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A blockchain-based YouTube, empowering creators to publish and monetize content without intermediaries.

A decentralized platform for building and hosting blockchain applications, similar to a web3 version of the App Store or Google Play.

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• TRON Blockchain Platform: This is the foundational decentralized operating system providing a scalable and high-throughput environment for smart contracts and decentralized applications.
• TRX Cryptocurrency: This is the native digital asset used for transactions, network fees, staking, and governance within the TRON ecosystem.
• Decentralized Finance (DeFi) Ecosystem: This category includes various financial services like lending, borrowing, and stablecoins such as USDD, all built and operating on the TRON network.
• Non-Fungible Tokens (NFTs) Platform: This service supports the creation, trading, and management of unique digital assets conforming to TRC-721 and TRC-1155 standards on the TRON blockchain.
• BitTorrent Chain (BTTC): This is a cross-chain interoperability protocol enabling asset transfers and decentralized application communication across TRON, Ethereum, and other supported networks.

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The entity identified as "Tron" (symbol: TRON) is not a public company in the traditional sense, such as one listed on major stock exchanges with a stock symbol like "AAPL" or "MSFT". Instead, TRON is a decentralized blockchain platform and ecosystem, with TRX as its native cryptocurrency. The TRON network is supported by a global community and the Tron Foundation, a non-profit organization.

As a blockchain ecosystem, TRON does not have traditional "customers" in the way a product-based company does. Rather, it serves a diverse community of users and developers who interact with its network. Given the distributed and open-source nature of blockchain, it primarily serves a broad base of individuals and decentralized entities.

Based on the functionality and usage of the TRON network, its primary categories of users (analogous to customers) include:

• Users of Decentralized Applications (dApps): This category includes individuals and entities who utilize various decentralized applications built on the TRON blockchain. These dApps encompass areas such as decentralized finance (DeFi), gaming, NFTs, social media platforms, and other services. Users engage in transactions, consume network resources (bandwidth and energy), and often pay fees in TRX, making them direct consumers of the network's utility.
• TRX Holders and Stakers: This group comprises individuals and institutional investors who acquire and hold TRX tokens. They may do so for speculative investment, to participate in the TRON network's governance (by voting for Super Representatives), or to stake their TRX to earn rewards and contribute to network security. While not purchasing a service in the traditional sense, their participation is vital for the network's liquidity, security, and decentralization.
• Developers and Project Teams: This category includes individuals, startups, and established teams who choose the TRON blockchain to build, deploy, and operate their own decentralized applications, smart contracts, and tokens (e.g., TRC-20, TRC-721). They leverage TRON's infrastructure, developer tools, and ecosystem to bring their projects to fruition, effectively acting as "customers" of the platform's services and capabilities.

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Richard Miller, Chief Executive Officer

Richard Miller is the CEO of Tron Inc. (NASDAQ: TRON), a company that designs, manufactures, and sells toys and souvenirs to theme parks and entertainment venues. Tron Inc., formerly known as SRM Entertainment, Inc., changed its name and ticker symbol to TRON in July 2025, aligning with its strategic transformation and commitment to the Tron blockchain ecosystem through a Tron-focused treasury strategy.

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The public company Tron (Nasdaq: TRON), formerly SRM Entertainment, Inc., has pivoted its strategy to focus on blockchain-integrated treasury management, primarily by holding and managing TRON (TRX) tokens. This strategic shift ties its business risks closely to the cryptocurrency market and the TRON blockchain ecosystem.

The key risks to Tron Inc. are:

1. Regulatory Uncertainty and Scrutiny: The cryptocurrency regulatory landscape is still developing and lacks uniformity across jurisdictions, creating significant uncertainty for the TRON ecosystem and, by extension, Tron Inc.'s blockchain-integrated treasury strategies. Changes in regulations could negatively impact the value of TRX holdings and force the company to alter its operations or dispose of assets. Furthermore, the U.S. Securities and Exchange Commission (SEC) has brought charges against TRON's founder, Justin Sun, for offering unregistered securities and market manipulation, which underscores the regulatory challenges and potential for legal disputes, fines, or operational shutdowns for TRON-related entities. Concerns about money laundering risks and a lack of robust Know Your Customer (KYC) and Anti-Money Laundering (AML) protocols at the protocol level further deter institutional adoption and amplify compliance risks.
2. Market Volatility of TRON (TRX) Token: As Tron Inc. holds a substantial amount of TRON (TRX) tokens, the inherent extreme price volatility of cryptocurrencies poses a significant risk to the company's financial stability. Rapid and unpredictable price fluctuations of TRX could lead to substantial losses in the value of the company's treasury assets. The concentration of TRX supply in the hands of "whales" (large holders) also contributes to this volatility.
3. Competition and Centralization Concerns: The TRON platform faces intense competition from established blockchain platforms such as Ethereum and Solana, which possess first-mover advantages and more extensive ecosystems of decentralized applications (dApps). This competition can hinder TRON's market share and overall adoption, directly impacting the long-term value and utility of the TRX tokens held by Tron Inc. Additionally, criticisms regarding the TRON network's Delegated Proof of Stake (DPoS) consensus mechanism suggest a potential for centralization, with a limited number of nodes exerting significant influence. This, along with past controversies and allegations surrounding its leadership, could erode trust and affect the project's credibility, thereby influencing investor confidence and the value of Tron Inc.'s core assets.

