Reports suggest Tron, the blockchain platform created by Justin Sun, is exploring a U.S. public market debut through a reverse merger. The Financial Times reports that the target is SRM Entertainment, which is currently listed on the Nasdaq exchange. Dominari Securities will reportedly be coordinating the deal.
The anticipated transaction would create a new entity, Tron Inc., which is expected to hold a significant portion of TRX, Tron’s proprietary digital currency.
Sources suggest that Eric Trump, son of former U.S. President Donald Trump, could potentially hold a leadership role within the newly structured organization.
Tron Inc. is expected to incorporate approximately $210 million in TRX tokens into its holdings. This structure may resemble MicroStrategy’s Bitcoin-focused strategy, positioning the company as a publicly traded entity leveraging its cryptocurrency assets.
Dominari Securities is a subsidiary of Dominari Holdings, an entity affiliated with American Data Centers. This venture, focused on artificial intelligence infrastructure, was co-founded by Eric Trump and Donald Trump Jr., both of whom serve on its advisory board.
JUST IN: Tron is planning to become a publicly traded company in the US. Keep an eye on Justin Sun’s moves… — Nilesh Rohilla (@nilesh_rohilla)
This news follows Circle Internet Financial’s recent listing on the New York Stock Exchange, where it successfully raised $1.05 billion in what was considered one of the largest crypto IPOs this year.
Circle’s market entry has signaled a renewed level of investor interest in blockchain-based enterprises, particularly as the regulatory environment potentially becomes more favorable and institutional support for cryptocurrency grows.
Justin Sun’s association with the Trump family seems to be evolving. Back in May, Sun reportedly attended a private dinner at Trump National Golf Club in Virginia with roughly 24 holders of the $TRUMP meme token.
He also reportedly committed $75 million to World Liberty Financial, a crypto endeavor associated with the Trump brand, which recently released the USD1 stablecoin on the Tron network.
Thank you Tron!!! — Eric Trump (@EricTrump)
Shortly following the announcement, the price of TRX token experienced a gain of approximately 3%, reaching a value of around $0.2785, based on CoinGecko data.
Tron presently manages a stablecoin market capitalization of $79 billion, ranking it as the second-largest participant in the global stablecoin market.
TRON is reportedly processing $20 BILLION in stable coins EACH DAY, which exceeds Visa’s volume! Justin Sun: “Everyone who is relevant in crypto is already here” as Dubai becomes the key crypto hub, moving past Singapore. With projected volume going from $5T to $7T in 2025, the revolution is occurring on-chain…— Kate Miller (@KateMillerGems)
Furthermore, Tron’s daily activity recently reached its highest point since May 2023.