TLDR
Tron merges with Nasdaq-listed SRM to form Tron Inc., absorbing $210M in TRX.
Eric Trump expected to join Tron Inc.’s executive team after reverse merger deal.
SRM stock surged 280% following announcement of Tron’s US public market entry.
Tron Inc. will act as a public proxy for TRX, mirroring MicroStrategy’s BTC model.
Tron, the blockchain project led by entrepreneur Justin Sun, is preparing to enter the US public markets through a reverse merger. The deal is backed by Dominari Securities, a firm linked to Eric Trump and Donald Trump Jr., according to a report from the Financial Times.
The move follows a temporary pause by the US Securities and Exchange Commission (SEC) on a fraud case involving Sun and his companies, including Tron. The company will go public by merging with Nasdaq-listed SRM Entertainment.
Reverse Merger with SRM Entertainment
Tron’s public listing will be executed through a reverse merger with SRM Entertainment, a company already trading on the Nasdaq exchange. The deal will result in the formation of a new entity, Tron Inc., which will absorb up to $210 million worth of Tron’s native token, TRX.
According to sources familiar with the matter, Eric Trump is expected to take an executive position in the newly formed Tron Inc. The involvement of Trump family-linked entities signals a closer alignment between Sun and political figures in the US. Dominari Securities, the investment bank managing the transaction, operates out of Trump Tower in New York and is a subsidiary of Dominari Holdings.
Shares of SRM Entertainment saw a sharp rise of 280% on the day of the announcement. This move mirrors the strategy used by MicroStrategy, which holds large quantities of Bitcoin through its corporate structure.
Paused SEC Investigation and Crypto Strategy
In 2023, the SEC filed charges against Justin Sun and three of his companies, including Tron, alleging they sold unregistered securities and manipulated crypto markets. However, in February 2025, the regulator agreed to pause the lawsuit to allow time for settlement discussions.
This pause came as Donald Trump, now in his second term, has adopted a more supportive approach to cryptocurrency businesses. The development has led to renewed efforts by firms like Tron to seek regulatory clarity and market access in the US.
Tron Inc. will operate as a holding company for TRX and is expected to pursue a strategy focused on growing its token’s presence in public financial markets.
Ties to Trump Family and Crypto Ventures
Justin Sun has recently increased his engagement with members of the Trump family. Last month, he attended a private banquet with President Trump at his golf club in Virginia. Sun was joined by 24 other major holders of the $Trump meme coin.
He has also invested $75 million in World Liberty Financial, a Trump family-affiliated crypto firm that recently launched stablecoins on the Tron blockchain. According to financial disclosures, President Trump received $57 million in income from the company.
Dominari Holdings, which owns Dominari Securities, has also formed joint ventures in the digital asset space. It partnered with Hut 8 to launch American Bitcoin, a US-based mining firm that focuses on developing a national Bitcoin reserve.
Market Reactions and Business Strategy
Following the announcement of Tron’s US listing, TRX prices jumped by around 5%, according to CoinMarketCap. The token was trading near $0.28 during the report.
The reverse merger positions Tron Inc. as a public proxy for TRX, similar to how MicroStrategy has been used as a Bitcoin vehicle. This structure allows investors to gain exposure to TRX through the public markets without directly holding the cryptocurrency.
Tron Inc. plans to use its token reserves to enhance market access and may raise additional capital through equity offerings in the future. The company is expected to file additional regulatory documents with the SEC in the coming weeks
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