TSX:TRX

TRX Gold Taps Richard Boffey As COO Taking Over From Andrew Cheatle

Prominent voices from the cryptocurrency space reacted to the <a href="https://www.benzinga.com/news/24/08/40542542/elon-musk-reacts-as-telegram-founder-gets-arrested-in-france-reportedly-faces-20-years-in-prison-on">arrest of the popular messaging app</a> Telegram&#8216;s CEO and founder Pavel Durov in France.
Ethereum co-founder Vitalik Buterin has expressed concern over the future of software and communication freedom in Europe, following recent developments involving Telegram.
What Happened: Ethereum (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/eth/usd">ETH</a>) co-founder Vitalik Buterin expressed concern over the future of software and communication freedom in Europe via an X post on Sunday. 
Buterin said that he had been critical of Telegram&#8217;s encryption previously. Still, the charges brought by the authorities for being &#8220;unmoderated&#8221; and refusing to hand over user data made the issue appear &#8220;very bad.&#8221;
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<blockquote class="twitter-tweet" data-width="500" data-dnt="true">I&#39;ve criticized Telegram before for not being serious with encryption. But (given the info available so far: the charge seems to be just being &quot;unmoderated&quot; and not giving up people&#39;s data), this looks very bad and worrying for the future of software and comms freedom in Europe.
&mdash; vitalik.eth (@VitalikButerin) <a href="https://twitter.com/VitalikButerin/status/1827602680388239582?ref_src=twsrc%5Etfw">August 25, 2024</a></blockquote>
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Another well-known blockchain entrepreneur, Justin Sun, also weighed in. The Tron (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/trx/usd">TRX</a>) founder proposed a decentralized funding initiative to help Durov in his legal struggles. Sun pledged to donate $1 million to the cause if it garnered sufficient community support.
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<blockquote class="twitter-tweet" data-width="500" data-dnt="true">We should show the cryptocurrency industry&#39;s unity by organizing a <a href="https://twitter.com/hashtag/FreePavel?src=hash&amp;ref_src=twsrc%5Etfw">#FreePavel</a> DAO to help Telegram founder Pavel Durov legally gain freedom. I&#39;ll donate $1 million if it&#39;s created in a decentralized way with enough community support. <a href="https://twitter.com/elonmusk?ref_src=twsrc%5Etfw">@elonmusk</a> <a href="https://twitter.com/MarioNawfal?ref_src=twsrc%5Etfw">@MarioNawfal</a>
&mdash; H.E. Justin Sun 孙宇晨(hiring) (@justinsuntron) <a href="https://twitter.com/justinsuntron/status/1827770155834982594?ref_src=twsrc%5Etfw">August 25, 2024</a></blockquote>
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Some users called out Sun&#8217;s proposal as a gimmick, saying that <a href="https://www.benzinga.com/markets/cryptocurrency/24/04/38294581/telegram-co-founder-pavel-durov-has-had-a-few-hundred-million-dollars-in-bitcoin-for-years">money was not the problem for Durov</a>, whose net worth is estimated to be more <a href="https://www.forbes.com/profile/pavel-durov/">than</a> $15 billion.
See Also: <a href="https://www.benzinga.com/markets/cryptocurrency/24/08/40533508/powells-rate-cut-signal-sparks-crypto-optimism-experts-eye-potential-bitcoin-rally?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Powell&#8217;s Rate Cut Signal Sparks Crypto Optimism: Experts Eye Potential Bitcoin Rally</a>
Why It Matters: These responses came after Durov&#8217;s arrest shocked many in the corporate world and those advocating for free speech.
Durov, a Russian-French billionaire, was apprehended on Saturday evening while traveling on his private jet. The arrest is linked to an ongoing police investigation in France, which is reportedly focused on the lack of moderators on Telegram, allowing criminal activity to persist on the platform
Tesla CEO Elon Musk, who also runs social platform X, <a href="https://www.benzinga.com/news/24/08/40542542/elon-musk-reacts-as-telegram-founder-gets-arrested-in-france-reportedly-faces-20-years-in-prison-on">described the developments</a> as &#8220;super messed up.&#8221;
Read Next:
<ul>
<li><a href="https://www.benzinga.com/markets/cryptocurrency/24/08/40542711/telegram-ceo-arrest-in-france-sends-toncoin-ton-plummeting-by-over-20-elon-musk-calls-for-">Telegram CEO Arrest In France Sends Toncoin (TON) Plummeting By Over 20%: Elon Musk Calls For Freeing Pavel Durov</a></li>
</ul>
Disclaimer:&nbsp;This content was partially produced with the help of&nbsp;<a href="https://www.benzinga.com/author/benzinga-neuro" target="_blank" rel="noreferrer noopener">Benzinga Neuro</a>&nbsp;and was reviewed and published by Benzinga editors.<a href="https://benzinga.com/apis" rel="noreferrer noopener" target="_blank"></a>
Photos courtesy: Shutterstock and Flickr

