Tron, the blockchain platform founded by controversial crypto mogul Justin Sun, is preparing to go public in the US through a reverse merger with Nasdaq-listed SRM Entertainment, marking a pivotal moment in the digital asset industry’s growing alignment with political power under President Donald Trump’s second term, the Financial Times reported.
The deal, orchestrated by Dominari Securities, a New York-based boutique investment bank closely connected to Donald Trump Jr. and Eric Trump, will inject up to $210 million in Tron token assets into the newly formed Tron Inc, according to two people familiar with the arrangement.
A reverse merger with political overtones
Rather than pursue a traditional IPO, Tron will use a reverse merger to quickly access US capital markets. The structure mirrors the strategy used by Strategy (formerly MicroStrategy), which turned itself into a de facto bitcoin investment vehicle. In Tron Inc’s case, the company will hold large amounts of TRX tokens, mimicking that crypto-centric playbook.
Eric Trump is expected to assume a formal role at Tron Inc, underscoring the increasingly tight ties between the crypto venture and the Trump family. Shares in SRM Entertainment surged as much as 647% on Monday following the announcement.
Regulatory scrutiny paused under Trump administration
The move comes just four months after the US Securities and Exchange Commission (SEC) agreed to pause a fraud lawsuit against Sun and several of his firms, including Tron. The SEC had accused the parties of selling unregistered securities and market manipulation. But after Trump took office again and vowed to ease crypto regulation, the two sides filed a joint motion in February to explore a potential settlement.
Sun’s growing relationship with Trump appears to have helped thaw tensions with regulators. In May, Sun and the top 24 holders of the $Trump memecoin were invited to a private banquet at Trump National Golf Club in Virginia, a high-profile show of political alignment.
Trump family crypto empire expands
Sun has also invested $75 million in World Liberty Financial, a Trump family-linked crypto firm that has paid $57 million in income to the president. Last week, World Liberty issued its first stablecoins on the Tron blockchain, symbolizing a merger of Trump’s digital finance ambitions and Sun’s infrastructure.
Dominari Securities, the investment bank behind the Tron-SRM deal, operates out of Trump Tower, two floors below the Trump Organization. Its parent company, Dominari Holdings, saw shares soar 580% in the six weeks before announcing that Donald Trump Jr. and Eric Trump had joined its advisory board.
From controversy to convergence
Sun, known for headline-grabbing stunts — including a $4.6 million charity lunch with Warren Buffett and the $6.2 million banana artwork stunt — has long courted controversy. But now, he appears to be reinventing himself as a central player in a new political-crypto ecosystem.
With Trump’s open support for the industry, the Tron reverse merger may mark just the beginning of a broader reshaping of US crypto markets — one where political loyalty, market access, and digital assets are increasingly intertwined.
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