Author: George Steer, Philip Stafford Source: Financial Times Translation: Shan Ouba, Jinse Finance
Justin Sun's digital asset platform TRON will be listed in the United States after the U.S. regulatory authority suspended its fraud investigation into several of his companies.
According to informed sources, TRON will go public through a reverse merger with the Nasdaq-listed company SRM Entertainment, with the transaction orchestrated by New York-based boutique investment bank Dominari Securities, which has close ties to Donald Trump Jr. and Eric Trump.
One source stated that the new company will adopt a model similar to Strategy (formerly MicroStrategy), buying and holding TRON tokens. Strategy founder Michael Saylor transformed his company into a high-leverage Bitcoin investment tool. Reports suggest that Eric Trump will take on an executive position at the new company, TRON Inc.
The transaction includes TRON injecting up to $210 million in token assets, marking the latest surge in crypto industry transactions since Trump's second presidential term.
Previously Sued by SEC, Now Turning Adversity into Opportunity with Trump
In 2023, the U.S. Securities and Exchange Commission (SEC) filed charges against Justin Sun and three of his companies (including TRON) for allegedly issuing unregistered securities and market manipulation.
However, with Trump expressing a desire for a more "lenient" regulatory approach to the crypto industry during his second term, the SEC and Justin Sun jointly requested the court to suspend litigation in February to explore settlement possibilities.
Getting Closer to the Trump Family
Subsequently, Justin Sun continued to strengthen his relationship with the Trump family. In May, he attended a dinner at the Virginia National Golf Club along with 24 other largest $TRUMP token holders.
Additionally, he invested $75 million in the Trump family's crypto project World Liberty Financial. This company has already generated $57 million in revenue. Last week, World Liberty also issued its first stablecoin on the TRON blockchain.
Justin Sun has long been considered one of the most controversial figures in the crypto industry due to his high-profile actions. In 2019, he spent $4.6 million to win a charity auction for a lunch with Warren Buffett. In 2023, he purchased a "banana taped to a wall" artwork for $6.2 million and ate it publicly, causing a sensation.
Born in China, Sun is now a citizen of Saint Kitts and Nevis and previously served as Grenada's permanent representative to the World Trade Organization.
Dominari Securities, which is leading the TRON listing transaction, is headquartered in Trump Tower, just two floors below the Trump Organization offices.
According to a previous Financial Times report, after the company filed documents on February 11 disclosing Donald Trump Jr. and Eric Trump joining the advisory committee, its parent company Dominari Holdings' stock price surged 580% within six weeks.
Dominari also holds a crypto mining company, American Bitcoin, which collaborates with the well-known miner Hut 8 to develop Bitcoin mines and strategic reserve warehouses. Originally named American Data Centers, it completed a restructuring in March.
Furthermore, Dominari has raised millions of dollars for several of Elon Musk's private enterprises, including SpaceX and xAI.
