Tron, the blockchain founded by billionaire Justin Sun, seeks to become a public in the United States, the Financial Times reported on Monday.
Tron will go public via an inverted merger with SRM Entertainment, listed at the Nasdaq, indicates the report, citing people familiar with the question. The agreement is managed by Dominari Securities, an investment company linked to the Trump family, added the report.
The new company will buy and hold Tron’s Trx
Similar to Bitcoin Holding Strategy Bitcoin, led by Michael Saylor (MSTR). Tron will add $ 210 million tokens to the new company.
TRX jumped almost 4% to 28 cents after the publication of the FT report. SRM Entertainment’s shares jumped almost 250% to $ 5.1 in exchange for pre-commercialization.
This decision comes when a series of crypto companies have become public in the United States, including the stablecoin giant, which has jumped more than three times compared to its $ 31 Introduction Prize. The FT reported that Eric Trump, son of American president Donald Trump, would play a role in the new company called Tron Inc., but Eric denied this in an article on X (formerly Twitter), saying that he had no “public involvement”.
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Sun is a close affiliate of the Trump family and attended the presidential dinner organized for the best holders of Trump Memecoin. It also has $ 75 million of World Liberty Financial WORLD tokens, the Trump family vehicle.
After Trump has taken office, the American Securities and Exchange (SEC) commission interrupted a matter of civil fraud against the cryptographic billionaire.
Sun spoke to Coindesk after the presidential dinner, supporting Trump and his pro-Crypto program.
“All enemies must really be careful,” Sun told Coindesk, describing Trump’s support for crypto as one of the president’s best decisions. “There are positive things in the industry.”
Tron did not immediately respond to the request for comments from Coindesk.
Read more: Justin Sun defends Trump after presidential dinner, says that “the same have merit”
Update (June 16, 13:13 UTC): Add a background on a tron and Justin Sun. Add additional details.
Update (June 16, 19:30 UTC): Add an Eric Trump statement.
