Justin Sun’s Tron is about to challenge the challenge of what Wall Street considers legitimate corporate assets, and if it fails under pressure, its influence may outweigh the company itself.
On June 16, toy maker SRM Entertainment announced that it will Rebranded as Tron Inc And adopt a TRX-centered financial policy strategy (trx), the native cryptocurrency of Tron blockchain.
The move (broadly defined as a reverse merger) was backed by a $100 million private investment, which could increase to $210 million if the warrant was fully exercised. Tron founder Sun will serve as a consultant.
Tron’s strategy tests TRX as a company’s reserve asset. And Bitcoin (BTC) Gained attractive on the public balance sheet, TRX’s transactions are thinner, centrally controlled and closely linked to the company itself.
TRON’s TRX strategy is more risky than Bitcoin treasury
In the first half of 2025, more and more listed companies adopted cryptocurrencies in the treasury. Strategy (formerly micro) promotes radical Bitcoin Gets the Screenplay This inspired companies around the world to follow suit and hope to turn their fate around Stock price falls.
Now, the company is bases around financial plans such as assets ether ((eth), Solana ((sol) and XRP. But Shine gradually disappeared because announcing cryptocurrency strategies is no longer the path for stock prices to rise.
“(Michael) Saylor has a lot of experience in structured products, is a public company with financial legitimacy and processes, now provided by long-term processes for cryptocurrency traffic and clear investors. These new vehicles don’t.”
He added: “While I can’t say they will be messing around, it’s just that the implicit risks are higher.”
Sun’s plan is among other crypto records. If realized, Tron Inc will be the first company to have its own blockchain as a company reserve.
Jamie Elkaleh, marketing director at Bitget Wallet, told Cointelegraph:
“The company essentially uses its own equity-like assets as collateral. It’s cyclical and risky.”
He added: “If confidence in Tron Inc fails and TRX may fall, then Tank tans Tank Tron Inc’s perceived value will be further.”
Tron and SRM Entertainment did not respond to Cointelegraph’s request for comment.
Related: New Bitcoin Treasury could rupture under price pressure
TRX is one of the largest cryptocurrencies in the market capitalization. As of June 17, it ranked eighth with $26.2 billion. However, unlike Bitcoin, TRX lacks comparable institutional demand and transactions, with much lower transactions.
Despite Tron’s announcement, TRX’s trading volume was only $1.75 billion as of June 17, well below Bitcoin’s $34.3 billion and lags behind other fiscal coins such as XRP and Solana. But Tron is far from a ghost chain and has one of the most active ecosystems in the industry.
“To be fair, Tron plays a big role in the Stablecoin stream, so there is real activity under the hood,” D’Anethan said.
TRX was launched on Ethereum in August 2017 and moved to it My own blockchain in June 2018. It has weathered multiple bear markets and has grown into the second largest network of stable bacteria, among which The largest cyclic footprint of Tether’s USDT ((USDT) in the world.
A large chunk of Tron’s stable traffic is related to illegal finance, but the network has worked hard Curb abuse.
Eric Trump denies New Tron
Surprisingly, many market observers were surprised by Tron’s plan to go public, Eric Trump, son of U.S. President Donald Trump, involved in the new TRX Treasury Department.
Eric Trump has since denied any “public participation” New career with the sun. However, he does have connections with Dominari Securities, the brokerage dealer for the exclusive placement agent of the deal. In February, Eric Trump and his brother Donald Trump Jr. Joined the Advisory Committee of Dominari.
“Politically connected individuals are not unprecedented in participating in technology businesses,” Yuriy Brisov, partner at Digital and Analog Partners, told Cointelegraph.
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The Sun recently claimed to be The biggest holder of Trump memorial And won the president’s dinner invitation to become the top token.
On June 11, Sun announced that the first USD1s (Stablecoin issued by World Liberty Financial) were cast on the Tron Network. The sun is determined to be The largest investor in the project and consultants.
Tron’s reverse list or Circle’s IPO?
Tron’s announcement was successful in Circle Public debut through IPO. Its USDC(USDC) Stablecoin is the seventh largest cryptocurrency in market capitalization, one position ahead of TRX.
Compared to SRM transactions, Brisov says Circle’s approach is more transparent:
“Blockchain companies often prefer more transparent pathways than open products rather than assurances to potential investors who have traditionally hesitated to cryptocurrency companies. That’s why route coil choices are now stronger.”
The TRON transaction is described as a reverse merger, a shortcut to the stock market that allows private companies to disclose to SRM by taking over existing listed entities in this case.
In the 2000s, many companies from China used this method to be listed in the US exchanges. But, later on Accusation Brisov noted that financial misconduct has prompted increased regulatory scrutiny and talk shows.
This connection does not mean that there is misbehavior in all reverse merges. Securities and Exchange Commission Tighten After a wave of entry into the U.S. market, its reverse list rules were ruled in 2011.
SEC and TRON also have unfinished operations, the agency said Sun and his company sold unregistered securities through TRX and Bittorrent (BTT).
According to Brisov, this raises questions about compliance with securities regulations. If TRX is considered safe, Tron Inc may face other regulatory obligations.
In February, market regulators demanded U.S. federal court Stop the case of the sun and his company.
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