Justin Sun-backed SRM Entertainment rebrands to Tron Inc., stock pops 57%

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Nasdaq-listed SRM Entertainment has officially rebranded as Tron Inc. as the company deepens its focus on digital asset treasury management, according to a Wednesday announcement.

As part of the rebrand, the company will change its ticker symbol to “TRON”, effective July 17. The current CUSIP number remains unchanged.

In June, Tron, the prominent blockchain company operating under Justin Sun’s leadership, announced its plan to go public in the US through a reverse merger with SRM Entertainment.

The move was reportedly facilitated by Dominari Securities, an entity linked to Eric Trump. The US president’s son denied involvement in Tron’s public listing strategy, however.

Tron Inc. has emerged as the largest publicly traded holder of TRX tokens, with over 365 million tokens in its treasury.

The company’s stock price soared 57% on today’s news, according to Yahoo Finance data.

“This transition marks a pivotal moment in our corporate strategy to enhance long-term value through Tron treasury management,” said Rich Miller, CEO. “We believe that TRX will continue to play a critical role in building the next generation global payment rail and a more inclusive financial infrastructure with 24/7 low-cost and fast transaction capability.”

Since its launch in 2017, Tron has hosted about $82 billion in US dollars in stablecoins. In comparison with Bitcoin and Ethereum, the platform offers smart contracts and decentralized applications with lower fees and faster transaction times.

Tron Inc. continues to design and manufacture custom merchandise for major theme parks, including Walt Disney Parks and Resorts, Universal Parks and Destinations, and other attractions, while pursuing its blockchain strategy.

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