SRM Entertainment, a Nasdaq-listed company (hereafter referred to as SRM), announced on the 16th a financial strategy to purchase and hold the cryptocurrency Tron (TRX). SRM's stock price surged more than sixfold.
It was also explained that they welcomed Justin Sun, the founder of Tron, as an advisor and changed the company name to "Tron Inc." The company also announced that it would raise $100 million (approximately 14.5 billion yen) from "a certain investor" to carry out Tron’s financial strategy.
Regarding this matter, it was reported by the "Financial Times (FT)" on the 16th, citing sources, that Mr. Sun's affiliated company will go public in the United States through a reverse merger.
SRM Entertainment is a company that designs and manufactures toys and souvenirs. The products they manufacture are said to be sold at Disney-related facilities.
The company explained that it will raise $100 million by issuing convertible preferred shares and stock options. It also stated that it plans to distribute rewards obtained from staking Tron.
In this announcement, SRM's CEO Rich Miller commented as follows.
Blockchain technology is increasingly being adopted worldwide, and Tron has been leading the industry in international payments with its US dollar stablecoin.
We are looking forward to being able to invest in the future of next-generation financial infrastructure in the world.
Additionally, Mr. San's comments are as follows.
Stablecoins and blockchain enable transactions to be executed quickly, cheaply, and with high transparency, significantly changing global payments.
Tron aims to become a protocol chosen to provide a payment method for people around the world, with over 310 million accounts using it and an increasing transaction volume.
At the time of writing this article, the price of Tron is fluctuating around $0.28, having risen over 2% compared to the previous day (according to CoinGecko).
Relevance of the Trump Family
SRM explained that the series of transactions was represented by a company called "Dominari Securities". The company is known as a company involving Donald Trump Jr. and Eric Trump, the sons of US President Donald Trump.
According to some reports, Mr. Eric was said to join the executives of Tron Inc., but Mr. Eric himself denied this.
Mr. Sun is under scrutiny for his connections to the Trump family, especially after the SEC temporarily paused its investigation into securities fraud against him, shortly after their investment in the Trump family's DeFi (Decentralized Finance) project "World Liberty Financial (WLF)."
Related: Comparison of domestic exchanges handling TRON (TRX)
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Starting Tron financial strategy with 100 million Dollar fundraising. Nasdaq listed company SRM changes its name to "Tron Inc."
SRM Entertainment, a Nasdaq-listed company (hereafter referred to as SRM), announced on the 16th a financial strategy to purchase and hold the cryptocurrency Tron (TRX). SRM's stock price surged more than sixfold.
It was also explained that they welcomed Justin Sun, the founder of Tron, as an advisor and changed the company name to "Tron Inc." The company also announced that it would raise $100 million (approximately 14.5 billion yen) from "a certain investor" to carry out Tron’s financial strategy.
Regarding this matter, it was reported by the "Financial Times (FT)" on the 16th, citing sources, that Mr. Sun's affiliated company will go public in the United States through a reverse merger.
SRM Entertainment is a company that designs and manufactures toys and souvenirs. The products they manufacture are said to be sold at Disney-related facilities.
The company explained that it will raise $100 million by issuing convertible preferred shares and stock options. It also stated that it plans to distribute rewards obtained from staking Tron.
In this announcement, SRM's CEO Rich Miller commented as follows.
Blockchain technology is increasingly being adopted worldwide, and Tron has been leading the industry in international payments with its US dollar stablecoin.
We are looking forward to being able to invest in the future of next-generation financial infrastructure in the world.
Additionally, Mr. San's comments are as follows.
Stablecoins and blockchain enable transactions to be executed quickly, cheaply, and with high transparency, significantly changing global payments.
Tron aims to become a protocol chosen to provide a payment method for people around the world, with over 310 million accounts using it and an increasing transaction volume.
At the time of writing this article, the price of Tron is fluctuating around $0.28, having risen over 2% compared to the previous day (according to CoinGecko).
Relevance of the Trump Family
SRM explained that the series of transactions was represented by a company called "Dominari Securities". The company is known as a company involving Donald Trump Jr. and Eric Trump, the sons of US President Donald Trump.
According to some reports, Mr. Eric was said to join the executives of Tron Inc., but Mr. Eric himself denied this.
Mr. Sun is under scrutiny for his connections to the Trump family, especially after the SEC temporarily paused its investigation into securities fraud against him, shortly after their investment in the Trump family's DeFi (Decentralized Finance) project "World Liberty Financial (WLF)."
Related: Comparison of domestic exchanges handling TRON (TRX)