Tron, the blockchain project founded by billionaire Justin Sun, is preparing to go public in the United States through a reverse merger with Nasdaq-listed SRM Entertainment, according to the Financial Times. The deal, managed by Dominari Securities—an investment firm with ties to the Trump family—will create a new company called Tron Inc., which will buy and hold Tron's TRX tokens similarly to how Michael Saylor's Strategy (MSTR) holds bitcoin.
Eric Trump, son of former U.S. President Donald Trump, is set to assume a role in the new firm. Tron will contribute $210 million worth of TRX tokens to Tron Inc. Following the announcement, TRX token’s price surged nearly 4% to 28 cents. SRM Entertainment shares experienced a sharp pre-market rally, rising nearly 250% to $5.1.
This move aligns with a recent trend of cryptocurrency firms going public in the U.S., highlighting increasing institutional interest. Justin Sun, who maintains close ties with the Trump family and supports their pro-crypto stance, also owns significant tokens from other Trump-backed DeFi vehicles. The U.S. Securities and Exchange Commission paused a civil fraud case against Sun after President Trump's administration took office, underscoring the political dimension of the venture.
The IPO strategy mirrors approaches like those used by the bitcoin holding firm Strategy (MSTR), potentially giving Tron greater access to U.S. capital markets and institutional investors. Sun has publicly endorsed Trump's crypto-friendly policies, emphasizing optimism for positive developments in the crypto industry.