Nasdaq-listed Tron (TRON) filed for an at-the-market share offering of up to $200M, selling its own common stock to pile into TRX. Shareholders are paying for the coin bag, and the shares are already bleeding.
▪️ ATM means no one-time deal. The company dumps new common stock into the open market in chunks, whenever it feels like it.
▪️ Clear Street is the agent doing the selling and takes a cut of gross proceeds. Somebody always gets paid on the way out.
▪️ Proceeds go into TRX purchases on top of the daily buying program announced in February. So it's a buy program with a second engine bolted on.
▪️ The treasury holds 718.9M TRX after its latest buy: 149,369 TRX at an average $0.3347 on Thursday. Nice bag, shame about the price on the other side.
▪️ The daily program was set at about $50,000 of TRX a day for 360 consecutive days. Small change. The ATM is what actually scales the bag.
▪️ Shares opened lower on Thursday and were already down roughly 67% over 12 months, per Yahoo Finance. The stock is the one that's melting, not the coin.
📊 TRX in treasury:
718.9M📊 Max commission to agent:
3%📊 Daily TRX buy plan:
$50K📊 Shares at Thursday open:
-4.7%If you hold TRON shares, the new stock supply is the problem. Every ATM sale adds shares to a stock that's already sliding, and the commission comes off the top before anyone sees a dime. The treasury is worth about $237M on paper, so the gap between that and the share price is what you should be watching. Anyone chasing TRX as a pump should clock this: the buyer is a company that has to keep selling stock just to keep buying coins. That's not a bid, that's a conveyor belt.
🔮 So who's the exit liquidity here: the TRX holders or the poor bastards buying the shares?
@exverse_chat
