Unbeknownst to everyone, BitTorrent Inc. — now called Rainberry — and Justin Sun, founder, and CEO of Tronix, had an agreement going. In what seems to be shaping up to the oddest acquisition of the year, news across the web seems to be confused with what’s going on. Tron doesn’t seem able to catch a break these days.
This particular struggle could be reaching its end. Sun has been drawing parallels with BitTorrent from the beginning of his ICO — Tron’s whitepaper shows us eight unique references! Sun has aimed to build a decentralized internet and acquiring BitTorrent might help him achieve just that. The torrent platform is known for its peer-to-peer process which would give Tron the stepping stone it needs to cross the finishing line.
Sun Sent a Letter of Intent to Rainberry
On May 25, TorrentFreak (TF) reported legal paperwork had been filed earlier this year revealing that Rainberry had been sued. Apparently, Justin Sun sent a Letter of Intent to Rainberry in which it stated its wishes to acquire the torrent company. As part of this agreement, Rainberry was forbidden to accept or discuss an acquisition deal with other buyers — the so-called “No Shop” clause. According to a trail of paperwork uncovered by TF, Rainberry violated that clause and Sun sued the company.
TF reports Sun first took an interest in acquiring the torrent company in September 2017. By January, both parties agreed on a Letter of Intent for Acquisition. It seems, shortly after Sun filed a lawsuit, Rainberry received three other more valuable offers. While Sun tried to procure a restraining order forbidding Rainberry to communicate with the potential buyers, the case was quickly dismissed.
Regardless, Justin Sun is determined to acquire the maker of the wildly famous uTorrent. At the end of February, Sun registered a holding company named ‘Rainberry Acquisition’ in California. When TF tried to reach out to him for comments, they got no reply.
When contacted by TF, Rainberry confirmed everything the website had uncovered. The company also stressed the acquisition deal isn’t final yet, as Sun’s plans aren’t clear.
Bittorrent Inc. Renamed to Rainberry Inc.
Sometime last year, BitTorrent Inc. changed its legal name to Rainberry Inc, TF reported weeks ago. BitTorrent was founded by Bram Cohen, and it’s widely known for its uTorrent, a torrent client which allowed millions to download (mostly) pirated content.
While the company struggled to become the multi-billion dollar business everyone and its investors believed it would, Rainberry released a number of different products. Since none were nearly as successful as its flagship product, the company struggled to survive the neverending subscription-based services such as Spotify, Netflix, Steam, among others. All of a sudden, users worldwide were able to obtain their content in an easy, digital manner — and legitimate, above all.
Jordy Berson, Rainberry’s Chief Product Officer, told TF the change happened at the beginning of 2017, stressing how it was merely a business decision, nothing more to it. Berson went as far as comparing themselves with Google and Alphabet Inc. — which, unlike Rainberry Inc., have an array of successful ventures under its watch.
While there are many theories about the real reason for the name change — maybe Rainberry/BitTorrent will finally release a new, uTorrent product; perhaps it has been preparing for its acquisition since then. Or maybe, just maybe, it’s just as Berson said himself — it’s just a business decision.