Tron Inc. debuts on Nasdaq with a TRX treasury strategy: what changes and what does not for those who use the network
The company linked to Justin Sun went public through a reverse merger and will accumulate TRX in its treasury. The network, its fees and TRC-20 USDT do not change because of it.
Historical reference: August 5, 2025. Published on this site on November 2, 2026. Dates in the text identify the period covered.
In this article
Key points
- SRM Entertainment, a small toy company listed on Nasdaq, became Tron Inc. and began trading under the ticker TRON on July 24, 2025, with Justin Sun as global adviser.
- The company buys and holds TRX in its treasury and wants to stake it. The investment announced on June 16 is US$100 million, or US$210 million if the warrants are exercised.
- The change is corporate, in the United States. The protocol, the fees and the TRC-20 USDT that circulates on the network are not altered.
- The risks are in the company: dependence on a single asset, stock volatility and the link to an SEC case against Sun, now stayed.
São Paulo, August 5, 2025 — Twelve days after its Nasdaq debut, Tron Inc. is already a case study in how listed companies become vehicles for a single crypto-asset. The company, formerly called SRM Entertainment, was acquired to serve as a gateway to the American stock market for those who created the TRON network. Anyone who uses the network to send USDT needs to know what this operation means and what it does not change.
- Investment announced on 6/16 by a private investor; US$210 million if the warrants are exercised
- US$100M
- First day of trading as Tron Inc., under the ticker TRON
- 7/24
- Rise of more than 300% in SRM's stock on the day of the announcement, from the prior close of US$1.45 (Reuters)
- +300%
- Share price on debut day, according to Forklog
- ~US$9
How the merger with SRM worked
On June 16, 2025, SRM Entertainment, a Florida company that sells toys and souvenirs, said it would be renamed Tron Inc., would buy TRX tokens and would have Justin Sun, founder of TRON, as an adviser. The Financial Times had anticipated that TRON would go public in the US through a reverse merger: instead of making an initial public offering, the company takes control of another that is already listed.
- 06/16/2025SRM announces the deal. US$100 million investment from a private investor, whom the company did not identify, and a value of US$210 million if the warrants are exercised. The stock rises more than 300% on the day.
- Jun–Jul/2025The offering has Dominari Securities, a New York investment bank linked to sons of Donald Trump, as exclusive placement agent.
- 07/24/2025Tron Inc. begins trading on Nasdaq under the ticker TRON. Justin Sun rings the opening bell.
- Coming monthsThe company says it wants to create a TRX staking program and, later, a dividend policy.
The Financial Times said the funds would be contributed by TRON itself; SRM's statement did not name the investor, and spokespeople for both companies did not respond to Reuters on this point. For that reason, the exact source of the US$100 million remains without independent confirmation in the sources consulted.
What a TRX treasury strategy is
A crypto treasury is a company's cash held in a digital asset instead of dollars. Tron Inc. follows the playbook of other listed companies that began accumulating bitcoin or ether: the investor buys shares to gain exposure to the asset without buying it directly. The company said it intends to stake TRX, that is, lock tokens to earn rewards from the network, and to distribute dividends once that program exists.
What changes and what does not for those who use the network
Anyone sending USDT on TRON pays a fee in energy and bandwidth, calculated by the protocol, as explained in TRON fees. These rules are set by the network's validators (the so-called Super Representatives) and by a vote of those who freeze TRX, not by a listed company. What the introduction to the TRON network describes about the TRC-20 standard and addresses also still holds.
- Does not change: TRC-20 USDT, the official contract, the transfer cost and the confirmation time.
- May change: demand for TRX, if the company buys significant volumes, which may affect the token's price.
- May change: regulatory attention on the network in the US, since the company now has public-company obligations.
- Worth following: Tron Inc.'s quarterly reports, which should state how much TRX is held and how it is stored.
TRON hosts one of the largest supplies of USDT, and that comes from its use in transfers, not from the price of TRX. The token is issued by Tether, not by Tron Inc. or the network; how it works is covered in what USDT is and how its backing works.
Risks and context
The legal and political context explains part of the caution. In 2023, the SEC, the US securities regulator, sued Sun and companies linked to him, among them the Tron Foundation, for market manipulation and the sale of unregistered securities. In February 2025, the case was stayed so the parties could seek a resolution. A stay is not a dismissal.
There is also a conflict of interest pointed out by critics: Dominari Holdings, owner of Dominari Securities, brought Donald Trump Jr. and Eric Trump onto its board in February, and Sun raised to US$75 million his investment in World Liberty Financial, a project linked to the Trump family, according to Reuters. Reuters notes that the president says he keeps his businesses in a trust run by his sons to avoid conflicts.
For the Brazilian importer, the practical lesson is to separate three things: the Tron Inc. share price, the price of TRX and the stability of USDT. Paying a supplier in USDT on TRON depends only on the last, and on the network working.
Frequently asked questions
What is Tron Inc.?
It is the former SRM Entertainment, a Florida company listed on Nasdaq, which changed its name in 2025 to adopt a TRX treasury strategy. Justin Sun, founder of the TRON network, is the company's global adviser. The shares have traded under the ticker TRON since July 24, 2025.
Does Tron Inc. own the TRON network?
No. It is a listed company that buys and holds TRX in its treasury. The network is decentralized and works through validators and votes by those who freeze TRX. The company does not control the protocol or the fees.
Does Tron Inc.'s Nasdaq listing change the cost of sending USDT on TRON?
Not directly. Energy and bandwidth fees are set by the protocol and by a vote on the network. An increase in demand for TRX could affect the token's price, but that does not change the charging rules.
What are the risks of a crypto treasury strategy?
The company is exposed to the volatility of a single asset, and the stock may decouple from the value of the tokens it holds. In Tron Inc.'s case, there is also the SEC case against Justin Sun, now stayed, and criticism over conflicts of interest.
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Sources
- Crypto platform Tron strikes deal with Nasdaq-listed company (Reuters) · Kitco, Jun 16, 2025
- SRM stock soars 580% as Justin Sun's Tron eyes Nasdaq debut · Decrypt, Jun 16, 2025
- Tron shares debut on Nasdaq · Forklog, Jul 24, 2025
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