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One clear emerging threat to the Tron ecosystem (referred to here as Tron, symbol: TRON) is the increasing regulatory scrutiny and direct legal action from governmental bodies. Specifically, the U.S. Securities and Exchange Commission (SEC) filed a lawsuit in March 2023 against Justin Sun, the Tron Foundation, and the BitTorrent Foundation, alleging the unregistered offer and sale of securities (TRX and BTT tokens), fraud, and market manipulation. This ongoing legal challenge poses a significant risk to Tron's operational legitimacy, its ability to attract and retain developers and users, and its overall market perception and stability, potentially impacting its long-term viability in a manner analogous to a critical regulatory crackdown threatening a traditional business.

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Here are three expected drivers of future revenue growth for Tron Inc. (NASDAQ: TRON) over the next 2-3 years:

1. Growth in TRX Token Holdings and Value Appreciation: Tron Inc.'s core strategy is to become the largest publicly traded holder of TRX tokens, which are the native cryptocurrency of the TRON blockchain. Future revenue growth is anticipated as the company increases its TRX holdings, for example, through planned capital raises such as its filed shelf registration for up to $1 billion in securities. The appreciation in the market value of these TRX assets will also directly contribute to the company's financial performance. The value of TRX itself is driven by the expanding TRON blockchain ecosystem, which includes increased adoption of decentralized applications (dApps), rising stablecoin usage, and higher overall transaction volume.
2. Yield Generation from Staking and Decentralized Finance (DeFi) Strategies: Tron Inc. intends to generate revenue by actively utilizing its TRX token treasury through staking and various blockchain-native yield strategies. The company plans to stake TRX on protocols like JustLend and engage with other DeFi tools to grow its treasury, which will provide a direct stream of revenue from its digital asset holdings.
3. Leveraging Public Market Status for Capital Formation: As a Nasdaq-listed company, Tron Inc. operates with a "crypto-public hybrid" corporate model. This public market presence allows it to serve as a vehicle for capital formation, enabling the company to raise funds through public stock offerings. The capital generated from these offerings is earmarked to expand its TRX token holdings, thereby indirectly bolstering its revenue growth by creating a larger asset base from which to gain value appreciation and generate yield. This unique approach aims to bridge decentralized and traditional finance, fostering long-term value creation.

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Share Issuance

• Tron Inc. issued 220,000,000 shares of common stock to Bravemorning Limited for $110,000,000, paid in TRX tokens, on August 29, 2025.
• On June 16, 2025, the company issued 100,000 shares of Series B Convertible Preferred Stock and 220 million warrants through a $50,000,000 private investment in public equity (PIPE) offering.
• Tron Inc. filed a registration statement with the SEC on July 28, 2025, to offer up to $1,000,000,000 in mixed securities, including common stock, preferred stock, debt securities, warrants, and rights, over time.

Inbound Investments

• Tron Inc. secured an $110,000,000 investment from its largest shareholder, Bravemorning Limited (controlled by Mr. Weike Sun), on August 15, 2025, in exchange for 220 million shares of common stock, which helped expand its TRX treasury holdings.
• A $50,000,000 private investment in public equity (PIPE) offering was completed on June 16, 2025, with a firm owned by Weike Sun, Justin Sun's father, as the sole investor.
• The company reported a 3,500% increase in shareholders' equity in Q2 2025.

Outbound Investments

• Tron Inc. acquired 312,500,100 TRX tokens for $110,000,000 on September 2, 2025, expanding its TRX token treasury holdings to over $220,000,000.
• The company maintains an ongoing strategy to accumulate additional TRX tokens, utilizing proceeds from equity and debt offerings, as well as surplus liquidity.
• Tron Inc. has staked its treasury holdings of over 365,000,000 TRON tokens through JustLend, aiming to achieve an annualized return of up to 10%.