Justin Sun’s Tron set to go public in US in deal backed by Eric Trump-linked firm: FT
Key Takeaways
- Tron plans to go public through a reverse merger with SRM Entertainment.
- The SEC paused a fraud investigation into Justin Sun’s companies four months prior.
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Blockchain project Tron, led by crypto entrepreneur and billionaire Justin Sun, is set to go public in the US via a reverse merger with Nasdaq-listed SRM Entertainment, facilitated by Dominari Securities, the Financial Times reported Monday. The newly formed entity, dubbed Tron Inc., is expected to include Eric Trump in its executive lineup.
Dominari Securities is a principal subsidiary of Dominari Holdings, which is affiliated with American Data Centers, an AI infrastructure-focused venture launched in partnership with Eric Trump and Donald Trump Jr. Both sons of President Donald Trump also serve on Dominari’s advisory board.
American Data Centers recently joined forces with Hut 8 to launch American Bitcoin, a Bitcoin mining venture.
The deal will involve Tron injecting up to $210 million of token assets into the new company. The venture plans to buy and hold the Tron token, similar to Strategy’s approach as a leveraged Bitcoin vehicle.
The merger comes four months after the SEC agreed to pause a fraud investigation into several of Justin Sun’s companies. In 2023, Sun and three of his companies, including Tron, faced SEC charges over allegations of selling unregistered securities and market manipulation.
Sun has recently strengthened his ties with the Trump family. In May, Sun and 24 other top holders of the $Trump meme coin attended a banquet with the president at Trump National Golf Club in Virginia. Sun has also invested $75 million in World Liberty Financial, a Trump family crypto company from which the president has derived income of $57 million.
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