On June 16, 2025, Sun Yuchen finally couldn't hold back and joined the capital feast of 'shell buying' in the crypto circle. Tron successfully entered the U.S. stock market through the reverse acquisition of Nasdaq-listed SRM Entertainment. Behind this deal are $100 million in funding, a complex equity structure, and a familiar script — the listed company hoarding coins, with stock price and coin price soaring together.
A meticulously designed capital suturing operation
SRM Entertainment, a traditional company that originally sold Disney toys, has now become Sun Yuchen's 'shell'. Its value? Not its business, but its listing status on Nasdaq. The deal was orchestrated by Dominari Securities — an investment bank with a subtle background, whose office is located in Trump Tower, and includes members of the Trump family on its board.
Sun Yuchen invested $100 million as a 'private investor' in exchange for convertible preferred shares and warrants. After the deal is completed, SRM will be renamed 'Tron Inc.' and TRX will become the company's strategic reserve asset. This operation resembles MicroStrategy's 'Bitcoin treasury' strategy, but Sun Yuchen is smarter — he doesn't need an IPO, doesn't have to face regulation, and directly goes public through a shell, integrating TRX into the narrative of U.S. stocks.
The trend of 'shell buying in the crypto circle' has become a craze
Sun Yuchen is not the first person to play this trick. From Bitcoin to SOL, ETH, XRP, capital has already mastered this playbook:
1. Bitcoin: UTXO and Sora Ventures specifically target marginally listed companies, such as Japan's Metaplanet and Hong Kong's Moon Inc., buying shells, renaming, and hoarding BTC, causing stock prices to soar instantly.
2. SOL: Companies like SOL Strategies and DeFi Development Corporation went on a debt spree to buy SOL, resulting in a 30-fold increase in stock price within a month.
3. ETH: ConsenSys founder Joseph Lubin partnered with Galaxy and Pantera to reverse acquire SharpLink Gaming, investing $425 million in ETH, causing the stock price to surge 40 times.
4. XRP: After the SEC lawsuit was settled, XRP shed its 'cult coin' label, and companies like Webus and VivoPower began incorporating it into their treasury, igniting a $300 million financing plan that directly stimulated the market.
Now, Sun Yuchen has entered the scene with TRX.
Sun Yuchen's political leverage: clinging tightly to Trump's leg
In May 2025, Sun Yuchen made a high-profile appearance at Trump's crypto gala as the 'main supporter' of $TRUMP. This was not a coincidence — as early as 2024, he invested $75 million in WLF, controlled by the Trump family, in exchange for a 'pause' on the SEC investigation and breathing space for Tron to comply in the U.S.
Sun Yuchen and Trump are very similar — they both love to tell stories, create hype, and enjoy being the center of attention. Six years ago, Sun Yuchen tried to get Trump to join the Buffett lunch and was rejected; six years later, he became Trump's 'crypto financier'. This game of capital and power is understood by Sun Yuchen better than anyone else.
A few tips for crypto enthusiasts
1. Pay attention to the movements of 'shell companies': The next wave of surges may be hidden in a certain obscure U.S. stock, especially those that suddenly announce a 'transformation to crypto'.
2. Don't FOMO, but don't miss out: This type of play often comes with extreme volatility, as evidenced by SharpLink's 70% drop in one day.
3. Politics is also a market variable: Sun Yuchen's case proves that in the crypto world, choosing sides may be more important than technology.
4. The narrative upgrade of TRX: If Tron Inc. really follows MicroStrategy's example and continues to buy TRX, its value capture logic may change.
This game of capital has only just begun. Sun Yuchen has entered the arena, what about you?
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