Tron Inc. (ticker: TRON) operates two distinct businesses: a TRX token treasury and a legacy licensed toy and souvenir manufacturing operation. The company's primary and growing focus is accumulating TRX tokens — the native governance token of the TRON blockchain — and staking them through JustLend, the leading DeFi protocol on TRON, to earn yield. Staking yield comes from block validation rewards and energy rental income, with JustLend distributing 80% of rewards pro-rata to stakers. The company funds TRX purchases primarily through equity issuances, and holds staked TRX as sTRX tokens, whose conversion ratio to TRX increases over time as rewards accrue rather than paying discrete cash distributions. As of March 2026, Tron Inc. holds approximately 9.8M TRX tokens and 549.7M sTRX tokens, making it the largest publicly traded corporate holder of TRX. The strategy is closely analogous to MicroStrategy's Bitcoin treasury model. The legacy business, operated through subsidiary SRM Entertainment, designs and sells licensed toys, figures, plush, and apparel to major theme parks including Walt Disney Parks, Universal Parks, SeaWorld, and Six Flags. Products are based on popular franchises like Harry Potter and Star Wars, and are priced between $2.50 and $50.00. SRM operates an asset-light model, outsourcing manufacturing to third-party factories primarily in China. The company was originally incorporated as SRM Entertainment in 2022, and rebranded to Tron Inc. in July 2025 following a $100M investment by Bravemorning, a company controlled by Weike Sun, father of TRON blockchain founder Justin Sun.