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3.18%Tron Looks to Go Public in the U.S., Form Strategy-Like TRX Holding Firm: FT
The new venture will buy and hold TRX, like bitcoin holding firm Strategy.
What to know:
- Tron will go public via a reverse merger with Nasdaq-listed SRM Entertainment.
- The deal is being managed by New York-based investment bank Dominari Securities.
Tron, the blockchain founded by billionaire Justin Sun, is looking to go public in the U.S., the Financial Times reported on Monday.
Tron will go public via a reverse merger with Nasdaq-listed SRM Entertainment, the report said, citing people familiar with the matter. The deal is being managed by Dominari Securities, an investment firm with ties to the Trump family, the report added.
STORY CONTINUES BELOW
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The new firm will buy and hold Tron's TRX
, similar to Michael Saylor-led bitcoin holding firm Strategy (MSTR). Tron will add $210 million worth of tokens into the new firm.TRX jumped nearly 4% to 28 cents after the FT report was published. Shares of SRM Entertainment jumped nearly 250% to $5.1 in pre-market trading.
The move comes as a slew of crypto firms have gone public in the U.S., including stablecoin giant Circle, whose shares have jumped more than three-fold from its IPO price of $31. The FT reported that Eric Trump, son of U.S. President Donald Trump, would take a role in the new firm called Tron Inc., but Eric denied this in a post on X (formerly Twitter), saying he had no "public involvement."
Read more: Circle Soars 167% After IPO, Closing at $83 in First Day of Trading
Sun is a close affiliate of the Trump family and attended the Presidential dinner hosted for the top holders of the TRUMP memecoin. He also owns $75 million worth of tokens from World Liberty Financial, the DeFi vehicle backed by the Trump family.
After Trump took office, the U.S. Securities and Exchange Commission (SEC) paused a civil fraud case against the crypto billionaire.
Sun spoke to CoinDesk after the Presidential dinner, backing Trump and his pro-crypto agenda.
"All the haters need to really pay attention," Sun told CoinDesk, describing Trump's support for crypto as one of the President's best decisions."There are positive things happening in the industry."
Tron did not immediately respond to CoinDesk's request for comment.
Read more: Justin Sun Defends TRUMP After Presidential Dinner, Says 'Memecoins Have Merit'
UPDATE (June 16, 13:13 UTC): Adds background on Tron, and Justin Sun. Adds additional details.
UPDATE (June 16, 19:30 UTC): Adds Eric Trump statement.
Parikshit Mishra
Parikshit Mishra is CoinDesk's Head of Asia, managing the editorial team in the region. Before joining CoinDesk, he was the EMEA Editor at Acuris (Mergermarket), where he dealt with copies related to private equity and the startup ecosystem. He has also worked as an Senior Analyst for CRISIL, covering the European markets and global economies. His most notable tenure was with Reuters, where he worked as a correspondent and an editor for various teams. He does not have any crypto holdings.
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