In this in-depth conversation, Justin Sun Sun will explain how to find a balance between compliance requirements and technological innovation, how to transform the transformative potential of blockchain technology into sustainable business value, and his thoughts and practical paths towards the strategic vision of building a "global financial consensus force."
Article author: Lesley
Source: MetaEra. The Web 3.0 strategies and plans of publicly listed companies have become a hot topic of increasing public interest. Against this backdrop, MetaEra has officially launched its "Crypto Stock Executive Interviews" series. We will speak with leaders of companies that are pioneering digital transformation. Through the perspective of decision-makers, we will delve into their strategic plans, business innovations, and financial innovations, providing forward-looking insights for industry participants.
On June 16, 2025, Tron (TRX) officially became a reserve asset for a US public company through a reverse takeover of Nasdaq-listed SRM Entertainment. On July 16, the company completed its name change, officially changing its name to Tron Inc. The following day, its stock ticker symbol was changed to "TRON."
This corporate action, known in the industry as the "TRX MicroStrategy," reflects in-depth thinking on the integration path of traditional finance and digital assets. It also represents an important exploration of the possibilities of compliance innovation in the increasingly stringent regulatory environment of the cryptocurrency market.
At this critical juncture where traditional financial order and decentralized concepts are deeply intertwined, MetaEra interviewed Justin Sun, Founder of TRON and Global Advisor to Tron Inc., a key player in this financial revolution. In this in-depth conversation, Sun discusses how to Justin Sun a balance between regulatory compliance and technological innovation, how to transform the transformative potential of blockchain technology into sustainable business value, and his reflections on and practical approaches to the strategic vision of building a "global financial consensus force." The following is the full interview.
Tron Inc.'s "TRX Microstrategy": Encrypted Reconstruction of Traditional Capital Markets
MetaEra: Congratulations on the successful reverse merger with Nasdaq-listed SRM Entertainment, which resulted in Tron (TRX) being adopted as a reserve asset by a US-listed company. The company changed its name to Tron Inc. and rang the opening bell on the Nasdaq exchange on July 24th. What were the key strategic considerations behind this? In your opinion, given the current crypto market environment, what significance does this listing strategy have for TRON's long-term development?
Justin Sun: With the rapid development of Web 3.0 and blockchain technology, global institutional and individual investors are increasingly interested in the blockchain industry. As a Nasdaq-listed company, our vision is to be a pioneer and evangelist in the innovative integration of traditional finance and cryptocurrency, providing a clear path for global companies to explore new asset allocation models and creating long-term value for shareholders.
Tron Inc.'s "TRX Micro-Strategy" aims to create new investment income opportunities for shareholders by indirectly investing in underlying blockchain applications through cryptocurrency holdings. As a leading global public blockchain, TRON ("Tron") has become the preferred payment network within the industry due to its vast user base, high performance, and low cost. Tron's native token, TRX, leverages the Tron ecosystem and its rich DApp application scenarios, creating room for its own value growth. Tron Inc.'s TRX reserve assets are currently staked on JustLend, optimizing returns for investors.
Justin Sun Sun rings the opening bell at the Nasdaq exchange on July 24 (Source: Nasdaq)
We also believe that Tron Inc., as a Nasdaq-listed company, will demonstrate to the public its innovative integration of traditional finance and blockchain technology in a compliant and transparent manner. On the one hand, the value of TRX reserve assets is managed by the listed company team, including strategic selection and risk management of blockchain technology, providing investors with compliant investment exposure to cryptocurrencies. On the other hand, Tron Inc. adheres to Nasdaq's established regulatory guidelines and financial reporting standards, helping investors deepen their understanding and trust in TRX and TRON blockchain technology, and promoting the further prosperity of the TRON ecosystem.
Of course, the inclusion of Tron's native token (TRX) by Nasdaq-listed Tron Inc. as a reserve asset marks a significant milestone in the rapid development of our Tron blockchain. This signifies Tron's entry into the global capital market with a new perspective, poised for a broader development landscape. As BTC and ETH continue to reach new highs, market awareness of cryptocurrency investment is growing. As a long-standing sector within the blockchain ecosystem, Tron remains confident in its strategic layout and technological strength. We are confident that Tron Inc. and its "TRX Micro Strategy" can be a robust, long-term choice, providing new asset allocation opportunities for the public and investors.
