Quick take:
- The joint venture Tron, Inc. will establish a digital asset treasury focused on buying and holding Tron blockchain’s native cryptocurrency (TRX).
- The new company will start with the acquisition of $210 million in TRX, with Eric Trump expected to join the leadership team, FT reported.
- The decision to go public has reportedly been accelerated after the SEC dropped charges against Sun related to selling unregistered securities and market manipulation.
Tron has initiated plans to go public in a reverse merger with Nasdaq-listed SRM Entertainment. The merger has reportedly been arranged by Dominari Securities, a New York-based boutique investment bank linked to Donald Trump Jr. and Eric Trump.
It comes after the U.S. Securities and Exchange Commission (SEC) ended its investigations into Justin Sun and three of his companies for allegedly selling unregistered securities and market manipulation.
According to the Financial Times on Monday, the new company Tron, Inc. will establish a digital asset treasury focused on buying and holding Tron blockchain’s native cryptocurrency (TRX).
The company will start with the acquisition of $210 million in TRX, with Eric Trump expected to join the leadership team, FT reported.
The announcement comes as more companies look to emulate Michael Saylor’s strategy of building a crypto treasury.
The likes of Metaplanet, Semler Scientific, GameStop, Trump Media and Technology, Roxom Global, KindlyMD, Cantor Fitzgerald and Strive are among those targeting Bitcoin for their cryptocurrency treasuries.
On the other hand, SOL Strategies has chosen to build a crypto treasury focused on Solana, while SharpLink is targeting Ethereum. More recently, Trident Digital Tech Holdings, a Web3 company based in Singapore said it will establish an XRP strategy starting with up to $500 million.
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