Tron Inc., backed by crypto entrepreneur and billionaire Justin Sun, acquired 175,251 TRX tokens for over $50,000 on Thursday, boosting its treasury to 685 million TRX, valued at approximately $195 million.
The company has been steadily increasing its TRX holdings over the past few weeks.
So far this month, Tron Inc. has accumulated around 886,000 TRX tokens worth over $250,000, on-chain data shows.
Established last July following a merger with SRM Entertainment, Tron Inc. is a blockchain infrastructure company that focuses on TRX treasury strategies, including accumulating and staking, and entertainment merchandise. Sun serves as the firm’s strategic advisor.
TRX is the native token of the Tron blockchain, a network designed for decentralized applications and content distribution. According to CoinGecko data, TRX now ranks as the eighth-largest crypto asset by market capitalization.
By accumulating TRX on its balance sheet, Tron Inc. provides shareholders with exposure to the performance of the underlying protocol without requiring them to hold the digital asset directly.
Shares of Tron Inc. closed Wednesday up around 7%, per Yahoo Finance. The stock has jumped roughly 18% year-to-date.
Source: https://cryptobriefing.com/tron-trx-acquisition-total-holdings/
