Tron Inc., the blockchain company founded by crypto billionaire Justin Sun, officially listed on the Nasdaq Stock Market under the ticker TRON on July 24, 2025. The listing was achieved through a reverse merger with Nasdaq‑listed SRM Entertainment, which rebranded as Tron Inc. in mid‑July 2025.
At the Nasdaq opening bell ceremony, led by Sun and CEO Rich Miller, TRON shares debuted at around $9 per share, but later fell nearly 5% amid mixed sentiment. The stock finally shut shop at $8.74, down 10.68% on debut day.
Listing structure & treasury strategy
The deal involved a $100 million equity investment, structured as 100,000 Series B convertible preferred shares (convertible into ~200 million common shares at $0.50/share). Besides that, 220 million warrants are also exercisable at $0.50, bringing the total potential infusion up to $210 million. Around 356–365 million TRX tokens were injected into the new public company’s treasury, making it the largest TRX‑holding entity among publicly traded firms.
Use of Proceeds
These funds are earmarked for building a blockchain‑integTron Inc. listed on the Nasdaq via a reverse merger with SRM Entertainment, avoiding a traditional IPOrated treasury strategy, designed to stabilize TRX token value and support long‑term shareholder value creation. The company intends to implement a crypto dividend policy, leveraging its TRX reserves as a core asset on the balance sheet.
Tron was created in 2017 via an ICO that raised ~$70 million by selling 40 billion TRX tokens at ~$0.0019/token, though later criticized for the high concentration of token ownership by Justin Sun and the Tron Foundation. Despite early controversies, Tron emerged as a stablecoin transaction leader, handling over 60% of on‑chain stablecoin flows and processing billions in volume.
Justin Sun, known for high‑profile stunts and political ties, notably invested $75 million in Trump‑backed World Liberty Financial and attended an exclusive dinner hosted for major holders of Trump’s memecoin. He also faces an ongoing SEC investigation into alleged TRX market manipulation and securities violations, which was paused by the authorities in February 2025.