Telegram Founder Pavel Durov's Arrest In France Sparks Reactions From Ethereum Creator Vitalik Buterin And Tron Founder Justin Sun

HC Wainwright &amp; Co. analyst Heiko Ihle reiterates TRX Gold (AMEX:<a class="ticker" href="https://www.benzinga.com/stock/TRX#AMEX">TRX</a>) with a Buy and maintains $1.4 price target.

Price Target

Reiteration

Analyst Ratings

HC Wainwright & Co. Reiterates Buy on TRX Gold, Maintains $1.4 Price Target

HC Wainwright &amp; Co. analyst Heiko Ihle maintains TRX Gold (AMEX:<a class="ticker" href="https://www.benzinga.com/stock/TRX#AMEX">TRX</a>) with a Buy and raises the price target from $1.3 to $1.4.

HC Wainwright & Co. Maintains Buy on TRX Gold, Raises Price Target to $1.4

Alliance Global Partners analyst Jake Sekelsky maintains TRX Gold (AMEX:<a class="ticker" href="https://www.benzinga.com/stock/TRX#AMEX">TRX</a>) with a Buy and raises the price target from $1.5 to $1.75.

Alliance Global Partners Maintains Buy on TRX Gold, Raises Price Target to $1.75

Justin Sun, the entrepreneur behind TRON (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/trx/usd">TRX</a>), has publicly shared the scale of his Bitcoin (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/btc/usd">BTC</a>) investments, holding 28,613 BTC valued at approximately $1.638 billion at current market prices.
What Happened: Sun detailed his holdings in a post on X, &#8220;My personal HTX account balance (just for those who are saying I&#8217;m not using HTX much) @HTX_Global.&#8221; His remarks were in response to comments suggesting that he isn&#8217;t an active user of the HTX exchange.
He further clarified his position on the use of the HTX exchange, saying, &#8220;Personally, I use almost all main exchanges and am a supporter of those exchanges. However, if someone says I seldom use HTX.com, that would be inaccurate. I am a heavy user of HTX. My personal use of HTX is the same as all HTX users, believing and trading."
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<blockquote class="twitter-tweet" data-width="500" data-dnt="true">My personal HTX account balance (just for those who are saying I&#39;m not using HTX much) <a href="https://twitter.com/HTX_Global?ref_src=twsrc%5Etfw">@HTX_Global</a> <a href="https://t.co/TtbiDWHLRZ">pic.twitter.com/TtbiDWHLRZ</a>
&mdash; H.E. Justin Sun 孙宇晨 (@justinsuntron) <a href="https://twitter.com/justinsuntron/status/1762491124692795709?ref_src=twsrc%5Etfw">February 27, 2024</a></blockquote>
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The timing of Sun&#8217;s disclosure comes as <a href="https://www.benzinga.com/markets/cryptocurrency/24/02/37354914/bitcoin-ethereum-dogecoin-continue-bull-run-as-extreme-greed-takes-over-analyst-predicts-k">Bitcoin&#8217;s value soared to $57,000.</a> This surge marks a long-anticipated return to a price point last seen over two years ago on Dec. 2, 2021. 
Data from <a href="https://www.arkhamintelligence.com/research/who-owns-the-most-bitcoin-2023-edition">Arkham Intelligence research </a>reveals that the pseudonymous creator of Bitcoin, Satoshi Nakamoto, very likely remains the currency&#8217;s largest holder, with suspicions of him owning 1.1 million BTC, translating to over $50 billion. The largest known custody of BTC belongs to Coinbase, with approximately 1 million bitcoins. A Binance exchange wallet also holds a staggering 250,000 BTC, ranking it amongst the largest individual wallets.&nbsp;
See More: <a href="https://www.benzinga.com/markets/cryptocurrency/23/11/35771375/dogecoin-hodlers-are-beating-shiba-inu-with-57-landing-in-profits-intotheblock-data-reveal?utm_campaign=partner_feed&amp;utm_source=InvestingUK&amp;utm_medium=partner_feed&amp;utm_content=cryptocurrency">Dogecoin HODLERs Are Beating Shiba Inu With 57% Landing In Profits, IntoTheBlock Data Reveals</a>
Why It Matters: The BTC rally had a ripple effect across the entire crypto market, as evidenced by a surge in investments into spot Bitcoin <a href="https://www.benzinga.com/markets/cryptocurrency/24/02/37329888/bitcoin-tops-57-000-fueled-by-btc-etfs-520m-single-day-inflow">exchange-traded funds (ETFs).</a>
The Fear &amp; Greed Index reached a level of 79 out of 100 on February 27, signaling &#8220;extreme greed&#8221; among investors.&nbsp;
The global cryptocurrency market cap now hovers at $2.16 trillion, an 8.92% increase over the last day.
Meanwhile, Sun has been vocal about his support for the integration of Bitcoin scalability solutions into the TRON network. He announced TRON&#8217;s plans to implement support for the Merlin Chain, a project designed to enhance Bitcoin&#8217;s interoperability and financial accessibility.
Earlier this month, Sun spoke about TRON&#8217;s future strategy, saying, &#8220;Tron will collaborate with multiple Bitcoin layer-2 protocols, gradually announcing significant partnerships. These collaborations will allow Tron users to participate in re-staking initiatives across major Bitcoin layer-2 networks, supporting the growth of the Bitcoin layer-2 ecosystem with Tron's diverse asset portfolio.&#8221;
Price Action: At the time of writing, BTC was trading at $56,901, up 0.93% in the last 24 hours,<a href="http://pro.benzinga.com"> according to Benzinga Pro.</a>
Read Next:<a href="https://www.benzinga.com/markets/cryptocurrency/23/09/34195479/bitcoin-ethereum-dogecoin-trade-mixed-as-investors-weigh-august-job-report-analyst-predict"> </a><a href="https://www.benzinga.com/markets/cryptocurrency/23/09/34615277/heres-how-much-you-should-invest-in-shiba-inu-today-for-a-1m-payday-if-shib-hits-1-cent">Here&#8217;s How Much You Should Invest In Shiba Inu Today For A $1M Payday If SHIB Hits 1 Cent?</a>
Photo via Wikimedia Commons

