Michaela
Blockchain platform Tron, founded by entrepreneur Justin Sun, has announced plans to enter the public market by merging with SRM Entertainment, a company specializing in custom toys and souvenirs for major theme parks worldwide.
On June 16, SRM, a Nasdaq-listed merchandise supplier based in Florida, announced it entered into a Securities Purchase Agreement (SPA) with a private investor for a $100 million equity investment. The funds will support SRM’s launch of a TRON Token (TRX) Treasury Strategy. As part of the agreement, SRM will issue preferred shares and warrants, valuing the transaction at up to $210 million.
SRM also revealed plans to rebrand as Tron Inc., appointing Justin Sun as an advisor to the company.
Following previous charges of securities fraud filed by the U.S. Securities and Exchange Commission (SEC) against Justin Sun, a February filing revealed ongoing discussions between Sun and the SEC to resolve the civil fraud case. This development comes amid efforts to review enforcement actions initiated during President Joe Biden’s administration under the Trump administration’s regulatory approach.
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Dominari Securities LLC, a boutique investment bank serving as the exclusive placement agent for the Offering, has recently gained attention due to its parent company’s connections to the Trump family. Earlier this year, Donald Trump Jr. and Eric Trump, sons of President Donald Trump, joined Dominari Holdings’ advisory board.
Furthermore, SRM revealed plans to stake the TRON token, provide dividends, and enhance long-term shareholder value by increasing exposure to digital assets.
Simultaneously, reports emerged suggesting Eric Trump’s involvement in Tron’s plans for a public offering. However, despite expressing favorable views of Sun, Eric Trump has denied any participation in the initiative.
“I’m the biggest fan of Tron and love [Justin Sun] – he is a great friend and an icon in the crypto space,” he wrote in an X post. “That said the below [referring to an X user’s post] is inaccurate – I don’t have public involvement in this company,” he added.
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Business ties between Sun and the Trump family have been developing over recent months. In November, Sun became the largest investor in World Liberty Financial, a Trump-affiliated decentralized finance firm.
Sun also emerged as one of the largest holders of President Trump’s high-profile meme coin, securing a top spot in a holder “contest” that granted access to a controversial meme coin dinner. His total holdings in Trump-linked tokens have since reached an estimated value of $97 million.
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MICHAELA
Michaela is a news writer focused on cryptocurrency and blockchain topics. She prioritizes rigorous research and accuracy to uncover interesting angles and ensure engaging reporting. A lifelong book lover, she applies her passion for reading to deeply explore the constantly evolving crypto world.
