A crypto firm linked to the Tron blockchain and its billionaire founder, Justin Sun, is planning to go public in the U.S., the Financial Times reported on Monday.
The company plans to go public through a reverse merger with Nasdaq-listed SRM Entertainment, in a deal arranged by Dominari Securities — a New York-based boutique investment bank linked to Donald Trump Jr. and Eric Trump, according to two people familiar with the matter, the outlet said.
The new venture, Tron, Inc., plans to buy and hold the Tron blockchain’s native cryptocurrency, TRX, adopting a similar corporate crypto acquisition model pioneered by Strategy and its co-founder, Michael Saylor. It plans to start with a $210 million token injection, and Eric Trump is expected to join the leadership team of the newly formed company, according to the FT.
In 2023, the SEC charged Justin Sun and three of his companies with selling unregistered securities and market manipulation. After the new Trump administration signaled support for looser crypto rules, both sides moved in February to pause the case and explore a settlement.
Sun has since sought closer ties with the Trump family. In May, he and the 24 other largest TRUMP memecoin holders attended a banquet with the former president at Trump National Golf Club in Virginia. He also invested $75 million in the Trump family-backed decentralized finance project, World Liberty Financial.
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