SRM Entertainment, now Nasdaq-listed, announced its plans to create a corporate treasury for TRX valued at up to $210 million, alongside a name change to Tron Inc. The transition will be supported by a $100 million equity investment from a private investor as part of a securities purchase agreement. As a result, SRM will issue 100,000 shares of Series B convertible preferred stock that can be converted into 200 million common shares at a conversion price of $0.50 per share. Additionally, the deal includes 220 million warrants for acquiring up to 220 million shares at the same price.
Justin Sun, the founder of Tron, will join Tron Inc. as an advisor. He highlighted that blockchains and stablecoins are seeing increasing real-world applications, stating, "With over 310 million international user accounts and average daily transactions exceeding $20 billion, TRON strives to be the protocol of choice for on-chain settlement serving mass populations worldwide."
Tron Inc. plans to establish a dividend policy following the introduction of a TRX staking program utilizing company assets. The announcement also follows reports that Tether, a major stablecoin issuer, minted an additional $1 billion in USDT on the Tron network, surpassing its authorized supply on Ethereum.
On a regulatory front, this development aligns with a thaw in relations between the SEC and Justin Sun, who recently requested a pause in an ongoing SEC suit to facilitate settlement discussions. Sun himself has engaged in transactions involving Trump-themed memecoins, which he has leveraged for personal and political connections.
Justin Sun, the founder of Tron, will join Tron Inc. as an advisor. He highlighted that blockchains and stablecoins are seeing increasing real-world applications, stating, "With over 310 million international user accounts and average daily transactions exceeding $20 billion, TRON strives to be the protocol of choice for on-chain settlement serving mass populations worldwide."
Tron Inc. plans to establish a dividend policy following the introduction of a TRX staking program utilizing company assets. The announcement also follows reports that Tether, a major stablecoin issuer, minted an additional $1 billion in USDT on the Tron network, surpassing its authorized supply on Ethereum.
On a regulatory front, this development aligns with a thaw in relations between the SEC and Justin Sun, who recently requested a pause in an ongoing SEC suit to facilitate settlement discussions. Sun himself has engaged in transactions involving Trump-themed memecoins, which he has leveraged for personal and political connections.
