Last year, Justin Sun was facing a federal investigation into his crypto empire, to the point that he avoided entering the US. Now, his company is going to be publicly listed on the American stock markets – and reportedly with the assistance of Eric Trump.
Tron, Sun’s digital assets platform, announced on Monday that it plans to go public in the U.S. via a reverse merger with SRM Entertainment, a Nasdaq-listed company that previously designed merchandise for theme parks before pivoting to crypto. At the same time, Trump’s sons announced the launch of Trump Mobile, an MVNO that will also sell a $499 gold Android phone.
On the company’s site, SRM states that it has worked with Walt Disney World, SeaWorld, and Sesame Place. SRM says it has raised $100 million from a private investor to buy the Tron tokens (TRX), with plans to issue shares and warrants valuing the deal at up to $210 million.
The deal was brokered by Dominari Securities, a New York-based boutique investment bank operating out of Trump Tower, whose board includes both Donald Trump Jr. and Eric Trump, the president’s sons. Shortly after Trump’s election, Sun became an advisor and investor in World Liberty Financial, the Trump family’s crypto company, and promptly bought $75 million of their memecoin, $TRUMP, when the token launched in January.
By the end of February, the SEC had officially paused its investigation into Sun’s businesses. Sun continued to invest in Trumpworld entities, both in crypto and elsewhere: in May, he won a private dinner with the president by buying $16 million worth of $TRUMP in a contest.