Tron, Nasdaq-listed company formerly known for selling theme park souvenirs, has filed to register up to $1 billion in securities as it shifts its core strategy toward building a crypto treasury centered on TRX, the native token of the Tron blockchain.
According to a regulatory filing submitted Monday, the company intends to issue stock, debt, and other financial instruments “from time to time.”
The proceeds are slated for the purchase of TRX tokens and additional strategies designed to “establish income streams or otherwise generate funds” from its holdings.
The approach mirrors the high-profile crypto treasury model popularized by Michael Saylor’s Strategy.
However, unlike Saylor’s bet on Bitcoin, Tron is committing to a token with lower liquidity and a narrower investor base.
The company warned that “a decline in TRX prices or waning investor interest” could impact its ability to raise future capital.
In its filing, Tron disclosed that its traditional toy and souvenir business “did not generate positive cash flow from operations” in 2024.
Without a turnaround in that division, the firm said it plans to rely on proceeds from equity or debt offerings to meet obligations.
Governance concerns loom over the pivot. While the company notes no formal role for Tron founder Justin Sun, its board is chaired by Sun’s father, Weike Sun.
Additionally, it includes a Tron DAO advisor and Tronscan’s lead developer.
The $100 million in Tron used to fund a reverse merger in June was held by a Hong Kong trust where one of Tron Inc.’s directors also serves, raising concerns of entanglement between the firm and the broader Tron ecosystem.
As reported, the TRON blockchain has surpassed Ethereum as the leading blockchain for USDT, now hosting $80.8 billion in supply versus Ethereum’s $73.8 billion.
Daily transaction counts for USDT on TRON are nearly seven times higher than Ethereum’s, and the network processes over $24.6 billion in USDT transfers each day, reinforcing its dominance in stablecoin liquidity and usage.
The network’s growth is being fueled by its gasless transaction model, which now accounts for 75% of all activity.
TRON recorded 273 million transactions in May and 28.7 million active addresses in June — its highest since mid-2023. The ease of access has made TRON a popular hub for frictionless onchain services.
TRON’s DeFi ecosystem is also expanding. SunSwap’s monthly volumes have held above $3 billion, while lending protocol JustLend has seen borrowing activity rise 23% year-over-year.
Stablecoin use is growing across these platforms, with USDT and USDD driving most of the engagement and displacing WTRX’s prior dominance.
Despite offering gasless features, TRON posted a record $308 million in fee revenue in June, driven by advanced DeFi services.
