On the night of July 24, 2025, in New York, as the NASDAQ bell rang, a figure who had sparked much discussion in the cryptocurrency circle—Sun Yuchen—successfully landed his Tron (TRX) on the main board of the US stock market, undoubtedly dropping a bombshell in the financial world. This post-90s entrepreneur, known as the most talked-about figure in the cryptocurrency circle, magically transformed a toy factory (SRM Entertainment) that was losing money and primarily engaged in selling 'Smurf water bottles' into a rising giant in the cryptocurrency field. Just a year earlier, this seemingly unpromising shell company had posted a net loss of 4.34 million, but under Sun Yuchen's management, it achieved a staggering rebound with a 647% surge in stock price.
I. Entrepreneurial Journey: From the Quagmire of Controversy to a Hundred Billion Wealth Empire
Sun Yuchen's business journey has always been filled with the collision of controversy and traffic. Back in 2013, he returned to China as the 'Chief Representative of Ripple Labs for Greater China' and founded Raybo Technology with the backing of IDG Capital, self-styling as 'a disciple of Jack Ma,' and became part of the first cohort of Lakeview University's students. Although this series of 'relying on giants' marketing tactics has been questioned by the industry for exaggerating cooperative identities, it laid the key groundwork for his subsequent development of 'rising by borrowing strength.'
In 2017, Sun Yuchen jumped into the ICO wave with Tron, raising funds through 7,000 bitcoins (worth about 200 million at that time). However, this fundraising action was publicly criticized by Vitalik Buterin, who pointed out that its white paper showed a lot of plagiarism and lacked true innovation. As China fully halted ICOs, Sun Yuchen earned the notorious title of 'the Jia Yueting of the cryptocurrency circle' for delaying the return of coins. However, after heading overseas, he quickly sold 6 billion TRX for 12 billion, causing the coin price to plummet 20% in a single day. Despite this, Sun Yuchen cleverly transformed these controversies into a code for traffic. In 2019, he bought a lunch with Warren Buffett at a high price but canceled at the last moment, triggering widespread ridicule globally, yet he successfully achieved a tenfold increase in traffic from this incident, vividly illustrating the survival strategy of 'black and red are still red.'
The game of traffic is intensifying on the capital level. In 2025, Sun Yuchen's reverse merger operation can be described as a meticulously planned capital feast: he used 100 million dollars in cash to purchase SRM equity (in fact, the funds came from the cyclical blood transfusion of Tron itself), and the additional 220 million in warrants, if fully exercised, would skyrocket the total transaction value to 210 million dollars, transforming an originally mediocre shell company into a flagship enterprise in the cryptocurrency field.
What is even more thought-provoking is the undercurrent of capital behind it: the investment bank Dominari Securities that orchestrated this operation has close ties with the Trump family, with two of his sons serving as advisors. Sun Yuchen spent 75 million dollars investing in the Trump coin project and attended a cryptocurrency dinner wearing a gold watch as a 'donation,' which subtly echoed the suspension of the SEC lawsuit. Once sued by the SEC for market manipulation, Sun Yuchen ultimately knocked on the door of NASDAQ not through technological innovation but through a powerful resource network, turning the so-called 'compliance' into a superb art of resource integration.
II. Conclusion: The Rise Amid Controversy and Infinite Imagination for the Future
We may scoff at some of Sun Yuchen's actions, but no one can deny his business acumen. From the carefully crafted identity packaging during the Raybo era to the grand 'black and red marketing' during the Tron period, and now the successful capital maneuvering to go public on NASDAQ, Sun Yuchen has always adhered to the logic of 'controversy as fuel,' engaging in a gamble lasting more than a decade in the ambiguous space between cryptocurrency and capital markets, constantly driving his ambitious engine forward into even more unknown and opportunity-filled fields. His story is like a dramatic commercial epic; regardless of how people evaluate him, it will leave a deep and controversial mark in the development history of cryptocurrency and capital markets.
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