Tron Inc. seeks $1B to grow TRX holdings as stock rallies

The proceeds will go toward expanding the company’s TRX treasury, which already holds over 365 million TRX tokens following its reverse merger last month.As previously reported by Cointelegraph, Tron Inc. initially aimed to build a TRX reserve worth up to $210 million and had secured $100 million in equity investments to support those purchases.

In its SEC filing, Tron Inc. outlined a treasury reserve strategy consisting of cash, short-term equivalents, and TRX tokens.

“We view our TRX tokens holdings as long-term holdings and expect to continue to accumulate TRX tokens,” the filing reads.

While TRX fell 5% on Monday, shares of Tron Inc. surged more than 23% on news of its funding application, trading above $11.80. Formerly a penny stock under the name SRM Entertainment, the company has rallied sharply since its reverse merger and rebranding. According to Yahoo Finance, the stock is up over 1,300% since June 10.

The company’s market capitalization has swelled to over $200 million.