Justin Sun, who is the head blockchain developer has purchased the maintainers and even the developers of BitTorrent. He has also bought the company itself as well, and this includes uTorrent for those who don’t know. The deal is believed to be done very quiet and under the table. The news was announced to the staff through an email and the staff from BitTorrent have confirmed the acquisition. There are a ton of stakeholders who have been made aware of the companies and even by the transfer agent. He helped to settle the agreement and on top of this, those who worked for BitTorrent were also warned against releasing any information to the media at any point. They could also not talk to anyone about the discussion either, making the whole thing secretive.
That brings around the question, when did these talks start to happen? Apparently Tron’s interest goes all the way back to May this year and this is when TorrentFreak announced that the leader of Tron was purchasing the acquisition. We have reason to believe that the talks between both BitTorrent did not begin this year but they did begin in September last year. Justin is said to have filed a document stating his intent to purchase the company earlier on in the year. Of course, it’s important to know that the talks have not been all fun and games so far. The agreement happened to hit a wall when Justin tried to get a restraining order for BitTorrent, to try and stop them from looking around for other bidders so that he could keep the purchase for himself. It was clear that BItTorrent did not have a choice when it came to looking for other buyers. After a long period of time, the courts then lifted the restraining order, but by this point Justin had an authorised entity that could be named as being Rainberry Acquisitions LLC. The reason behind the name change is because BitTorrent had also changed their name to this same name earlier on in the year. Last Week both sides quietly agreed to file the merging documents and everything required for the status change as well.
The variety was the very first source to report the acquisition and the staff over at BitTorrent were also informed of the new changes as well. Mr. Sun is probably going to be tweeting about the deal very shortly as he is very active on the social media site. He has also used it for quite some to make some announcements. Both parties may have settled on the financial details of the deal but Tron are certainly enjoying quite a lot of the coinage involved.
Of course, it’s important to know that Tron at the moment is at a 23.38% loss and this is according to Coin Market Cap. The price of Tron is still in the red and it is one of the worst performers at the moment. That being said, Tron is still very impressive in terms of its trading and it is currently at $65 billion and it has a market cap of around $3 billion as well.
In the next few days it will certainly be interesting to see how the manager of both Tron and BitTorrent are going to play out the rest of this scene. They are both now under the same owner and he is known as Justin Sun. BitTorrent was designed in 2001 and ever since then, they have been one of the biggest torrent clients around. Only time will tell if it goes on to be one of the biggest names in the industry.