MetaEra: What types of Web 3.0 companies do you think are more suitable for going public? Is now the best time for Web 3.0 companies to seek an IPO?
Justin Sun: Over the past two years, the wave of Web 3.0 companies going public has been steadily increasing, with a diverse array of entities seeking to go public. However, I believe that the Web 3.0 companies best suited for IPOs are those with solid foundational technologies, robust market demand, and continuous innovation. In other words, from an investor's perspective, ideal investment targets often come from companies with strong underlying technologies, market potential, and innovative capabilities. These companies are most likely to gain market recognition.
First, these Web 3.0 companies must possess mature infrastructure technology. Underlying technologies (blockchain protocols, smart contracts, etc.) are the fundamental backbone of the entire blockchain ecosystem, supporting the operations of payments and decentralized applications. Companies that are early adopters and continue to invest deeply in this field are likely to achieve sustained growth. Sufficiently strong technical barriers can continuously fuel product development and innovation, building a "moat" for the company's development. Second, strong market demand means that the company's products or services address industry pain points, are widely accepted by users, and value the company's professional services or products. Only such market-received products can generate sustained profitability for the company.
Only by possessing the ability to continuously innovate can a company's future development potential be fully stimulated. After going public, it can obtain capital empowerment while better utilizing technological innovation or product upgrades to create new growth points for the company and bring greater returns to the company's investors.
MetaEra: Tron Inc. is the world's largest publicly traded holder of TRX, currently holding over 365 million TRX tokens (valued at approximately $124 million). Can you explain this strategy? Will the company consider diversifying its crypto holdings beyond TRX in the future?
Justin Sun: As mentioned earlier, Tron Inc.'s "TRX micro-strategy" involves listing TRX, the native TRON token, on its listed company's balance sheet. This underscores a long-term optimistic outlook on TRX and the development of TRON's blockchain technology. Tron Inc. holds a significant amount of TRX to diversify its capital (for example, by staking it to earn interest) and to lock in value growth. Tron Inc. recently released its second-quarter 2025 results, and thanks to the significant returns generated by its TRX holdings, the company returned to profitability in the second quarter.
Finding a balance between compliance and innovation
MetaEra: The United States is tightening its regulation of the crypto industry. How will Tron Inc. respond to the requirements of regulatory agencies such as the SEC in the future?
Justin Sun: US regulation of the crypto industry is indeed becoming increasingly stringent, and the SEC's requirements are constantly increasing. As a Nasdaq-listed company, Tron Inc. has a clear stance: proactively embracing compliance, maintaining communication with regulators, and closely adhering to public company standards in terms of disclosure, governance, and financial transparency. The SEC recently established a dedicated Crypto Task Force to promote the development of relevant frameworks, and we will actively monitor these developments to ensure that regulations protect investors while supporting innovation.
I want to emphasize that I believe stricter regulation isn't an obstacle for companies like Tron Inc., but rather a new opportunity. The clearer the rules, the more attention we'll attract from traditional finance, and the more professional investment institutions will flow in. Our goal is to achieve integration with the Web 3.0 industry within a compliant framework, bringing this integration to the mainstream traditional financial market and bringing traditional finance and blockchain closer together.
MetaEra: As a listed company deeply involved in Web 3.0, Tron Inc. must meet Nasdaq's strict compliance requirements while maintaining the innovative vitality of Web 3.0. How will Tron Inc. find a balance between compliance and innovation?
Justin Sun: I believe that "finding a balance between compliance and innovation" is actually the core competitiveness of Tron Inc. This is because Tron Inc. is not only a public company listed on the Nasdaq in the United States, but also backed by a world-leading public blockchain ecosystem.
In terms of compliance, Tron Inc. has established a comprehensive risk and compliance framework to meet the requirements of regulatory agencies and exchanges such as the US SEC and Nasdaq. For example, all disclosures, financial transparency, and internal governance adhere to regulatory standards. You may have noticed that Tron Inc. recently submitted a hybrid securities registration application with the SEC for up to $1 billion. This is a shelf registration, which allows for the flexible issuance of common stock, preferred stock, bonds, warrants, and other securities based on market opportunities in the future. This can be used to purchase TRX or for other strategic purposes. This essentially integrates traditional financial market tools into the strategies of Web 3.0 companies, enabling more efficient capital allocation.
