Tron Inc. Rebrands with TRON Ticker After 365M TRX Staked

SRM Entertainment announced on Wednesday that it is rebranding as Tron Inc. and will change its Nasdaq ticker to TRON starting Thursday. This shift formalizes its transition to managing a substantial treasury of the TRX token from the Tron blockchain. The rebrand follows last month's reports that Tron founder Justin Sun intends to take his crypto group public in the U.S. through a reverse merger with SRM. Sun has been advising the company since June 16, and SRM has also secured $210 million to support its TRX treasury strategy. Dominari Securities, a New York investment bank associated with Donald Trump Jr. and Eric Trump, facilitated the finalized deal. Eric Trump stated he would have no involvement with the company. According to SRM's statement, the firm holds over 365 million TRX tokens, making it the largest publicly traded holder of this cryptocurrency. The strategy commenced with a $100 million equity raise, and SRM has since staked its TRX holdings via the Tron-based lending platform JustLend to pursue returns of up to 10% annually, as reported by The Block. Rich Miller, CEO of SRM, remarked that the rebranding aligns with the company's objective of generating long-term value for shareholders through holding and deploying TRX. "We believe that TRX will remain essential in establishing the next generation of global payment systems and a more inclusive financial infrastructure, allowing for 24/7 low-cost and fast transactions," he stated in a press release. Following the announcement, SRM shares surged by 25%, and TRX experienced a modest uptick in a broader altcoin uptrend, according to price data from The Block. Disclaimer: The Block is an independent media outlet providing news and data. As of November 2023, Foresight Ventures is a major investor in The Block and focuses on the crypto industry. Crypto exchange Bitget is an anchor LP for Foresight Ventures. The Block operates independently, offering objective and timely information about the crypto sector. This article is for informational purposes only and should not be construed as legal, tax, investment, or financial advice.