SRM Entertainment, listed on Nasdaq, will launch a Tron corporate treasury worth up to $210 million and rename itself Tron Inc.
SRM Entertainment announced on Monday that the company plans to launch a Tron corporate treasury valued at up to $210 million and will change its name to Tron Inc.
According to the announcement, SRM has signed a securities purchase agreement with a private investor to secure a $100 million equity investment to fund its Tron (TRX) treasury strategy. Tron founder Justin Sun will join the company as an advisor.
As part of the deal, SRM Entertainment will issue 100,000 shares of Series B convertible preferred stock. These preferred shares can be converted into a total of 200 million common shares at a conversion price of $0.50 per share, and 220 million warrants will be issued, allowing the purchase of a total of 220 million common shares at an exercise price of $0.50 per share.
The company stated, "After all warrants are exercised, this strategic investment will be valued at $210 million, enabling SRM to build a significant Tron treasury strategy." Reportedly, Dominari Securities, the bank arranging the deal, has ties to the family of U.S. President Donald Trump. The Financial Times reported that Trump's son, Eric Trump, is expected to take a position in the newly renamed company.
Tron Inc. plans to implement a dividend policy after launching a TRX staking program for company assets. In the announcement, Tron founder Justin Sun stated that the use of blockchain and stablecoins in the real world is continuously increasing. He added:
"With over 310 million international user accounts and an average daily trading volume exceeding $20 billion year-to-date (YTD), Tron is committed to becoming the preferred protocol for settlement on the blockchain for the global population."
Before this announcement, data from mid-May showed that stablecoin issuer Tether had minted another $1 billion in USDT tokens on the Tron network, bringing its authorized USDT supply above that of Ethereum.
This development comes as the regulatory relationship between the U.S. Securities and Exchange Commission (SEC) and Justin Sun has eased. In a revised lawsuit against Sun, the SEC claimed that the Tron founder "travels extensively nationwide," thus asserting jurisdiction over him.
At the end of February, the SEC and Justin Sun requested a federal court to pause the regulatory agency's case against him to facilitate settlement negotiations. In April, he revealed that he holds the largest wallet for purchasing Trump's official meme coin, which qualifies him to dine with the U.S. President and attend receptions.
Related: Ethereum Foundation commits $500,000 in funding support for Tornado Cash developers' defense
Original article: “SRM to establish $210 million TRX treasury and rename to Tron Inc., Justin Sun as advisor”
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