On Monday June 16, Hong Kong–based Tron announced that it will fold into SRM Entertainment, instantly giving the crypto network a Nasdaq ticker without the delays of a traditional IPO. The cash‑and‑token deal lets Tron inject up to $210 million in TRX reserves into the new entity, "Tron Inc.", emulating MicroStrategy’s Bitcoin‑heavy treasury model. Investment bank Dominari Securities—whose leadership has long‑standing business ties to Donald Trump Jr. and Eric Trump—is steering the transaction. SRM stock exploded as much as 280 % intraday on the news.

What Exactly Is Tron?

Founded by serial crypto entrepreneur Justin Sun in 2017, Tron positions itself as a high‑throughput, low‑fee smart‑contract chain whose native token, TRX, underpins a $5 billion DeFi and stable‑asset ecosystem. Sun famously acquired BitTorrent in 2018 to accelerate adoption and has courted users in Asian retail markets ever since—a strategy that pushed TRX into the top‑15 blockchains by market value.

Legal Clouds, Temporarily Parted

Sun’s listing ambitions seemed unthinkable a few months ago. In March 2023 the U.S. SEC sued Sun, the Tron Foundation, and two affiliates for alleged unregistered securities offerings and wash trading. In late February 2025, both sides filed a joint motion to pause the case while they explored a settlement—a procedural breather that removed a critical overhang just in time for the SRM deal.

A Trump‑Era Tailwind

The transaction dovetails with President Donald Trump’s newly pro‑crypto posture. Dominari’s principals have reportedly arranged dinners between Sun and the former president’s sons; Eric Trump is expected to take an operational role at Tron Inc., and Sun has already pumped $75 million into the Trump family’s World Liberty Financial venture. Observers say this alliance offers political cover and potential regulatory goodwill as crypto legislation advances in the Republican‑controlled Congress.

Market Reaction: Euphoria Meets Skepticism

Beyond SRM’s parabolic surge, TRX prices jumped slightly on heavier‑than‑average volumes, while crypto analysts debated whether a token‑treasury strategy can replicate MicroStrategy’s success with Bitcoin. Bulls welcome a rare path for mainstream investors to gain direct TRX exposure; skeptics note that reverse mergers historically invite heightened SEC scrutiny, especially after Sun’s legal history. Some also question the optics of blending partisan politics with a still‑unsettled regulatory case.

What Comes Next

Shareholders of SRM must still approve the merger, and any final settlement with the SEC will remain a gating item for Nasdaq compliance. If the deal clears, Tron Inc. will become one of the largest publicly traded pure‑play crypto networks—potentially forcing rivals to consider similar structures. For now, Justin Sun has once again turned legal limbo into a headline‑grabbing pivot, setting the stage for Wall Street’s next crypto spectacle.