Tron will go public through a reverse merger with SRM Entertainment, a move led by Dominari Securities, a US-based boutique investment bank with ties to Donald Trump Jr. and Eric Trump, according to individuals familiar with the matter.
The venture aims to buy and hold the Tron token, much like Strategy’s approach, which had the firm turn into a Bitcoin vehicle. Eric Trump is expected to have a role in the new company, Tron Inc., according to sources. However, he mentioned on X that he has no public involvement in the initiative.
Tron will be investing USD 210 million of token assets into the new company, marking the latest move in the crypto tie-ups surge powered by Donald Trump’s support of the digital asset industry. Shares in SRM Entertainment rose by 647% on Monday, highlighting the support the initiative gets.
In 2023, Tron, alongside two other companies owned by its founder, was charged by the SEC due to allegations of manipulating the market and selling unregistered securities. The lawsuit was paused to explore a potential resolution after Donald Trump expressed his intention to create lighter regulations for the crypto market.
Tron’s founder has since looked to strengthen his connection with the Trump family, as he and the other 24 major holders of the $Trump memecoin attended a gathering with the president at the Trump National Golf Club in Virginia. The billionaire also invested USD 75 million into the Trump family crypto company, World Liberty Financial, from which Donald Trump derived an income of USD 57 million. The company issued its first stablecoins on the Tron blockchain recently.
Moreover, Dominari Securities, which lined up SRM Entertainment on Tron’s behalf, is headquartered in Trump Tower, two floors below the Trump Organisation’s offices. According to the Financial Times report, shares in parent company Dominari Holdings increased by 580% in the six weeks before its filing, which revealed that Donald Trump Jr. and Eric Trump joined its advisory board.
Additionally, American Bitcoin, a US-based crypto miner backed by the brothers, was originally a wholly owned subsidiary of Dominari Holdings. Dominari Securities has also raised millions of dollars for several of Elon Musk’s private companies, including SpaceX and xAI.
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