Tron, the blockchain project established by billionaire Justin Sun, intends to become publicly traded in the U.S., according to a report from the Financial Times on Monday.
The company will achieve this by merging with SRM Entertainment, which is already listed on the Nasdaq. This strategic move is under the guidance of Dominari Securities, a New York-based investment bank connected to the Trump family.
Key Insights:
- Tron aims to buy and maintain its TRX tokens, similar to Michael Saylor’s investment strategy for Bitcoin through Strategy (MSTR).
- Eric Trump, son of former President Donald Trump, will play a significant role in the newly formed Tron Inc. as the business prepares for its initial public offering.
- Tron plans to contribute $210 million worth of its tokens to bolster this new venture.
This initiative comes amid a wave of cryptocurrency firms making public entries in the U.S., including Circle, which saw its shares surge more than threefold from its initial offering price.
Justin Sun has been a known ally of the Trump family, participating in high-profile events such as a dinner for prominent TRUMP memecoin holders. He also owns a substantial token portfolio valued at $75 million from World Liberty Financial, a decentralized finance firm that has Trump family backing.
Following the previous administration, the U.S. Securities and Exchange Commission (SEC) halted a civil fraud case against Sun.
Quote: “All the haters need to really pay attention,” Sun expressed, commending Trump’s advocacy for cryptocurrencies as a notable highlight of his presidency. “There are positive things happening in the industry.”
Following the news, TRX prices experienced a nearly 4% increase.
