Crypto Firm Tron, Led By ‘Top Fan’ of Trump, Is Going Public
Tron, a blockchain company, is merging with
SRM Entertainment, a toy and souvenir maker for theme parks, in a $210 million acquisition. The company will be renamed Tron Inc. and plans to invest company funds in the Tron cryptocurrency.
It is a similar strategy to what software company
MicroStrategy, led by Bitcoin bull Michael Saylor, and other companies such as
GameStop have done with the cryptocurrency.
Separately, the combined company will issue $100 million of stock to an unidentified investor. That money will be used to buy Tron tokens. The companies didn’t say when they expect to complete the transactions.
Shares of SRM soared 534% Monday afternoon on the news of the transaction, rising from $1.45 to close at $9.19. The deal comes on the heels of the blockbuster
initial public offering of stablecoin company
Circle earlier this month, as well as Wall Street debuts by
eToro, a crypto and stockbrokerage firm and
Galaxy Digital, a digital-asset investing company by Bitcoin bull Michael Novogratz.
SRM didn’t immediately respond to requests for comment from Barron’s.
SRM and Tron said in a press release that
Dominari Securities LLC is the exclusive placement agent for the deal. Dominari Securities is a subsidiary