Cryptocurrency-related stock SRM Entertainment (hereinafter referred to as SRM) has soared by a whopping 2,500% in the past month. According to reports, SRM is headquartered in Winter Park, Florida.
It is a company that manufactures toys, souvenirs, etc. for theme parks and entertainment companies. Although it is listed on the Nasdaq, it has a low presence with a market capitalization of only $100 million.
However, this company is suddenly becoming "Wall Street's Cinderella." Tron, the company that issues the major cryptocurrency Tron, has acquired the company and bypassed the Nasdaq.
Tron is a cryptocurrency that was listed in 2017. As of today, its market capitalization is $25.6 billion, ranking 8th among all cryptocurrencies.
With this news, SRM rose 34.63% to $11.04 on the New York market on the 20th.
SRM has surged 835% in the past five trading days and 2,473% in the past month. Tron invested approximately $100 million to acquire all of SRM's shares, completing the merger of the two companies. The new company name will be "Tron"
The company plans to rename the name of the blockchain to "Tron." Tron founder Justin Sun will serve as an advisor to the company. Mr. Sun is a former member of China's cryptocurrency industry, who made the cryptocurrency Tron a hit.
He has grown into a big shot. He has experienced many crises in the past. Tron has a similar structure to Lunacoin, the Terraform Labs led by Kwon DoHyoung. During the Luna crash, he faced a major crisis.
It then faced a major crisis, including being delisted from Binance, the world's largest cryptocurrency exchange, but managed to make a comeback thanks to the Trump administration.
He has been building close ties with the Trump campaign, including recently attending a gala dinner show for the biggest holders of Trump meme coins.
He bought $20 million in Trump meme coins to get good seats at the show. Just a few months ago, he was in legal trouble with the U.S. securities regulator, the Securities and Exchange Commission (SEC).
The SEC had indicted Tron on suspicion of price manipulation. However, after the Trump administration took office, regulations on crypto assets were significantly relaxed, and such obstacles have almost disappeared.
It goes without saying that the close relationship with the Trump camp was a big help in this regard. Tron, which has been a hot topic up until now, is already listed on the US stock market rather than going public through an IPO.
It appears that Tron chose the detour listing strategy because it believed that acquiring 100% of the shares of the existing company and listing in a detour would have fewer side effects.
SRM has soared by nearly 2,500% in the last month.
2025/06/23 16:01 KST
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