Tron Founder Justin Sun Casually Flexes Bitcoin Holdings Worth Over $1.6B

Key highlights for Q1 2024 include:
<ul>
<li>Positive operating cash flow: The Company poured 4,927 ounces of gold and sold 4,895 ounces of gold, resulting in positive operating cash flow of $5.1 million.</li>
<li>Strong gross profit margins: The Company recognized revenue of $9.4 million and cost of sales of $5.7 million, generating gross profit of $3.7 million, gross profit margin of 40%, and Adjusted EBITDA1 of $2.6 million.</li>
<li>Growth through prudent capital management: The Company continues to demonstrate its ability to manage capital and use cash flow from mining operations to fund additional growth at Buckreef Gold, as it reinvested $3.8 million during the quarter to advance its 3rd consecutive mill expansion to 2,000+ tonnes per day ("tpd") and to advance construction on a significantly expanded tailings storage facility ("TSF") to accommodate higher production volumes and support the long-term growth of Buckreef Gold.</li>
<li>Fiscal 2024 production guidance unchanged: The Company continues to expect gold production for 2024 to be between 25,000 – 30,000 ounces at total average cash cost1 of $800 – 900 per ounce.</li>
<li>Expansion to 2,000+ tpd continues to progress on schedule: The new 1,000 tpd ball mill arrived on site in early October 2023 and earthworks have commenced for the ball mill plinth, tank line foundation and bund wall, which will support the additional leach tanks. In-depth engineering reviews and construction work have begun, including concrete construction and steel fabrication on the new crushing circuit which commenced in November 2023. The process plant expansion aimed at expanding throughput by 75-100% has a targeted completion date in the second half of fiscal 2024 and is expected to benefit production in Q4 2024.</li>
<li>Expanded crushing circuit construction underway: The initial phase of the new crushing circuit arrived on site in January 2024 and is configured to produce a finely crushed ore ‘product' suitable for the existing and future ball mills. It is expected that the new crushing circuit will help drive increased throughput and recovery percentages and will provide capacity for increased production. It is also expected to improve options for material handling, provide equipment redundancy to eliminate or reduce plant downtime, and improve grind size allowing for more efficient, cost-effective processing of sulphide ore. Concrete construction has been completed and is curing. Steel design, fabrication and construction of the new crushing circuit continues at a rapid pace, and completion is expected in Q2 2024.</li>
<li>Exploration, a key area of focus: The Company expects to continue to build on past exploration successes through a drill program that is expected to begin in the second half of fiscal 2024. While the Company primarily focused on grade control drilling to support mining activity during Q1 2024, exploration drilling for 2024 will focus on infill and expansion drilling at Eastern Porphyry, Buckreef West, Inferred Mineral Resources and strike extensions, both to the NE and SW of the Main Zone – which, if successful, has the potential to increase tonnes to higher Mineral Resource categories.</li>
<li>Health &amp; Safety remains top of mind: The Company achieved zero lost time injuries ("LTI") and there were no reportable environmental or community related incidents during Q1 2024. Subsequent to Q1 2024, Buckreef Gold achieved, for a second time, 1 million hours LTI free work.</li>
</ul>
TRX Gold's CEO, Stephen Mullowney comments: "Q1 2024 has been an exceptionally busy quarter at Buckreef Gold as our team continues to work hard on our next growth phase, including another expansion in processing capacity at the mill. We are very pleased with the exceptional progress that has been made over the last few months in advancing construction for the plant expansion, including commencement of concrete and steel works related to the new crushing circuit. We continue to be impressed with the excellent and efficient work being done by our 100% Tanzanian staff, consultants and by the quality of locally sourced materials and equipment. We look forward to completing the plant expansion later this year and utilizing the expected increase in cashflow to unlock value through a larger exploration program in the future."

