Crypto Billionaire Justin Sun’s Tron to Go Public in U.S.

Crypto billionaire Justin Sun’s Tron is set to go public in the U.S. through a reverse merger with Nasdaq-listed SRM Entertainment, The Financial Times reported.

SRM Entertainment, a small Nasdaq-listed toy maker, said it entered an agreement to receive $100 million equity investment from an affiliate of Sun that will be used to acquire Tron’s TRX tokens. The company will also be renamed to Tron Inc., and Sun will join as an advisor. Shares of the company jumped 457% on the news, giving it a $140 million market cap.

After Donald Trump’s election, Sun has closely aligned himself with the Trump family. He became a major investor and advisor of Trump’s crypto project World Liberty Financial. In February, the SEC halted its 2023 lawsuit against Sun and his companies, in which the SEC alleged they sold unregistered securities including TRX and manipulated the market.

Sun also bought Trump memecoins and attended a dinner with Trump in May as a top holder. SRM’s transaction with Tron was advised by Dominari Securities, an investment bank that added Donald Trump Jr and Eric Trump to its advisory board in February.

Tron is the most popular blockchain for crypto transactions using stablecoin Tether. Last year, TRON, Tether and TRM Labs announced they are partnering up to combat illicit activity associated with the use of tether on the Tron blockchain.