SRM Entertainment stakes 365 million TRX amid $100 million Tron treasury strategy

Florida-based souvenir manufacturing firm SRM Entertainment (ticker SRM) staked its 365,096,845 TRON (TRX) holdings under its $100 million Tron treasury strategy, amid the firm's deepening connections to Tron founder Justin Sun.

SRM staked its holdings through JustLend, a decentralized Tron-based lending platform, and aims for up to 10% annual return through combined staking rewards and energy renting, according to a Monday company release .

"The TRON treasury strategy continues to unlock new value for our shareholders," SRM Entertainment CEO Rich Miller said in a statement. "We expect SRM to benefit as blockchain technology gains wider adoption globally. TRON is an industry leader for cross border settlement in US dollar stablecoin, which is great for our shareholders."

On June 16, SRM Entertainment helped one of Sun's private firms go public in the U.S. through a reverse merger. This new firm would buy and hold TRX, akin to Strategy's bitcoin investment strategy. Dominari Securities, a New York-based investment bank with ties to Donald Trump Jr. and Eric Trump, enabled the transaction, though Eric later denied he would have any involvement in Sun's new firm, The Block previously reported .

Sun also joined SRM Entertainment as its advisor on June 16, and the firm netted $210 million strategic investment to help grow out its Tron treasury. SRM Entertainment also noted later plans to rebrand to "Tron Inc."

SRM Entertainment follows an uptick of other publicly traded firms developing an altcoin treasury strategy, particularly with solana , ether, and XRP .

SRM shares spiked more than 13.5% in Monday's session to trade at $8.77 at time of writing, according to Nasdaq data , giving it a market cap near $150 million. The firm manufactures toys and souvenirs for theme parks, such as Walt Disney Parks and Resorts, Universal Parks, SeaWorld, Six Flags, and other entertainment venues.

Tron is the eighth-largest cryptocurrency by its market capitalization of $26.4 billion. TRX traded at $0.28, increasing 1.06% in the past day, and recording $404.1 million in 24-hour trading volume, The Block's TRX Price Page shows. 

The Block reached out to SRM Entertainment for additional comment.