Guidance

TRX Gold Says Fiscal 2024 Production Guidance Unchanged, The Company Continues To Expect Gold Production For 2024 To Be Between 25,000 – 30,000 Ounces At Total Average Cash Cost1 Of $800 – 900 Per Ounce

TRX Gold (AMEX:<a class="ticker" href="https://www.benzinga.com/stock/TRX#AMEX">TRX</a>) reported quarterly sales of $9.40 million which missed the analyst consensus estimate of $10.48 million by 10.31 percent. This is a 3.27 percent decrease over sales of $9.72 million the same period last year.

Earnings

Earnings Misses

TRX Gold Q1 Sales $9.40M Miss $10.48M Estimate

Solana (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/sol/usd">SOL</a>) Saga phones, which previously had trouble finding buyers, have sold out, fetching prices as high as $5,000 on eBay. 
What Happened: This sudden sales boost can be attributed to a frenzy surrounding the free Bonk memecoin airdrop included with each phone.
<a href="https://cointelegraph.com/news/solana-saga-phone-bonk-memecoin-5000-dollars-sold-ebay">Cointelegraph </a>reports that Solana Saga phones sold out both on their official website and on eBay for the first time, due to a surge in demand for the complimentary Bonk memecoin airdrop. The phones were sold for up to $5,000, over eight times their retail price.
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<blockquote class="twitter-tweet" data-width="500" data-dnt="true">lol.. What? Solana Saga is selling for 5x the original price on eBay! <a href="https://t.co/pElRSlSCx7">https://t.co/pElRSlSCx7</a> <a href="https://t.co/nQJx6mFL6a">pic.twitter.com/nQJx6mFL6a</a>
&mdash; Gary (@gameofbitcoin) <a href="https://twitter.com/gameofbitcoin/status/1736342066400006253?ref_src=twsrc%5Etfw">December 17, 2023</a></blockquote>
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An eBay listing from Dec. 16 shows two boxed phones sold for a &#8220;best offer&#8221; price of $5,000, and another device sold for $3,316. Over the subsequent weekend, an additional 20 phones were sold for more than $2,000, a significant increase from their original $599 price.
See Also: <a href="https://www.benzinga.com/markets/cryptocurrency/23/12/36270851/dogecoin-killer-shiba-inu-positioned-for-major-bullish-breakout-says-prominent-crypto-anal?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">&#8216;Dogecoin Killer&#8217; Shiba Inu Positioned For Major Bullish Breakout, Says Prominent Crypto Analyst — But It</a>
Since the Saga phone&#8217;s launch on May 8, each new phone has been<a href="https://www.benzinga.com/markets/cryptocurrency/23/12/36251455/solanas-saga-smartphone-sales-soar-tenfold-nearing-sell-out-amid-ongoing-bonk-mania"> accompanied by a free airdrop </a>of 30 million Bonk tokens. A recent price surge in Bonk, which traders noticed last week, made the free airdrop more valuable than the phone itself, leading to the phones selling out on Dec. 16.
These phone purchasers may be speculating on the continued rise of the memecoin. Bonk has surged nearly 800% in the last 30 days, gaining widespread popularity among memecoin enthusiasts and traders.
However, to turn a profit from the $5,000 price tag, Bonk would need to grow a further 620% from its current value, commanding a total market cap of $8.68 billion, similar to Tron (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/trx/usd">TRX</a>) or Polkadot (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/dot/usd">DOT</a>).
Why It Matters: Several Solana-based projects recently announced airdrops and financial incentives for device users, suggesting that phone buyers may not be solely betting on the price of Bonk. The DeFi protocol, Solend, confirmed in a Dec. 17 post that it would be working on an airdrop for Saga phone holders. 
Disclaimer: This content was partially produced with the help of&nbsp;<a target="_blank" href="https://www.benzinga.com/author/benzinga-neuro" rel="noreferrer noopener">Benzinga Neuro</a>&nbsp;and was reviewed and published by Benzinga editors.
Read Next: <a href="https://www.benzinga.com/markets/cryptocurrency/23/12/36250851/coinbase-effect-dogecoin-rival-bonk-soars-75-analyst-projects-20x-surge-for-the-meme-coin?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Coinbase Effect? Dogecoin Rival BONK Soars 75% — Analyst Projects &#8217;20x&#8217; Surge For The Meme Coin</a>

