Crypto billionaire Justin Sun's blockchain platform Tron is preparing to go public in the US through a merger with SRM Entertainment, whose shares are traded on NASDAQ.
SRM Entertainment develops and manufactures themed toys and souvenirs for major entertainment brands, including Walt Disney and Universal. The company specializes in merchandise for films, TV series, and franchises, supplying products to amusement parks around the world. According to the Financial Times, US President Donald Trump's son Eric Trump is expected to take a position in the new entity's management.
According to a press release, SRM Entertainment will be renamed Tron (after the blockchain project of the same name) and will focus on a strategy of accumulating TRX tokens. Justin Sun has been appointed as an advisor to the company. Shortly after the announcement, Eric Trump denied his involvement in Tron's planned IPO, although he called himself a “fan of Tron” and a friend of Justin Sun.
SRM also indicated that it had received $100 million in investments from an unnamed private investor — these funds will be used to form a strategic reserve of TRX tokens. Dominari Securities is acting as the securities placement agent. The company will also issue preferred shares and warrants with an estimated value of $210 million.
“I am a huge fan of Tron and love Justin Sun — he is a great friend and icon in the crypto space. However, the information is inaccurate — I am not publicly involved in the project,” Eric Trump wrote in response to a report by major news agency DB News, which claimed that Trump was planning to create a Strategy-type company with Tron.
Amid the announcement of the company's transition to a new strategy, SRM shares rose more than 110% within a few hours on June 16. At the end of the trading session, the quotes added more than 85%, reaching $9.2.
SRM shares began trading on the exchange in mid-2023. During this time, their price plummeted by more than 90% to a low of $0.26 in April 2025. According to TradingView, as of June 17, the company's market capitalization was $25 million.
The longer Donald Trump remains in office as US president, the closer Justin Sun becomes to companies and projects linked to the Trump family business.
Starting in 2023, US regulators, represented by the Securities and Exchange Commission (SEC), accused Sun of fraud, but after Trump's victory, the situation changed. Sun became one of the first major investors in the World Liberty Financial (WLF) project, created in the fall of 2024 with the support of the Trump family.
WLF appointed San as an advisor immediately after receiving an investment of approximately $75 million from the entrepreneur. And at the end of February 2025, it became known that the SEC, Tron Foundation, and Justin San had filed a joint motion with the court requesting that the SEC suspend the case it had initiated in the spring of 2023.
“Regulators think everyone should obey them. Most of the rules come from the past, but they are used to regulate future activities. I want to be a builder of the future world. But first, we must imagine what the future world will be like,” Justin Sun was quoted as saying by Forbes.
In addition, Sun is also the largest holder of Trump's official memecoin, TRUMP, which is among the top 45 largest crypto projects by market capitalization, with a value of nearly $2 billion.
