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Tron (CRYPTO: TRX) was trading higher Monday night, defying the broader decline in the cryptocurrency market after Tron Inc. (NASDAQ:TRON) filed a $1 billion shelf offering with the SEC.
What happened: The native token of the Justin Sun-founded network rose over 2%, while its trading volume skyrocketed 106% to $1.47 billion in the last 24 hours.
TRX became the second-biggest cryptocurrency gainer over the last 24 hours, bucking declines in large-cap coins such as Bitcoin (CRYPTO: BTC), Ethereum (CRYPTO: ETH) and Dogecoin (CRYPTO: DOGE).
The rally came after Tron Inc. filed a Form S-3 shelf registration to issue up to $1 billion in mixed securities, including common stock, preferred stock, debt instruments and warrants.
The company said it intends to use the sale proceeds primarily for acquiring additional TRX tokens, working capital and general corporate purposes.
See Also: BitMine Stock Falls 15.1% After-Hours As Peter Thiel-Backed Company Files Shelf Offering, Might Consider Ethereum Purchase With Proceeds
Why It Matters: Tron went public in the U.S. through a reverse merger with collectibles company SRM Entertainment, declaring its goal to acquire and hold large reserves of the TRX token
Currently, it holds 365,096,845 TRX in its reserves, worth $119 million, making it the largest holder of the cryptocurrency.
Price Action: At the time of writing, TRX was trading at $0.3271, up 2.06% in the last 24 hours, according to data from Benzinga Pro. The coin has risen 18.66% over the last month.
Tron Inc shares fell 4.19% in after-hours trading after closing 13.1% higher at $10.86 during Monday’s regular trading.
As of this writing, Tron stock demonstrated a very low Value score. Go to Benzinga Edge Stock Rankings to see how Strategy Inc. (NASDAQ:MSTR) and other cryptocurrency treasury-focused companies stack up.
Photo Courtesy: Stanslavs on Shutterstock.com
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