According to the Financial Times, Tron blockchain is planning to go public in the United States through a reverse merger with Nasdaq-listed SRM Entertainment, in a deal arranged by Dominari Securities that could be valued at up to $210 million and may include Eric Trump in its executive lineup.
The reverse merger between Tron and SRM Entertainment will create a new entity called Tron Inc., which plans to adopt a strategy of buying and holding TRX tokens, similar to Michael Saylor's MicroStrategy approach with Bitcoin.12 As part of the transaction, SRM Entertainment announced a $100 million equity investment through a Securities Purchase Agreement, which includes warrants that could increase the deal's total value to $210 million.1 The company will issue 100,000 shares of Series Convertible Preferred Stock, convertible into 200 million shares of common stock at $0.50 per share, along with 220 million warrants.2
This strategic move comes after the SEC paused its civil fraud case against Justin Sun to consider a settlement, signaling a potentially more favorable regulatory environment for Tron.3 Following the announcement, TRX jumped nearly 4% to $0.28, while SRM Entertainment shares surged approximately 250% to $5.10 in pre-market trading.3 The deal represents a significant milestone for cryptocurrency companies seeking public market access, following the successful IPO of stablecoin giant Circle, whose shares have more than tripled from their initial offering price.3
Eric Trump, son of US President Donald Trump, is expected to join the management team of the newly formed Tron Inc., deepening the Trump family's involvement in cryptocurrency ventures.1 This partnership comes amid growing ties between Justin Sun and the Trump administration, with Sun having previously attended a dinner with President Trump at Trump National Golf Club in Virginia alongside other high-profile TRUMP memecoin holders.1 Sun has also invested $75 million in the Trump family's crypto firm World Liberty Financial (WLFI).1
The Trump family's cryptocurrency interests extend beyond the Tron deal, with Donald Trump Jr. recently joining the boards of "anti-woke" marketplace PublicSquare and drone parts provider Unusual Machines, causing their stocks to surge over 200%.2 Additionally, Trump Media executives launched Renatus Tactical Acquisition Corp I, a SPAC raising $210 million (upsized from the initial $179 million target) to invest in blockchain and cryptocurrency ventures.3 These developments highlight the growing intersection between the Trump business empire and the digital asset space following President Trump's re-election.
SRM Entertainment's transformation into Tron Inc. centers on implementing a substantial TRX treasury strategy, with plans to build a reserve of up to $210 million in TRX tokens12. This approach mirrors MicroStrategy's Bitcoin treasury strategy, positioning the company as a publicly traded proxy for TRX exposure. Following the successful implementation of this strategy, Tron Inc. intends to establish a dividend policy through a TRX staking program, creating a yield-generating mechanism for shareholders23.
The treasury initiative comes amid impressive growth for the TRON blockchain, which currently supports over 310 million international user accounts with average daily transactions exceeding $20 billion year-to-date4. Following the announcement, TRX price jumped nearly 4%5, reflecting market optimism about this institutional adoption. The strategic pivot represents a significant departure from SRM's traditional entertainment business model, introducing both new opportunities and execution risks as the company embraces blockchain technology63.
In March 2023, the SEC charged Justin Sun and three of his wholly-owned companies—Tron Foundation Limited, BitTorrent Foundation Ltd., and Rainberry Inc.—with fraud and securities law violations.1 The allegations included unregistered offers and sales of crypto assets TRX and BTT, fraudulent market manipulation through extensive wash trading, and paying celebrities to promote these tokens without disclosing their compensation.1 According to the SEC, Sun directed employees to engage in over 600,000 wash trades of TRX, artificially inflating its apparent trading volume and generating $31 million from illegal sales.1
In February 2025, the SEC and Sun jointly requested a stay order from the Manhattan federal court to pause the proceedings while they explored a potential settlement.23 This development came amid a broader shift in the SEC's approach to crypto enforcement actions following Donald Trump's election victory.4 The court approved the 60-day stay, during which both parties would submit a joint status update on their settlement negotiations.3 This pause in proceedings occurred shortly after Sun had invested $75 million in World Liberty Financial, a crypto venture backed by President Trump and his family.45
