Key Highlights
- SRM Entertainment stakes 365 million TRX on JustLend, eyeing up to 10% annual returns.
- The strategy aligns with SRM’s $100M Tron treasury plan, bolstered by Tron founder Justin Sun’s advisory role.
- SRM’s stock soared 13.5%, reflecting strong market confidence in its blockchain shift.
Florida-based SRM Entertainment (Nasdaq: SRM), a key player in theme park souvenirs, has staked 365,096,845 TRON (TRX) as part of its forward-thinking $100 million Tron treasury strategy. The company announced Monday that it leveraged JustLend, Tron’s decentralized lending platform, to stake its TRX holdings, targeting up to 10% annual returns through staking rewards and energy renting.
CEO Rich Miller highlighted the move’s potential, stating, “Our Tron treasury strategy creates new opportunities for shareholders as blockchain technology gains global traction. Tron’s dominance in US dollar stablecoin cross-border settlements is a game-changer for our growth.”
Deepening Tron Connections
The staking decision comes alongside SRM’s growing alignment with Tron founder Justin Sun, who joined the company’s advisory board on June 16. That same day, SRM supported a reverse merger to bring one of Sun’s private firms public in the U.S., with the new entity focused on holding TRX, similar to Bitcoin-centric investment strategies. Dominari Securities, a New York-based investment bank, facilitated the deal, though ties to high-profile figures were later clarified as minimal.
SRM also secured a $210 million strategic investment to fuel its Tron treasury expansion and revealed plans to rebrand as “Tron Inc.,” signaling a significant pivot toward blockchain integration.
Market Response and Industry Trends
SRM’s shares surged 13.5% to $8.77 following the announcement, pushing its market cap to around $150 million, according to Nasdaq data. Known for supplying toys and souvenirs to major theme parks like Walt Disney Parks, Universal, and SeaWorld, SRM joins a wave of public companies adopting altcoin treasury strategies, alongside assets like Solana, Ether, and XRP.
Tron continues to shine as the eighth-largest cryptocurrency, boasting a $26.4 billion market cap. TRX traded at $0.28, up 1.06% in the past 24 hours, with a trading volume of $404.1 million, per The Block’s TRX Price Page.
Why This Matters
SRM Entertainment’s bold move highlights the increasing fusion of traditional businesses with blockchain innovation. By tapping into Tron’s robust ecosystem, SRM is poised to enhance shareholder value while capitalizing on the efficiency of decentralized finance. This strategy could inspire other companies to explore crypto treasuries as blockchain adoption accelerates.
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Source: The Block
