Jul. 23 at 1:37 PM
$TRON’s daily
$50K purchases are not fresh daily financing. They are deliveries against an
$18M USDT prepayment funded by issuing 13.07M shares to Black Anthem at
$1.3775.
Before that issuance, TRON held 677.6M TRX against 461.3M economic shares, including the already-outstanding 200M-share preferred conversion claim: 1.469 TRX/share.
Today it reports more than 706.4M TRX against 474.4M shares: more than 1.489 TRX/share, about a 1.4% increase, with roughly half of the 360-day purchase program still to run.
So each daily purchase is not another dilution event. The actual transaction was one equity raise followed by a year-long conversion of prepaid USDT into TRX. It has already increased holdings per share.
That makes the program mechanically productive. Whether the current ~3.25x mNAV is justified is a separate question.
