Tron, the blockchain platform founded by controversial crypto mogul Justin Sun, is set to go public in the US through a reverse merger with Nasdaq-listed SRM Entertainment.
The report comes only weeks after stablecoin issuer Circle went public, attracting speculation about which crypto firm would go public next.
Justin Sun’s Tron To Go Public
According to the Financial Times, the deal, reportedly valued at up to $210 million in token assets, comes just four months after the US SEC (Securities and Exchange Commission) agreed to pause its fraud investigation into Sun and three of his companies, including Tron.
The investigation concerned allegations of unregistered securities sales and market manipulation.
The merger is being orchestrated by Dominari Securities, a New York-based investment bank with close ties to former President Donald Trump’s sons, Donald Trump Jr. and Eric Trump. According to people briefed, the newly formed company will be called Tron Inc., and Eric Trump is expected to take a leadership role.
Tron Inc. will operate similarly to Michael Saylor’s Strategy (formerly MicroStrategy), holding large amounts of the TRX token on its balance sheet as a digital asset treasury strategy.
This marks one of the most politically connected crypto listings yet, fueled by former President Trump’s increasingly pro-crypto stance since beginning his second term in the White House. The deal further reflects the shifting regulatory tone in Washington, where Trump has called for a more favorable environment for digital assets.
The SEC’s pause in the case against Sun in February signaled a potential de-escalation of hostilities. Now, with Tron Inc. heading to Nasdaq and Trump allies backing the move, the crypto industry may be entering a new era of establishment acceptance, albeit with controversy never far behind.
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