- Justin Sun is taking Tron public in the U.S. via a $210 million reverse merger with SRM Entertainment, secured through a Trump-connected bank.
- The structure allows for TRX to form a token treasury but raises transparency and regulatory concerns due to political links and the paused SEC investigation.
What happened: Justin Sun’s Tron to go public through reverse merger in deal led by Trump-linked bank
Crypto entrepreneur Justin Sun is taking Tron public in the U.S. through a reverse merger with SRM Entertainment, a small Nasdaq-listed toy company now set to rebrand as Tron Inc. SRM has agreed to invest $100 million in TRX tokens, while SRM shares surged over 500% following the announcement. The deal was facilitated by Dominari Securities, a Trump-linked investment bank, and includes issuing preferred stock and warrants that could raise up to $210 million in support of Tron’s treasury strategy and digital innovation plans.
This merger follows the U.S. Securities and Exchange Commission’s decision to pause its 2023 fraud case against Sun, clearing the way for the listing. The deal also includes possible involvement from Eric Trump, though reports suggest his role may not be executive.
Also read: Who is Justin Sun? Tron blockchain founder is a historian with a hi-tech edge
Also read: Trump reports $57M crypto windfall from World Liberty Financial
Why it’s important
The transaction provides Tron with a Nasdaq listing without a traditional IPO, allowing the company to build a token treasury—mirroring strategies used by public firms like MicroStrategy. It also highlights the increasing overlap between high-profile political actors and crypto ventures, a trend likely to draw scrutiny from investors and regulators. However, the case remains legally unresolved even with the SEC’s pause, and the move adds volatility as TRX becomes deeper embedded in a trading structure influenced by political ties.
