Tron to Go Public via Reverse Merger with SRM Entertainment in U.S. Debut

Blockchain firm Tron, founded by Justin Sun, is preparing to become a publicly traded U.S. company through a reverse merger with Nasdaq-listed SRM Entertainment, according to the Financial Times. The deal is being facilitated by Dominari Securities—a boutique investment bank with connections to Eric and Donald Trump Jr.—and will form a new entity named Tron Inc.

As part of the agreement, Tron will contribute approximately $210 million worth of TRX tokens into Tron Inc.’s treasury, following the same playbook popularized by MicroStrategy’s bitcoin strategy. With Eric Trump reportedly set to take a role in the new company, the merger reflects not just a financial move, but also growing political alignment between Sun and the Trump family.

This announcement comes in the wake of the U.S. Securities and Exchange Commission pausing its fraud investigation into Sun and associated companies earlier in 2025, creating a regulatory environment more conducive to his plans. Previously, Sun faced SEC allegations alleging that Tron’s token constituted an unregistered security—charges now temporarily on hold.

The formation of Tron Inc., with a significant holding of TRX, marks a milestone in the merging of crypto strategies and traditional capital markets. It’s a politically infused version of the “treasury asset” playbook, as Sun deepens ties with Trump allies and leverages new U.S.-based regulatory goodwill. With the market now shifting to embrace more crypto listings, Tron’s path to public status shines a spotlight on the next wave of politically-connected, token-backed ventures.