Tron files for $200M ATM, because nothing says "decentralized" like selling your own stock to buy your own coin 🪙

Nasdaq-listed Tron (TRON) has filed for an at-the-market (ATM) share offering of up to $200 million, with proceeds earmarked to expand the company's existing Tron (TRX) token treasury. The program allows Tron to periodically sell common stock at $0.0001 par value through Clear Street, which will act as sales agent and retain a commission of up to 3% of gross proceeds, according to a Wednesday filing with the Securities and Exchange Commission (SEC).

The capital raise is designed to scale the TRX accumulation program the company first launched in February, which targeted the purchase of approximately $50,000 worth of TRX per day across 360 consecutive days. As of its latest disclosure, Tron's treasury holds 718.9 million TRX tokens, valued at roughly $237 million, after the company acquired an additional 149,369 TRX at an average price of $0.3347 on Thursday.

Under the ATM structure, Tron will determine the timing, volume and pricing of each share sale at its discretion, subject to the agreement's terms. The filing outlines that Clear Street will sell shares on Nasdaq or in privately negotiated transactions and is entitled to its commission on each sale, with the company controlling the pace of issuance based on market conditions and treasury needs.

Tron's shares opened 4.7% lower on Thursday, putting the stock on track to extend a roughly 67% decline over the trailing twelve months, according to Yahoo Finance. The latest move comes alongside other recent corporate crypto treasury activity, including Nasdaq-listed XRP treasury firm Evernorth, whose shares rose 5% at the opening print on the same day.