Tron, the blockchain enterprise founded by billionaire Justin Sun, is preparing to go public in the United States, according to a report by the Financial Times released on Monday.
The company aims to list through a reverse merger with SRM Entertainment, which is already trading on the Nasdaq, as sources familiar with the situation detailed. The transaction is being facilitated by Dominari Securities, an investment firm connected to the Trump family.
Upon completion, the merged entity will focus on acquiring and retaining Tron’s TRX tokens, much like the bitcoin-holding firm Strategy led by Michael Saylor. Eric Trump, the son of former President Donald Trump, is expected to take an active role in the new company, named Tron Inc. As part of this venture, Tron plans to inject $210 million worth of TRX tokens.
Following the announcement, TRX saw an increase of nearly 4%, reaching 28 cents, while shares of SRM Entertainment surged approximately 250% to $5.10 during pre-market trading.
This strategic move aligns with a broader trend, as several crypto firms have recently taken steps to go public in the United States. Notably, the stablecoin entity Circle has seen its shares soar more than three-fold since its IPO, initially priced at $31.
Justin Sun, who has close ties to the Trump family, was present at a Presidential dinner for top holders of the TRUMP memecoin. He also possesses $75 million in tokens from World Liberty Financial, a decentralized finance venture linked to the Trump family.
After Trump’s inauguration, the U.S. Securities and Exchange Commission (SEC) temporarily suspended a civil fraud case involving Sun. Speaking to CoinDesk after the Presidential dinner, Sun expressed his support for Trump’s pro-crypto stance, urging detractors to recognize its significance. “All the haters need to really pay attention,” he remarked, adding that Trump’s endorsement of cryptocurrency represents one of his commendable decisions, with “positive things happening in the industry.”
Tron has not yet responded to CoinDesk’s request for additional commentary.