以TRX作抵押品 Tron在华尔街的希望会破灭吗？

金色财经Publicado em 2025-07-28Última atualização em 2025-07-29

Resumo

SEC和 Tron 还有未完成的工作，此前该机构指控孙宇晨及其公司通过 TRX 和 BitTorrent (BTT) 出售未注册的证券。今年2月，SEC请求美国联邦法院暂停针对孙宇晨及其公司的诉讼。 Brisov表示，这引发了对其是否符合证券法规的质疑。如果TRX被视为证券，Tron Inc可能面临额外的监管义务。

作者：Yohan Yun，来源：Cointelegraph，编译：Shaw 金色财经

孙宇晨的 Tron 即将挑战华尔街眼中合法的企业资产，如果在压力之下败下阵来，其影响可能会远远超出该公司本身。

6 月 16 日，SRM Entertainment 宣布将更名为 Tron Inc，并采用以Tron区块链原生加密货币 TRX 为核心的财务策略。

此次交易——通常被定义为反向并购——获得了 1 亿美元的私人投资支持，如果认股权证全部行使，投资总额可能升至 2.1 亿美元。Tron创始人孙宇晨将担任顾问。

Tron 的策略将考验 TRX 作为企业储备资产的能力。虽然比特币在企业资产负债表上已获得一定认可，但 TRX 交易量更少，由中心化实体控制且与公司自身联系更为紧密。

Tron 的 TRX 策略比比特币策略风险更大

2025年上半年，越来越多的上市公司在其财务中采用了加密货币。Strategy（前身为MicroStrategy）推广了激进的比特币收购策略，并激励全球企业纷纷效仿，希望扭转其股价暴跌的命运。

现在，公司正在围绕ETH、SOL及XRP等资产制定财务计划，但光彩正在消退，因为加密资金战略不再是保证股价飙升的途径。

“[Michael] Saylor 在结构化产品、上市公司、金融合法性和流程、加密货币流通的长期流程以及清晰的投资者产品方面拥有丰富的经验。而许多新兴投资工具则缺乏这些经验，”代币发行和分销平台 Liquifi 的销售主管 Justin d'Anethan表示。

他补充道：“虽然我不能说他们一定会搞砸，但这意味着更高的风险。”

孙宇晨的计划与其他加密货币金库截然不同。如果该计划得以实现，Tron公司将成为首家持有其区块链原生代币作为企业储备的美国公司。

Bitget Wallet 营销主管 Jamie Elkaleh说：“该公司本质上是持有自己的类似股权的资产作为抵押品。这是一种循环，而且风险很大。”

他补充道：“如果对 Tron Inc 的信心减弱，TRX 可能会下跌，从而进一步降低 Tron Inc 的感知价值”，强调了反馈循环。

CoinGecko 数据显示，截至 6 月 17 日，TRX 市值排名第八，约为 262 亿美元。但与比特币不同，TRX 缺乏类似的机构需求，交易量也低得多。

尽管Tron宣布了这一消息，但截至 6 月 17 日，TRX 的 24 小时交易量仅为 17.5 亿美元，远低于比特币的 343 亿美元，也落后于 XRP 和 Solana 等其他储备币种。但Tron远非“幽灵链”，它拥有业内最活跃的生态系统之一。

“公平地说，Tron 已经存在并在稳定币流动中发挥着重要作用，因此其背后确实存在着活动，”d'Anethan 说道。

TRX 于 2017 年 8 月在以太坊上线，并于 2018 年 6 月迁移至其自己的区块链。它经历了多次熊市，并发展成为第二大稳定币网络。

埃里克·特朗普否认在新成立的 Tron 公司任职

据报道美国总统唐纳德·特朗普的儿子埃里克·特朗普 (Eric Trump) 参与了新的 TRX 财务公司。

埃里克·特朗普此后否认与孙宇晨的新项目有任何“公开参与” 。然而，他确实与担任此次交易独家配售代理的经纪自营商Dominari Securities有联系。今年2月，埃里克·特朗普和他的弟弟小唐纳德·特朗普加入了Dominari的顾问委员会。

Digital and Analogue Partners 合伙人 Yuriy Brisov表示：“与政治有关联的个人参与科技企业并非史无前例，这种关系可能会导致人们对科技公司的公正性和独立性进行审查。”
孙宇晨此前称自己是特朗普 memecoin 的最大持有者，并作为最大代币持有者获得了与总统共进晚餐的邀请。

6月11日，孙宇晨宣布，首批USD1稳定币已在Tron网络铸造完成。USD1是由与特朗普家族相关的所谓DeFi项目World Liberty Financial发行的。孙宇晨被认定为该项目的最大投资者和顾问。

Tron 反向上市 VS Circle的IPO

Tron 的声明是在 Circle 成功通过首次公开募股 (IPO) 公开亮相之后发布的。Brisov 称 Circle 的做法比 SRM 交易更加透明：“区块链公司通常更倾向于采用更透明的公开发行方式，以安抚潜在投资者，而这些投资者传统上对加密货币公司持谨慎态度。因此，Circle 选择的路线现在看起来更加稳健。”

21世纪初，许多中国公司采用这种反向并购方式在美国交易所上市。然而，Brisov指出，后来有几家公司面临财务不当行为的指控，导致监管审查力度加大，并被摘牌。

这种联系并不意味着所有反向并购都存在不法行为。在大量中国企业进入美国市场后，美国证券交易委员会（SEC）于2011年收紧了反向并购上市规则。

SEC和 Tron 还有未完成的工作，此前该机构指控孙宇晨及其公司通过 TRX 和 BitTorrent (BTT) 出售未注册的证券。今年2月，SEC请求美国联邦法院暂停针对孙宇晨及其公司的诉讼。
Brisov表示，这引发了对其是否符合证券法规的质疑。如果TRX被视为证券，Tron Inc可能面临额外的监管义务。

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