Key Takeaways
Tron plans to go public through a reverse merger with SRM Entertainment.
The SEC paused a fraud investigation into Justin Sun’s companies four months prior.
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Blockchain project Tron, led by crypto entrepreneur and billionaire Justin Sun, is set to go public in the US via a reverse merger with Nasdaq-listed SRM Entertainment, facilitated by Dominari Securities, the Financial Times reported Monday.The newly formed entity, dubbed Tron Inc., is expected to include Eric Trump in its executive lineup.Dominari Securities is a principal subsidiary of Dominari Holdings, which is affiliated with American Data Centers, an AI infrastructure-focused venture launched in partnership with Eric Trump and Donald Trump Jr. Both sons of President Donald Trump also serve on Dominari’s advisory board.American Data Centers recently joined forces with Hut 8 to establish American Bitcoin, a Bitcoin mining venture.A Saylor-style crypto proxy, but for TRXAccording to the FT, the newly rebranded Tron Inc. will take in up to $210 million worth of Tron token (TRX) and debut as a public market vehicle designed to hold and leverage its crypto holdings, mirroring the Bitcoin-centric strategy championed by Strategy, the world’s largest corporate holder of BTC.TRX surged around 5% following the news, CoinMarketCap data shows. The eighth-largest crypto asset by market cap was trading at around $0.28 at the time of reporting.The merger comes four months after the SEC agreed to pause a fraud investigation into several of Sun’s companies. In 2023, Sun and three of his companies, including Tron, faced SEC charges over allegations of selling unregistered securities and market manipulation.Sun has recently strengthened his ties with the Trump family. Last month, Tron’s boss and 24 other top holders of the $Trump meme coin attended a banquet with the president at Trump National Golf Club in Virginia. Sun has also invested $75 million in World Liberty Financial, a Trump family crypto company from which the president has derived income of $57 million.
