Justin Sun's Tron to Go Public in U.S. via Reverse Merger with SRM Entertainment

Crypto billionaire Justin Sun’s digital asset platform, Tron, is preparing to enter the U.S. public market through a reverse merger with Nasdaq-listed SRM Entertainment, a move that comes just months after U.S. regulators paused a fraud investigation into Sun’s companies. The deal, facilitated by New York-based Dominari Securities, signals a bold step for Tron as it seeks to capitalize on a favorable regulatory climate under President Donald Trump’s second term. The new entity, to be named Tron Inc., is expected to adopt a strategy similar to Strategy (formerly MicroStrategy), focusing on holding Tron tokens as a core asset. Eric Trump is reportedly slated to take a role within the company, adding a high-profile connection to the venture.

The merger will see Tron inject up to $210 million in token assets into the new company according to the Financial Times, a significant move amid a wave of crypto related partnerships spurred by Trump’s pro-digital asset stance. This development follows a period of legal scrutiny for Sun, who faced charges from the Securities and Exchange Commission (SEC) in 2023 for allegedly selling unregistered securities and manipulating markets. In February 2025, the SEC and Sun filed a motion to pause the lawsuit, reflecting a shift toward a lighter regulatory approach in the crypto sector.

Strategic Moves and Trump Family Ties

Sun has actively worked to align himself with the Trump family, a relationship that has grown stronger in recent months. In May, he joined other top holders of the TRUMP memecoin at a banquet hosted by the president at the Trump National Golf Club in Virginia. Sun has also invested $75 million in World Liberty Financial, a Trump family crypto venture that recently issued its first stablecoin on the Tron blockchain. This partnership has proven lucrative for the president, who has earned $57 million from the company, further cementing Sun’s ties to the Trump inner circle.

The involvement of Dominari Securities, headquartered in Trump Tower just two floors below the Trump Organization, underscores the deal’s high-profile connections. Dominari’s parent company, Dominari Holdings, saw its shares surge by 580% in early 2025 after Donald Trump Jr. and Eric Trump joined its advisory board. The firm has also raised significant funds for Elon Musk’s private ventures, including SpaceX and xAI, highlighting its growing influence in both crypto and tech circles. Additionally, Dominari played a role in the rebranding of American Data Centers into American Bitcoin, a cryptocurrency mining operation backed by the Trump brothers.

Sun’s reputation as a polarizing figure in the crypto world adds another layer of intrigue to the deal. Known for headline-grabbing stunts, such as paying $4.6 million for a charity lunch with Warren Buffett in 2019 and $6.2 million for a banana taped to a wall in 2024, Sun has cultivated a larger-than-life persona. Born in China, he now holds citizenship in St. Kitts and Nevis and once represented Grenada at the World Trade Organization, showcasing his global ambitions.

The reverse merger with SRM Entertainment represents a strategic pivot for Tron, positioning it to leverage the U.S. market at a time when regulatory hurdles appear to be easing. By adopting a token holding strategy akin to Strategy’s Bitcoin focused model, Tron Inc. aims to attract investors seeking exposure to digital assets. The involvement of Eric Trump and the Trump family’s broader embrace of crypto could further elevate the company’s profile, drawing attention from both retail and institutional investors.