TRX rises 3% as SRM Entertainment rebrands to Tron Inc

TRON (TRX) gained 3% on Wednesday following Nasdaq-listed SRM Entertainment's (SRM) announcement of its rebrand to Tron Inc. as part of its shift to a TRX treasury strategy.

SRM Entertainment rebrands to Tron Inc. following TRX treasury plan

Toy manufacturing firm SRM Entertainment made an official change to its company name, rebranding as Tron Inc., according to a press release on Wednesday. Alongside the name change, the company will also adopt a new Nasdaq ticker, TRON, effective from Thursday.

The firm launched its TRON strategy after raising $100 million through an equity offering, which it claims to have used to purchase over 365 million TRX since June 30, making it one of the top holders of the altcoin among public companies. SRM stated it has staked its TRX holdings on the Tron-based lending platform JustLend to earn staking rewards of up to 10% annually.

"We believe that TRX will continue to play a critical role in building the next generation global payment rail and a more inclusive financial infrastructure with 24/7 low-cost and fast transaction capability," said Rich Miller, CEO of SRM Entertainment. 

TRON allegedly planned to become a public company in the US, with rumors circulating about a potential reverse merger with SRM Entertainment.

The move adds SRM Entertainment to a list of publicly traded companies that have launched altcoin treasuries in recent months, including SharpLink Gaming, DeFi Development Corp, and Bit Digital.

SRM closed on Wednesday with a rally of over 50% after the announcement, before experiencing a slight decline during after-hours trading.

TRX is up 3% over the past 24 hours, joining other top cryptocurrencies in noting gains.