$BONK

$DOT

Solana Saga Phones Sold Out Amidst BONK Memecoin Buying Spree

TRX Gold Appoints Shubo Rakhit As Chairman Of Board

Commodities

General

TRX Gold Announced That The New 1,000-ton-per-day Capacity Ball Mill Has Arrived On-site At The Buckreef Gold Project, Expected Commercial Production Delivery Date In 2H Of FY24

It was quite a rollercoaster for the crypto world last week. From bold legal moves to debunking common misconceptions, the world of digital currencies continues to surprise us. Here&#8217;s a quick recap of the biggest stories that unfolded over the weekend.
Grayscale Files For Ether Futures ETF
Following their court victory against the SEC, Grayscale Investments are testing the waters with a new exchange-traded fund (ETF). This time, the fund will be centered on Ethereum futures (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/eth/usd">ETH</a>). The application was filed under the Securities Act of 1933, the same regulation that governs commodities and spot Bitcoin ETFs. <a href="https://www.benzinga.com/markets/cryptocurrency/23/09/34757225/grayscale-files-for-ether-futures-etf-following-court-victory-against-sec">Read the full article here.</a>
Cryptocurrency: A Real Technology, Not a Scam
Caitlin Long, founder and CEO of Custodia Bank, spoke to Benzinga to address concerns about the legitimacy of cryptocurrencies. She drew parallels to the tech bubble and emphasized that the crypto market is in a phase of refinement and maturation.&nbsp;<a href="https://www.benzinga.com/markets/cryptocurrency/23/09/34792276/exclusive-cryptocurrency-is-not-a-scam-theres-real-technology-behind-it-caitlin-long-debun">Read the full article here.</a>
See Also:&nbsp;<a href="https://www.benzinga.com/news/23/09/34784595/biden-tells-new-york-donors-trump-is-destined-to-be-the-nominee-again-in-2024-race?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Biden Tells New York Donors: Trump Is &#8216;Destined To Be The Nominee Again&#8217; In 2024 Race</a>
Tron Hits $1B in USDT
The Tron Network celebrated a significant milestone last week as it hit 1 billion USDT. Founder Justin Sun made the announcement via Twitter, proclaiming Tron (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/trx/usd">TRX</a>) as the &#8220;king of USDT.&#8221; <a href="https://www.benzinga.com/markets/cryptocurrency/23/09/34775809/tron-is-the-king-of-usdt-justin-sun-announces-1b-in-tether-on-his-blockchain-network">Read the full article here.</a>
Elon Musk&#8217;s Dog-Inspired Coin Tops Meme Coin Gains Chart
Floki, a coin named after Elon Musk&#8217;s dog, is outperforming other top meme coins like Dogecoin (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/doge/usd">DOGE</a>) and Shiba Inu (CRYPTO: SHIBA). Since its integration into LaborX, one of the leading platforms for crypto and Web 3 jobs, Floki has seen an increase of 96% since the beginning of the year. <a href="https://www.benzinga.com/markets/cryptocurrency/23/09/34792212/now-that-summer-is-almost-over-this-coin-named-after-elon-musks-dog-tops-meme-coin-gains-c">Read the full article here.</a>
Anthony Scaramucci Stays Bullish on Bitcoin
SkyBridge Capital founder, Anthony Scaramucci, expressed his optimism for Bitcoin (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/btc/usd">BTC</a>) at the Messari Mainnet conference. He encouraged Bitcoin holders not to sell, stating that the worst of the bear market is behind us. <a href="https://www.benzinga.com/markets/cryptocurrency/23/09/34809743/anthony-scaramucci-says-worst-of-bear-market-is-behind-us-i-wouldnt-sell-your-bitcoin-you-">Read the full article here.</a>
Read Next: Operating a fully-booked hotel is beyond stressful, but it's about to become much more efficient thanks to one startup. It amassed $5.5 million in the seed round, 5x'ed its customer base in 9 months, <a href="https://www.benzinga.com/alternative-investments/listing/jurny">and is looking for investors.</a>
Cryptocurrency Photo by SvetlanaParnikova on Shutterstock
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Grayscale's Ethereum ETF, Elon Musk's Dog-Inspired Coin, Anthony Scaramucci On Bitcoin And More: Top News From Crypto This Week

