Crypto entrepreneur Justin Sun’s blockchain platform Tron is preparing to enter public markets in the United States, following a temporary pause in the SEC’s fraud investigation into Sun and several of his companies.
According to a report from Financial Times citing individuals close to the matter, the move will see Tron merge with Nasdaq-listed SRM Entertainment through a reverse merger facilitated by Dominari Securities, a boutique investment bank headquartered in Trump Tower.
Tron Inc. to launch with $210M in token reserves
Under the terms of the deal, the newly formed public entity will be named “Tron Inc.” and will operate similarly to companies like MicroStrategy, holding digital tokens on its balance sheet as a core strategy.
Tron is expected to inject up to $210 million in token assets into the company, with the Tron token itself serving as the primary reserve.
The strategy is seen as a play to build institutional exposure to Tron, echoing the model employed by Michael Saylor's Bitcoin-heavy firm. Eric Trump is reportedly slated to take a leadership role in Tron Inc., signaling deeper alignment between the Trump family and Sun’s crypto ventures.
Dominari Securities, the investment firm brokering the deal, has strong ties to the Trump family and has previously raised capital for Elon Musk’s ventures, including SpaceX and xAI.
Its parent company, Dominari Holdings, saw its stock spike over 500% earlier this year after adding Donald Trump Jr. and Eric Trump to its advisory board.
Trump administration’s crypto pivot opens doors
The reverse merger comes on the heels of a shift in U.S. crypto policy. Back in 2023, the SEC had charged Sun and Tron with offering unregistered securities and alleged market manipulation.
But in early 2024, the regulator and Sun filed a joint motion to pause proceedings and pursue a resolution, a development that followed the Trump administration’s vocal support for relaxed crypto regulation.
Since then, Sun has bolstered ties with the Trump camp, reportedly contributing $75 million to World Liberty Financial, a Trump-affiliated crypto company.
That platform recently launched its first stablecoins on the Tron blockchain. With this public listing on the horizon, Tron’s path forward appears closely tied to the political and regulatory dynamics shaping the next phase of crypto adoption in the U.S.
