TRENDING:
Oil price
XAU/USD
EUR/USD
GBP/USD
Silver
Sponsored by
Login
|

TRX rises 3% as SRM Entertainment rebrands to Tron Inc

  • SRM Entertainment announced its rebrand to Tron Inc. as part of its TRON treasury reserve plan.
  • Tron Inc. claims to be the largest corporate holder of the altcoin with over 365 million TRX in its reserves.
  • TRX saw a 3% gain over the past 24 hours following the announcement.
TRX rises 3% as SRM Entertainment rebrands to Tron Inc
Michael EbiekutanMichael EbiekutanFXStreet

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.

Related news

Author

Michael Ebiekutan

With a deep passion for web3 technology, he's collaborated with industry-leading brands like Mara, ITAK, and FXStreet in delivering groundbreaking reports on web3's transformative potential across diverse sectors. In addition to

More from Michael Ebiekutan
Share:

Editor's Picks

Ripple and Stellar outlook: XRP and XLM rebound as bearish momentum weakens

Ripple and Stellar outlook: XRP and XLM rebound as bearish momentum weakens

Ripple and Stellar trade higher as both altcoins extend their recovery after defending key support levels earlier this week. XRP is up more than 2% so far this week, while XLM has rebounded after finding support around $0.177. Improving derivatives metrics and fading bearish momentum indicators suggest the recovery could extend in the near term.

Crypto Market Overview: Bitcoin eyes 50-day EMA breakout – Ondo, Ether.fi beat the market

Crypto Market Overview: Bitcoin eyes 50-day EMA breakout – Ondo, Ether.fi beat the market

The broader cryptocurrency market shows early signs of recovery, with Bitcoin testing a breakout above its 50-day Exponential Moving Average around $65,136. Improving risk appetite has investors turning toward DeFi tokens such as Ondo and Ether.fi that emerge as best performers over the last 24 hours.

Bitcoin bottom may be taking shape as selling pressure eases — Glassnode

Bitcoin bottom may be taking shape as selling pressure eases — Glassnode

Bitcoin's recent recovery may mark the early stages of a bottoming process as macroeconomic data continues to boost investor confidence, according to a Glassnode report on Wednesday. Bitcoin outperformed both US and European equities following the US CPI inflation report on Tuesday, recovering strongly after weeks of trading sideways near recent lows.

Ethereum Price Forecast: ETH rises above $1,900 as BitMine sees improved staking revenue

Ethereum Price Forecast: ETH rises above $1,900 as BitMine sees improved staking revenue

Ethereum (ETH) treasury firm BitMine Immersion Technologies (BMNR) saw over $45.7 million in staking and validation revenue in the quarter that ended May 31, according to a 10-Q filing with the Securities and Exchange Commission (SEC). That figure represents roughly 98% of the firm's total revenue of $46.5 million, up from $2.05 million over the past year.
Bitcoin: Strategy sells, the market doesn’t care

Bitcoin: Strategy sells, the market doesn’t care

Bitcoin (BTC) reclaims $64,000 on Friday, extending a modest recovery while holding firmly above the key technical support zone so far this week. Mixed spot Exchange Traded Funds (ETFs) flows through Thursday reflect cautious institutional positioning. Meanwhile, traders have digested headlines about Strategy’s recent Bitcoin sale, highlighting the Crypto King’s resilience and deep liquidity.