HC Wainwright &amp; Co. analyst Heiko Ihle maintains TRX Gold (AMEX:<a class="ticker" href="https://www.benzinga.com/stock/TRX#AMEX">TRX</a>) with a Buy and raises the price target from $1.1 to $1.3.

HC Wainwright & Co. Maintains Buy on TRX Gold, Raises Price Target to $1.3

TRX Gold (AMEX:<a class="ticker" href="https://www.benzinga.com/stock/TRX#AMEX">TRX</a>) reported quarterly sales of $9.32 million which missed the analyst consensus estimate of $12.29 million by 24.19 percent. This is a 62.54 percent increase over sales of $5.73 million the same period last year.

TRX Gold Q3 Sales $9.32M Miss $12.29M Estimate

The Securities and Exchange Commission (SEC) filed a lawsuit against Binance Holdings Ltd. on Monday, citing 12 coins <a href="https://www.benzinga.com/markets/cryptocurrency/23/06/32718798/binance-and-changpeng-zhao-sued-by-the-sec-has-the-empire-just-started-crumbling">as unregistered securities.&nbsp;</a>
What Happened: The SEC lawsuit cites several altcoins, as securities under its purview.&nbsp;
When added to other tokens like XRP, separately targeted by the SEC, the agency has now categorized over $115 billion worth of coins specifically as unregistered securities.
SEC Chair Gary Gensler has long maintained that most tokens are subject to the agency's investor protection laws and advocated for trading platforms to register with the regulator. But, labeling specific tokens represents a tougher approach.&nbsp;
U.S. officials have intensified their crackdown on digital assets this year following a series of blowups, including the bankruptcy of the FTX exchange.
See More: <a href="https://in.benzinga.com/content/32526050/live-like-bond-a-stay-at-the-floating-palace-from-octopussy">A Stay At The Floating Palace From James Bond's &#8216;Octopussy&#8217;</a>
Why It Matters: Although Gensler has said that Bitcoin (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/btc/usd">BTC</a>), the largest cryptocurrency, isn&#8217;t covered by SEC securities rules, he's been <a href="https://www.benzinga.com/markets/cryptocurrency/22/06/27866983/commodity-or-security-new-bitcoin-insights-from-sec-chairman-gary-gensler">less unequivocal </a>on Ethereum (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/eth/usd">ETH</a>), the second-largest cryptocurrency.
In light of the recent development, some of the biggest crypto coins viewed as securities by the SEC, as reported by Bloomberg are: 
Binance&#8217;s BNB (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/bnb/usd">BNB</a>) ($44 billion) 
<ul>
<li>XRP (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/xrp/usd">XRP</a>) ($27 billion)</li>
<li>Cardano (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/ada/usd">ADA</a>) ($12 billion)</li>
<li>Solana (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/sol/usd">SOL</a>) ($7.9 billion)</li>
<li>Polygon (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/matic/usd">MATIC</a>) ($7.7 billion)</li>
<li>Tron (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/trx/usd">TRX</a>) ($7.1 billion)</li>
<li>Binance USD (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/busd/usd">BUSD</a>) ($5.1 billion)</li>
<li>Cosmos (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/atom/usd">ATOM</a>) ($2.9 billion)</li>
<li>Filecoin (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/fil/usd">FIL</a>) ($1.8 billion)</li>
<li>Algorand (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/algo/usd">ALGO</a>) ($1 billion)</li>
</ul>
Price Action: At the time of writing, BTC was trading at $25,780.80, down 4.12%, in the last 24 hours, <a href="http://pro.benzinga.com">according to Benzinga Pro.</a>
Read Next:<a href="https://www.benzinga.com/markets/cryptocurrency/23/05/32588496/bitcoin-ethereum-dogecoin-rise-amid-positive-economic-data-analyst-predicts-record-high-fo"> </a><a href="https://www.benzinga.com/markets/cryptocurrency/23/06/32729621/bitcoin-ethereum-dogecoin-tumble-after-sec-lawsuit-analyst-says-binances-success-is-key-to">Bitcoin, Ethereum, Dogecoin Tumble After SEC Lawsuit: Analyst Says Binance&#8217;s Success Is Key To Apex Crypto&#8217;s Survival</a>

