- Blockchain project TRON is set to go public in the U.S. through the acquisition of Nasdaq-listed firm SRM Entertainment
- The reverse merger with Tron, Inc. includes a $100/million $TRX token purchase and will see TRON listed on the Nasdaq
- The merger, facilitated by Trump-affiliated Dominari Securities, comes after the U.S. Securities and Exchange Commission suspended an investigation into TRON
Justin Sun s TRON project is on the verge of a Nasdaq listing after announcing a merger with the already-listed SRM Entertainment. The agreement, which allows TRON to skirt an IPO, involves up to $210/million in capital, including $100/million earmarked for the acquisition of $TRX tokens. Brokered by Dominari Securities, closely tied to Eric and Donald Trump Jr., the deal follows a pause in the SECs fraud probe of Justin Sun and his firms.
Shortcut to the Stock Market
SRM Entertainment is a small-cap company best known for making childrens toys and with no prior known interest in blockchain technology. The reverse merger gives TRON, founded by Sun in 2017, a shortcut to a Nasdaq listing while preserving investor capital for token-based strategies. The company has said it will allocate a large portion of the new funds to building a crypto-focused treasury, starting with $100 million in TRONs $TRX coin.
Dominari Securities, which operates out of Trump Tower, acted as the exclusive placement agent for the deal. Eric Trump and Donald Trump Jr. are both listed as advisors to Dominari and are expected to play future roles in the merged company, illustrating a further link between the Trumps and blockchain.
SEC Pause Clears the Runway
The timing of the merger is notable, given that in 2024, the U.S. Securities and Exchange Commission sued Sun and TRON over what it called the orchestration of the unregistered offer and sale, manipulative trading, and unlawful touting of crypto asset securities. That investigation was put on hold earlier this year, removing a significant barrier to the merger and imminent listing.
Tron Inc. says it plans to use part of the $210/million to purchase $TRX tokens and build a token-based treasury, floating the idea of paying dividends in crypto. Following the announcement, SRMs stock price surged more than 500%, suggesting strong investor appetite for the combined entitys crypto strategy. The value of the $TRX token only moved around 2% on the news.
