Justin Sun-led crypto platform Tron has reached a deal with Nasdaq-listed company SRM Entertainment to go public through a reverse merger. The new entity will be used to buy tokens and will be renamed Tron Inc. Sun will join the company as an adviser, a statement by SRM showed.
While Sun did not directly confirm the news, he responded to an X post by Tony Tucker that gave more details of the deal, calling it ‘authentic’. According to his post, which is in Chinese, it said that Sun was bringing TRON to Nasdaq directly. The entity will see a private investment of $100 million and value TRON Inc. at $210 million if warrants are exercised. The fresh money will be used to acquire Tron’s TRX digital tokens. This will act as a TRON Token (TRX-USD) Treasury Strategy, similar to what Microstrategy does with Bitcoin.
SRM also plans to implement a dividend policy after staking TRX (TRX-USD). “As blockchain technology gains wider adoption globally, TRON has become the industry leader for cross-border settlement in U.S. dollar stablecoin,” said SRM CEO Rich Miller.
Interestingly, the SRM deal was organized by New York-based boutique investment bank Dominari Securities. Two of U.S. President Donald Trump’s sons, Donald Jr and Eric Trump, joined the board of Dominari Holdings, which owns Dominari Securities, in February.
Eric Trump, however, was quick to respond by denying that he was publicly involved in the deal. He said he is the ‘biggest fan’ of TRON and loved Justin Sun but doesn’t have ‘public involvement’.
U.S. market regulator SEC had sued Justin Sun in 2023, accusing him of manipulating the market for the TRX cryptocurrency. But earlier this year, the SEC asked the court to put the case on hold, ordering both sides to reach a settlement.
Following the disclosure, shares of SRM jumped 533% in trade to close at $9.19
