Tron Inc has filed with the SEC to raise up to $1 billion through a combination of debt and equity. The company, which used to operate under the name SRM Entertainment, recently completed a merger with Justin Sun’s Tron project. The filing comes on the heels of a strong rally in its stock price, and the goal is clear: expand its reserve of TRX tokens.
Instead of leaning on Bitcoin like many other crypto-aligned firms, Tron Inc. is building its treasury around TRX, the token at the center of the Tron ecosystem. The company already holds over 365 million TRX and has made it clear it wants more. The SEC filing lays out plans to treat TRX as a long-term reserve asset, alongside more traditional holdings like cash.
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The rebrand and merger have already paid off in the short term. Tron Inc.’s stock jumped more than 20 percent after the filing, climbing above $11 per share. That’s a big move for a company that was trading at penny stock levels not long ago. The market cap now sits above $200 million, reflecting how quickly a crypto narrative can move a public stock.
The company made its way to the Nasdaq through a reverse merger with SRM Entertainment. The deal included $100 million in equity investment, and the new entity brought over $200 million worth of TRX into its treasury. It’s a playbook similar to MicroStrategy’s bitcoin strategy, just with a different asset at the center.
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On July 24, Justin Sun led a Nasdaq bell-ringing ceremony in New York. It was a splashy way to announce Tron Inc.’s public arrival. Although Sun won’t be taking an executive role, he remains involved as an advisor. His presence at the event made it clear that the company’s direction still reflects his influence.
By stacking TRX in its treasury, Tron Inc. is making a bet that the token’s long-term value will rise. That also makes the company the largest public holder of TRX. For TRX holders, it could be seen as a sign of confidence. For skeptics, it raises the question of whether putting a volatile asset at the center of a corporate balance sheet is wise.
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Not everyone cheered the move. Some traders pointed to a slight dip in TRX price after the filing and blamed fears of dilution. Issuing new stock or acquiring more tokens can affect supply and demand, and that’s something investors will be watching closely.
Most public companies holding crypto stick with bitcoin. Tron Inc.’s approach is different. It reflects a growing trend of blockchain-native firms aligning their corporate strategy with their own ecosystems. Whether this becomes a blueprint or a cautionary tale depends on how TRX performs and how Tron Inc. manages its reserves.
Of course, going public brings new attention. Tron and Justin Sun are still dealing with regulatory scrutiny, including past concerns over how TRX was initially offered. Now that the company is public, it will need to tread carefully when it comes to U.S. securities law.
With the listing done and a billion-dollar raise in the works, Tron Inc. is doubling down on its identity as a TRX-backed company. If the market supports the rise and TRX holds its ground, the company could become a case study in how altcoins fit into the world of public markets. If not, it may find out the hard way what volatility looks like under the SEC’s spotlight.
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