Justin Sun Takes Tron Public in Trump-Linked Merger

Justin Sun is pulling off one of the flashiest crypto comebacks in recent memory. Tron is going public through a reverse merger with Nasdaq-listed SRM Entertainment, and the deal is being steered by a Trump-connected investment bank. If all goes through, the rebranded Tron Inc. might even have Eric Trump sitting on its board.

The merger arrives just months after the SEC hit pause on its fraud case against Sun. And while that investigation is still technically open, it’s no longer in the way, making this the perfect moment for a pivot into the public spotlight.

Why Now? Because the Legal Heat Cooled Off

This kind of timing doesn’t happen by accident. The SEC’s case against Sun, which accused him of shady token sales and price manipulation, had been hanging over his head for more than a year. But once it was paused, the runway cleared.

Am I getting this right?

1. Tron investigated by SEC for market manipulation

2. Justin Sun becomes top holder of $TRUMP and World Liberty Fi

3. Investigation is dropped

4. Tron goes public via reverse merger with Eric Trump taking a role at the company

Crime season is here pic.twitter.com/ywg9Z9Y5ng

— Clemente (@Chilearmy123) June 16, 2025

Going public through a reverse merger means Sun can skip the traditional IPO process. No roadshow. No underwriter headaches. Just a fast track to a Nasdaq listing, and a chance to reframe Tron as a fully legitimate corporate entity.

What the Deal Actually Looks Like

Here’s how it works: SRM, a small toy and licensing firm with links to Disney and SeaWorld, is merging with Tron and rebranding itself as Tron Inc. Tron will contribute up to $210 million worth of its TRX tokens to the combined entity. SRM, on its end, will raise $100 million to buy Tron’s tokens, then issue new shares and warrants as part of the structure.

The financial advisor? Dominari Securities, which just happens to be based in Trump Tower. Its advisory board features Donald Trump Jr. and Eric Trump. There’s already talk that Eric might take a formal leadership role at the newly public Tron.

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Turning Tron Into a Token Treasury

Sun isn’t just trying to slap a crypto logo on a Nasdaq ticker. He wants Tron Inc. to hold a huge amount of TRX on its balance sheet, think of it like a crypto version of MicroStrategy’s Bitcoin hoarding.

This opens the door to some interesting possibilities. Shareholders might eventually get dividends paid in crypto. Tron could use its public listing as a springboard to buy other projects or enter traditional markets without touching fiat. It’s aggressive. But that’s exactly what you’d expect from Sun.

The Trump Factor Is Impossible to Ignore

Justin Sun and the Trump family go back a bit. He invested $75 million in World Liberty Financial, a Trump-linked stablecoin startup. He’s shown up at donor events. He’s leaning into that relationship now to give this merger extra firepower, both financially and politically.

It also fits the mood. With Trump back in office and crypto regulation softening, projects that were once in the legal crosshairs are now making bold moves.

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Still, Plenty of Risks in the Rearview

The SEC case may be paused, but it’s not off the table. If the agency decides to reopen it, things could get messy fast. And there’s always the issue of volatility. TRX isn’t exactly the most stable token, and building a public company’s value around it isn’t without danger.

Plus, we still don’t know how much influence the Trumps will actually have. Is this a branding play, or is there real governance involvement? That matters for anyone thinking of investing.

What to Keep an Eye On

Watch for official filings. If Eric Trump joins the board, that’s going to make headlines. If Tron starts paying dividends in TRX, that’s going to raise questions. And if the SEC steps back in, it could stop this story in its tracks.

This is one of the first big test cases for what post-enforcement crypto looks like in the public market.

Final Thoughts

Justin Sun has never been subtle. Tron is back, it’s public, and it’s playing the game with political connections, token reserves, and a very bold pitch.

Whether it lasts or blows up is anyone’s guess. But one thing’s for sure: Tron Inc. is about to become one of the most watched names in crypto.

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