Tron, the blockchain platform founded by controversial crypto mogul Justin Sun, is set to go public in the US through a reverse merger with Nasdaq-listed SRM Entertainment.
The report comes only weeks after stablecoin issuer Circle went public, attracting speculation about which crypto firm would be next to file an IPO (Initial Public Offering).
Justin Sun’s Tron To Go Public
According to the Financial Times, the deal, reportedly valued at up to $210 million in token assets, comes just four months after the US SEC (Securities and Exchange Commission) agreed to pause its fraud investigation into Sun and three of his companies, including Tron (TRX).
The investigation concerned allegations of unregistered securities sales and market manipulation.
Reportedly, Dominari Securities, a New York-based investment bank with close ties to President Donald Trump’s sons, Donald Trump Jr. and Eric Trump, is orchestrating the merger.
According to people close to the matter, the newly formed company will be called Tron Inc., and Eric Trump is expected to take a leadership role.
Is this the big news Eric Trump had hinted at earlier?
Meanwhile, Tron Inc. will operate similarly to Michael Saylor’s Strategy (formerly MicroStrategy), holding large amounts of the TRX token on its balance sheet as a digital asset treasury strategy.
This marks one of the most politically connected crypto listings yet, fueled by President Trump’s increasingly pro-crypto stance since beginning his second term in the White House.
The deal further reflects the shifting regulatory tone in Washington, where Trump has called for a more favorable environment for digital assets.
The SEC’s pause in the case against Sun in February signaled a potential de-escalation of hostilities.
It is also worth noting that Justin Sun has progressively been tightening his relationship with the Trump family. Besides speculation that he is the largest holder of the TRUMP coin, the controversial crypto executive also attended Trump’s meme coin dinner.
In the same way, Sun invested $30 million in the Trump family’s DeFi project, a move that some say earned him the role of an advisor to World Liberty Financial.
Meanwhile, Tron’s IPO development comes amid questions about which companies will go public next. After Circle’s IPO, crypto markets adopted a wait-and-see mode. The latest development, therefore, takes one of the candidates off the list, with more likely to follow.
Tron’s TRX soared 10% on the IPO news, and was trading for $0.29 as of this writing.
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