Tron Inc. TRON

TRX price times treasury size gives NAV per share; Justin Sun's statements and litigation hit the stock directly.

A treasury of roughly 686 million TRX (about $230M at TRX near $0.33); market cap moves with issuance and is not independently verified here.

The only TRX-treasury equity — the scarcity is Justin Sun himself.

MSTR and the wider digital-asset-treasury cohort, where discounts to treasury NAV have already appeared.

A shell structure, a $1B shelf that dilutes, congressional questions over its listing eligibility, and spillover from the mutual WLFI lawsuits. There is no conventional valuation anchor here — what trades is the premium or discount to treasury NAV.