Government

Regulations

$ADA

$ALGO

$ATOM

$BNB

$BUSD

$FIL

$MATIC

ATOM

Cardano, Solana, Binance Token Among $115B Worth Crypto Now Labeled By SEC As Unregistered Securities

HC Wainwright &amp; Co. analyst Heiko Ihle reiterates TRX Gold (AMEX:<a class="ticker" href="https://www.benzinga.com/stock/TRX#AMEX">TRX</a>) with a Buy and maintains $1.1 price target.

HC Wainwright & Co. Reiterates Buy on TRX Gold, Maintains $1.1 Price Target

Justin Sun, the founder of cryptocurrency firms Tron Foundation and BitTorrent Foundation, has reportedly received a summons from a U.S. court in the Southern District of New York on Thursday.
What Happened: The summons came after the Securities and Exchange Commission (SEC) brought enforcement action against Sun for allegedly trading Tronix (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/trx/usd">TRX</a>) and BitTorrent (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/btt/usd">BTT</a>) without registering them as securities, as well as failing to disclose payments made to celebrities including Lindsay Lohan and Austin Malone for their endorsements of crypto assets and products, <a href="https://www.straitstimes.com/singapore/us-district-court-issues-summons-to-crypto-mogul-justin-sun-in-singapore">according </a>to a report in The Straits Times.
The document seen by The Straits Times revealed that the summons went to two addresses in Singapore. It gave Sun 21 days to respond.
See More:<a href="https://in.benzinga.com/content/30481549/top-indian-apps-that-give-bitcoin-nft-rewards"> Top Indian Apps That Give Bitcoin, NFT Rewards</a>
It is also alleged that Sun had manipulated the market for TRX to "create the artificial appearance of legitimate investor interest and keep (its) price afloat," as quoted in the report.
In addition to these charges, Sun is also accused of participating in wash trading, similar to a pump-and-dump scheme, where securities are traded in transactions that foster the appearance of heavy trading activity while there is no change in beneficial ownership.&nbsp;
The SEC claims that Sun directed his employees to engage in more than 600,000 wash trades of TRX between two crypto asset trading accounts he controlled, with between 4.5 million and 7.4 million TRX wash traded daily for almost a year.
Read More:<a href="https://www.benzinga.com/markets/cryptocurrency/23/03/31522904/bitcoin-ethereum-dogecoin-slide-after-cftc-lawsuit-against-binance-analyst-expects-apex-cr"> </a><a href="https://www.benzinga.com/markets/cryptocurrency/23/04/31781219/ethereums-shapella-upgrade-pushes-it-higher-bitcoin-dogecoin-decline-analyst-predicts-47-r">Ethereum&#8217;s Shapella Upgrade Pushes It Higher, Bitcoin, Dogecoin Decline: Analyst Predicts 47% Rally For This Altcoin</a>

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