Tron Inc. has experienced an 85% decline from its mid-June peak of $12.80, reflecting a broader cooling trend across crypto treasury companies. The Nasdaq-listed toy and souvenir manufacturer witnessed a 55% drop in September alone.
The downturn extends far beyond a single firm, according to industry observers. Strategy, a Bitcoin treasury company, has declined roughly 30% over the last three months, while Ethereum treasury company Bitmine Immersion Technologies Inc. shed 67% during the same period.
Peter Chung, head of research at Presto Research, described the situation as deflating hype, common when new market trends emerge. He noted that initial frenzy typically leads to outsized gains before cooler assessment brings assets to stable footing and lower valuations, pointing to similar patterns with the Circle IPO earlier this year.
Czhang Lin, head of LBank Labs, emphasized that many firms in the space are navigating similar headwinds. The phenomenon represents a digital asset Ethereum treasury trend rather than challenges unique to any single company.
Tron Inc. was listed on Nasdaq through a reverse merger with SRM Entertainment on July 24. Stephen Gregory, founder of crypto trading platform Vtrader, attributed sector‑wide drops to poor execution and rushing to market without fully developed strategies.
The Securities and Exchange Commission and Financial Industry Regulatory Authority investigation involving 200 firms adds regulatory pressure to the sector. Authorities are examining suspicious stock trades that occurred before crypto treasury announcements, contributing to declining stock prices across crypto‑linked companies.
Justin Sun, who serves as an adviser to Tron Inc. and founded the TRON blockchain, has faced regulatory scrutiny ranging from early ICO activities in China to recent U.S. law enforcement attention over allegedly selling unregistered securities. His recent involvement with World Liberty Financial added volatility to the treasury company’s performance.
Following WLFI’s Token Generation Event on Sept. 1, Sun claimed 600 million tokens and transferred 9 million to HTX exchange. The WLFI project responded by freezing Sun’s remaining 591 million unlocked tokens, creating additional uncertainty around companies associated with the TRON founder.
TRX currently trades at $0.33 with a market capitalization of $31.56 billion, ranking as the 10th‑largest Ethereum cryptocurrency in the industry. The token is down nearly 1 % in the past 24 hours as broader market pressures continue to affect both the underlying blockchain asset and its associated treasury companies.

