Tron Inc., the rebranded entity formed through SRM Entertainment's reverse merger with Justin Sun's blockchain project, has filed a shelf registration with the U.S. SEC to raise up to $1 billion through mixed securities including common stock, preferred shares, debt, and warrants. According to the filing, proceeds may be used to acquire additional TRX tokens—the native cryptocurrency of the Tron blockchain—or for other corporate needs. The company currently holds over 365 million TRX tokens, valued at approximately $116.8 million based on TRX's recent price of $0.32, positioning it as the largest public holder of the asset.
The merger, finalized earlier this month, included a $100 million private investment from Weike Sun (Justin Sun's father) paid entirely in TRX. This structured as a PIPE deal involved convertible preferred shares and warrants with a $0.50 strike price. Post-merger, Tron Inc.'s stock surged over 1,300% since June 10, boosting its market capitalization above $200 million, with shares trading above $11.80 after a 23% single-day jump.
The move aligns with growing corporate crypto treasury trends, though Tron Inc. stands out by focusing on altcoin accumulation rather than Bitcoin. While companies like Metaplanet and Satsuma Technologies target BTC, Tron Inc. explicitly stated it views TRX as a long-term holding and plans continued accumulation. The development coincides with discussions about a potential Tron ETF and perceived regulatory softening under the Trump administration, which Justin Sun has publicly endorsed.