Nasdaq-listed Tron files $200M at-the-market share sale to fund more TRX

Nasdaq-listed Tron Inc. has filed to sell up to $200 million of common stock through an at-the-market (ATM) programme, with the proceeds earmarked for buying more TRX tokens, Cointelegraph reported on Thursday.

How the ATM works

According to a Wednesday filing with the US Securities and Exchange Commission (SEC):

• Tron can periodically sell shares of common stock (par value $0.0001) through Clear Street, which acts as sales agent.
• Clear Street's commission is capped at 3% of gross proceeds.
• The company already runs a daily TRX accumulation plan announced in February: about $50,000 of TRX per day for 360 consecutive days.

What is already in the treasury

Cointelegraph said Tron's treasury holds 718.9 million TRX, worth about $237 million at recent prices. The latest purchase listed was 149,369 TRX at an average of $0.3347 on Thursday.

Shares of the company opened about 4.7% lower on Thursday and were on track to extend a roughly 67% decline over 12 months, according to Yahoo Finance data cited by Cointelegraph.

Context

Corporate crypto treasuries have become a familiar theme in 2025–2026, from bitcoin balance sheets to token-specific vehicles. An ATM lets the issuer raise cash gradually into the market instead of pricing a single large offering. Readers comparing treasury strategies with more liquid bitcoin exposure can start with our bitcoin ETF vs buying bitcoin guide.