On the other hand, regarding innovation, the aforementioned "TRX MicroStrategy" is a TRX treasury with a potential value of $210 million. It's more than just a storage facility. Through staking and energy leasing, it generates sustained cash flow for Tron Inc. Simultaneously, these assets contribute to the development of the Tron ecosystem: on the one hand, it supports the development of DeFi protocols and infrastructure within the ecosystem, driving developer and application growth; on the other hand, staking enhances network security and consensus stability. In other words, it effectively combines on-chain native assets with the financial engineering techniques of traditional capital markets, enabling both growth and resilience for the entire ecosystem.
Therefore, I don't believe compliance and innovation are mutually exclusive. The transparency brought about by compliance is the foundation of trust, which will encourage more institutional investors to participate and invest in Tron Inc. Only by actively exploring, experimenting, and innovating within the scope of compliance can we find the latest convergence of traditional finance and cryptocurrency. I look forward to seeing the Tron Inc. team bring more surprising developments and innovations in the future.
From a longer-term perspective, I personally hope that Tron Inc. can be included in the Nasdaq 100 Index in the next three to five years. That means that Tron Inc., as a company deeply involved in Web 3.0, will truly be regarded as a large technology company by the mainstream financial market.
MetaEra: Reports indicate that Canary Capital Group has submitted a TRX ETF application to the SEC. From a corporate strategy perspective, how do you view the value of traditional financial products like the TRX ETF for TRON?
Justin Sun: Regarding the value of traditional financial products like the TRX ETF to TRON, I have the following three opinions:
(1) Broadening TRON’s investor base and introducing massive incremental funds can provide support for the development of tokens. The listing of ETFs will significantly increase the depth and breadth of TRX trading in the traditional financial market, improve its overall liquidity, and help stabilize prices and reduce extreme volatility.
(2) Improve brand recognition and set a benchmark for the industry. Obtaining approval from the US SEC is itself a strong regulatory endorsement, which greatly enhances the global recognition and credibility of TRX and TRON.
(3) The capital inflow from the ETF will directly increase the value of TRX and provide support for the development of the community. The rise in TRX value will not only benefit token holders, but also provide more substantial financial support for future TRON technology research and development, ecosystem project incubation, developer incentives, etc., thereby further promoting the prosperity of the community.
From a corporate strategy perspective, ETFs have multi-layered value for blockchain companies.
First, I'm no stranger to ETFs. Back when Bitcoin spot ETFs first entered the US market, I participated in related discussions and promotions, including exploring the structure and compliance path for TRON ETN and trust products with institutional partners like VanEck and Valkyrie. This has given me a deep understanding and practical experience of the value of ETFs in bringing digital assets into the mainstream market within a compliant framework.
Secondly, Canary Capital's TRON ETF is unique. Unlike traditional crypto ETFs, this product doesn't simply track TRX prices, but instead incorporates a staking revenue mechanism. This means that investors not only receive TRX market returns through the ETF, but also enjoy continuous on-chain cash flow. This makes it distinctly different and attractive among the current crypto ETF applications.
Finally, from a strategic perspective, the value of an ETF goes far beyond simply providing an investment tool. It represents the gradual integration of digital assets into mainstream investment targets within traditional finance. For TRON, the launch of an ETF will lower the entry barrier for traditional investment institutions, increase TRX's liquidity in global capital markets, and further consolidate TRON's position as a bridge between traditional finance and Web 3.0 innovation. Therefore, I believe the strategic significance of the TRX staking ETF lies not only in its product breakthrough but also in its institutional innovation for the entire industry. It will attract broader capital participation for TRON, enhance the sustainability of its ecosystem, and further accelerate the deep integration of blockchain and traditional finance.
Reconstructing financial consensus: Deep integration of traditional capital and digital native
MetaEra: Stock tokenization has become a hot topic in the market. Will TRON consider supporting stock tokenization on-chain in the future, allowing stocks to circulate on-chain?
Justin Sun: Stock tokenization is undoubtedly one of the most exciting topics in fintech right now. Simply put, it's the use of blockchain technology to convert stocks into digital tokens, aiming to break down traditional financial barriers and significantly improve asset liquidity, trading efficiency, and global accessibility. With the growing maturity of the cryptocurrency market and the influx of institutional investors, traditional financial giants like BlackRock and JPMorgan are actively exploring the tokenization of real-world assets (RWAs) to reduce transaction costs, attract global retail investors, and seize new development opportunities in the digital wave.
