Justin Sun’s Tron is going to question what Wall Street considers a legitimate corporate resource, and if it fails under pressure, the rainfall may wave far beyond the company itself.
On June 16, the manufacturer of SRM Entertainment toy announced that it will change as a throne Inc and adopt a tax strategy focused on TRX (TRX), native Blockchain Tron cryptocurrency.
Transfer-commonly defined as the reverse connection-is supported by a private investment of $ 100 million, potentially increasing to $ 210 million, if the orders are fully executed. The founder of the throne Sun will be an advisor.
Tron’s strategy puts TRX on the test as a corporate reserve resource. While Bitcoin (BTC) has gained adhesion on public balances, TRX is more thinly rotating, centrally controlled and closely related to the company itself.
The TRX TRX strategy is more risky than Treasuries Bitcoin
In the first half of 2025, more and more companies listed on the stock exchange adopted cryptocurrencies in their Treasuries. The strategy (formerly Microstrategy) was popularized by the aggressive Bitcoin acquisition textbook, which inspired global companies to follow in hope to reverse the fate of his falling shares.
Now companies will anchor tax plans around assets such as Ether (ETH), Solana (SOL) and XRP. But the shine disappears because the announcement of the cryptocurrency state treasury strategy is no longer a guaranteed path to the growing share price.
“[Michael] Saylor has extensive experience with structured products, as a listed company, financial legality and processes, currently a long -lasting process of cryptographic flows and a clear offer of investors. Many of these newer vehicles are not, “said CointeLgraph Justin D’Enthan, sales head on the token Launch and Distribution Platform platform.
“Although I can’t say that they will not necessarily break down, there is only an implied risk,” he added.
SUN Plan stands out from other cryptocurrencies. If he makes you realize, the throne of Inc would become the first American company that will maintain the native token to its own blockchain as a corporate reserve.
Jamie Elkaleh, head of marketing at Bitget Wallet, said CointeLgraph:
“The company basically keeps its own capital similar to capital as a security. It is round and risky.”
“If trust in the throne of Inc is due, TRX may fall, which is then perceived by the throne Tron Inc even more,” he added, emphasizing the feedback loop.
The throne and SRM Entertainment did not respond to the request of Cointelegraph for commentary.
Related: Modern Treasuries Bitcoin can crack under price pressure
TRX is one of the largest cryptocurrencies according to market capitalization. From June 17, he ranks eighth with $ 26.2 billion. But unlike Bitcoin, TRX does not have comparable institutional demand and transactions with a much lower volume, shows Coingecko data.
Despite the advertisement, TRX recorded a 24-hour commercial volume of only $ 1.75 billion as at June 17-below $ 34.3 billion Bitcoin and following other tax coins, such as XRP and Solana. But the throne is far from the ghost chain and can boast of one of the most busy ecosystems in the industry.
“To be honest, the throne was nearby and plays an important role in Stablecoin, so under the hood there is real activity,” said D’Anthan.
TRX launched in Ethereum in August 2017 and migrated to its own blockchain in June 2018. Many bear markets supported and developed into the second largest STABLECOINS network, with the greatest trace of USDT (USDT) circulation in the world.
To have the flows of Stablecoin, the throne has been associated with illegal finances, but the network made efforts to limit abuse.
Eric Trump denies the position in the Modern Tron Company
What surprised many market observers in the public plan of the TRON list was the committed involvement of Eric Trump, son of US President Donald Trump, at the novel TRX company of the Treasury.
Since then, Eric Trump has denied any “public commitment” in the novel SUN undertaking. However, it is related to Dominari Securities, a broker-dealer, which served as the exclusive agent of placing a contract. In February, Eric Trump and his brother Donald Trump Jr. joined the Dominari Advisory Council.
“The involvement of politically related people in technology enterprises is not unprecedented,” said Cointelegraph, Juriy Brisov partners, digital and analog partners, adding: “Such associations can lead to control regarding the impartiality and independence of technology companies.”
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Recently, Sun claimed that he was the largest owner of Memecoin Trump and won the invitation to dinner with the president as the best tokenist.
On June 11, Sun announced that the first batch of 1 USD-Stablecoin issued by World Liberty Financial, the so-called DEFI project related to the Trump-Przystała family stimulated in the network. Sun was identified as the largest project investor and advisor.
The opposite list of throne or IPO Circle?
The advertisement of the throne appears after a successful public debut of Circle as part of the first public offer. Its USDC (USDC) Stablecoin is the seventh largest cryptocurrency according to market capitalization, taking one position before TRX.
Brisov calls the Circle approach more lucid compared to the SRM agreement:
“Blockchain companies usually prefer more transparent paths than public offers to calm down potential investors who traditionally fluctuate to cryptographic companies. That’s why Circle Route Circle seems more solid now.”
The Throne agreement was described as the reverse fusion, a shortcut on the stock exchange that allows private companies to make public, taking over the existing stock market, in this case SRM.
In 2000, many companies from China used this method to be mentioned on the US stock exchanges. However, a few later it was directed allegations Brisov noticed that with improper financial proceedings, which caused increased regulatory control and removal.
This connection does not mean an offense in all reverse mergers. Securities and stock exchanges committee tightened Rules regarding the reverse list in 2011 after the wave of Chinese companies entering American markets.
Sec and Tron also have unfinished activities, because the agency claims that Sun and his companies were selling unregistered securities via TRX and BitTorrent (BTT).
According to Brisów, this raises questions about the provisions regarding the provisions on securities. If TRX is considered security, the inca Inc may encounter additional regulatory obligations.
In February, the market supervisory authority asked the American Federal Court to stop the case against Sun and its companies.
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