Tron, the blockchain platform founded by Justin Sun, has finalized an agreement with Nasdaq-listed SRM Entertainment under which SRM will purchase Tron tokens, rebrand as Tron Inc., and bring Sun on board as an adviser.
The announcement from SRM confirmed the deal but did not disclose the identity of the private investor behind a $100 million equity injection—potentially rising to $210 million with warrants. However, The Financial Times reported that Tron itself is supplying the capital, effectively making the move a reverse merger to go public in the United States.
Neither Tron nor SRM has commented on whether the investment is directly funded by Tron. Details surrounding the future governance and ownership structure of Tron remain undisclosed.
The transaction was facilitated by Dominari Securities, a boutique investment bank in New York. Notably, Donald Trump Jr. and Eric Trump joined the board of its parent company, Dominari Holdings, earlier this year. Dominari declined to comment on the matter.
Justin Sun, who is currently facing a paused civil fraud lawsuit from the U.S. SEC, has been expanding his influence in the crypto space through ties with Trump's World Liberty Financial venture. Sun increased his investment in that project to $75 million and facilitated the listing of World Liberty’s USD1 stablecoin on the Tron network.
The financial entanglements between Sun and Trump-affiliated entities have sparked ethical concerns about potential conflicts of interest, though the president has maintained that his business affairs are handled through a family trust.
SRM, best known for designing toys and souvenirs, saw its stock surge by over 300% following the announcement, closing at $6.70 from a previous $1.45.
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