Eric Trump to join Tron Inc as firm secures $100M deal
Tron aims to position itself as a global cryptocurrency with backing from the Trump circle
SRM Entertainment, a Nasdaq-listed company, is raising $100 million to establish a TRX treasury and will be renamed Tron Inc. The deal was structured with assistance from a bank linked to the Trump family, and Eric Trump is expected to take a position in the new firm.
According to the announcement, SRM has entered into a securities purchase agreement with a private investor for a $100 million equity investment to fund Tron’s treasury strategy.
As part of the deal, the company will issue 100,000 shares of its Series B convertible preferred stock, which can be converted into a total of 200 million common shares at a conversion price of $0.50 per share, along with 220 million warrants to purchase up to 220 million common shares at an exercise price of $0.50 per share.
“The strategic investment, valued at $210 million upon full warrant exercise, enables SRM to build a substantial TRON treasury strategy,” the company said.
Tron aims to position itself as a global cryptocurrency with backing from the Trump circle.
Following the name change to Tron Inc., the company plans to introduce a dividend policy tied to its assets. The deal was reportedly structured by Dominari Securities, a bank affiliated with former U.S. President Donald Trump’s family. According to the Financial Times, Eric Trump, Donald Trump’s son, will assume a role in the renamed company, while Tron founder Justin Sun will join as an advisor.
24-hour price action of CRM stock. Source: TradingView
Following the news, SRM shares surged more than 5x on Monday to $8.80, while the Tron cryptocurrency rose 3% and was trading at $0.28 at the time of writing.
As we wrote, USDT on TRON exceeds supply on Ethereum
