TRON, the blockchain platform founded by controversial cryptocurrency tycoon Justin Sun, is preparing to go public in the US through a reverse merger with SRM Entertainment, a company listed on Nasdaq.
This report emerged just weeks after stablecoin issuer Circle went public, sparking speculation about which cryptocurrency company will be next to list.
Justin Sun's TRON will go public
According to Financial Times, this deal, reportedly worth up to $210 million in token assets, occurred just four months after the US Securities and Exchange Commission (SEC) agreed to temporarily suspend its fraud investigation into Sun and three of his companies, including TRON.
The investigation was related to allegations of unregistered securities sales and market manipulation.
The merger is being organized by Dominari Securities, a New York-based investment bank with close ties to former President Donald Trump's sons, Donald Trump Jr. and Eric Trump. According to those informed, the newly formed company will be called TRON Inc., with Eric Trump expected to take a leadership role.
TRON Inc. will operate similarly to Michael Saylor's Strategy (formerly MicroStrategy), holding large amounts of TRX tokens on its balance sheet as a digital asset treasury strategy.
This is one of the most politically connected cryptocurrency listings to date, driven by the increasingly pro-cryptocurrency stance of former President Trump since the beginning of his second term in the White House. The deal also reflects a changing regulatory tone in Washington, where Trump has called for a more favorable environment for digital assets.
The SEC's suspension of the case against Sun in February signals a potential reduction in tensions. Now, with TRON Inc. preparing to list on Nasdaq and Trump's allies supporting this move, the cryptocurrency industry may be entering a new era of mainstream acceptance, though controversy remains ever-present.