As a leading company focused on blockchain technology and decentralized applications, TRON possesses a unique industry position and inherent advantages. TRON has built an efficient blockchain network that supports high-throughput transactions and smart contract execution, providing a solid technical foundation for the potential future tokenization of stocks.
At the same time, the optimal timing for stock tokenization depends on the emergence of a clear and friendly "market window." This requires clear legal guidance and a sound financial infrastructure, as well as the formation of a truly mature and rational investor market. We will continue to monitor the latest market developments.
In short, TRON is fully technically prepared for stock tokenization. Our goal is not only to provide a more convenient investment experience for global investors, but also to facilitate the large-scale application of real-world assets (RWAs). We look forward to collaborating with partners and regulators around the world to accelerate this day.
MetaEra: The convergence of traditional finance and cryptocurrency has become a global trend. How will Tron and Tron Inc. seize this wave and propel Tron from a "crypto community" to a "global financial consensus force"? Are there any risks involved?
Justin Sun: As the first listed company to include TRON's native token TRX on its balance sheet, Tron Inc. is optimistic about TRON's market advantages as the world's leading public chain.
We believe that Tron Inc., as a bridge between traditional finance and the TRON ecosystem, opens a gateway for traditional finance to understand TRON, creating a new, compliant, and convenient channel for investors in traditional financial markets to participate in the growth of the TRON ecosystem, and enhancing traditional investors' understanding of the cryptocurrency world. The successful implementation of Tron Inc.'s "TRX Micro-Strategy" not only explores new value growth points for itself, but also has the potential to pave a new path for traditional capital markets to allocate crypto assets and embrace the value of the blockchain ecosystem, attracting more institutional attention and exploring similar strategies. This will undoubtedly promote the formation of a "global financial consensus" and contribute to the integrated development of traditional finance and cryptocurrency.
Of course, I also believe that the road to integrating traditional finance and cryptocurrency will not be smooth.
On the one hand, the integration of the crypto market and traditional finance means that it is inevitable to face the risk of irrational fluctuations in the financial market. The ups and downs of the capital market and market sentiment will inevitably have an impact on cryptocurrency strategies. Relevant corporate teams need to continuously monitor and assess risks, make necessary adjustments based on market conditions, and continue to innovate through exploration.
On the other hand, the current regulatory framework for the crypto market and industry is still in its early stages. Companies that adopt cryptocurrency micro-strategies need to maintain close communication with regulators and implement cryptocurrency micro-strategies on a legal and compliant basis.
MetaEra: If you were to summarize Tron Inc.'s mission and vision in the transformation of "the integration of traditional finance and cryptocurrency" in one sentence, what would it be? In what ways does the company hope to contribute to this financial revolution?
Justin Sun: Tron Inc.'s vision is to "become a pioneer and evangelist in the innovative integration of traditional finance and cryptocurrency, and provide a clear and followable path for global companies to explore new asset allocation models."
To achieve this vision, Tron Inc.'s core contribution lies first and foremost in extreme transparency. Tron Inc. presents its "TRX micro-strategy," including its decision-making, execution process, and asset holdings, to the traditional financial market in a highly transparent manner. By doing so, Tron Inc. aims to eliminate the concerns and information gaps traditional investors often face regarding corporate crypto holdings, building a foundation of trust.
Secondly, Tron Inc. will serve as an evangelist and translator for the ecosystem's value. As a staunch TRX holder, Tron Inc.'s success is closely tied to the prosperity of the Tron ecosystem. Therefore, Tron Inc. will actively and systematically explain to the traditional financial community the immense commercial value inherent in the Tron ecosystem—from its position as the world's leading stablecoin network and its financial infrastructure to its promising future in the tokenization of real-world assets (RWAs). I believe Tron Inc. will not only showcase the future potential of the TRX token, but also reveal to traditional capital the disruptive opportunities presented by the entire Web 3.0 world, thereby attracting greater mainstream attention.
Ultimately, through these actions, I hope Tron Inc. can serve as a successful example to emulate. As other companies consider incorporating digital assets into their corporate strategies, they can find a proven, responsible blueprint in Tron Inc.'s practice. I believe that Tron Inc.'s successful practices will inspire more companies to join the movement, jointly promoting an enhanced public understanding of the cryptocurrency market and high-quality projects, thereby truly and profoundly accelerating the integration of traditional finance and the crypto world at the enterprise level.
