Original | Odaily Planet Daily ( @OdailyChina )
Author: Azuma ( @azuma_eth )
Justin Sun is making great strides towards entering the mainstream capital markets.
Tron listed on US stock market
On the evening of June 16th, Beijing time, the market first leaked the news that Tron intends to seek listing in the United States . Just when people were wondering how a subject that has already issued a coin and whose structure is more coin-centric could go through the compliance listing process, various sources of information successively disclosed more details.
The Financial Times reported that Tron will go public through a reverse merger with SRM Entertainment (stock code: SRM), which is already listed on the Nasdaq. The transaction is managed by Dominari Securities, an investment bank headquartered in New York and associated with Trumps eldest son Donald Trump Jr. and Trumps second son Eric Trump.
Shortly thereafter, SRM Entertainment officially announced that it had signed a $100 million equity investment agreement with a private investor, and SRM Entertainment will use this money to launch a treasury strategy around TRX (similar to Strategys BTC treasury strategy). Investment bank Dominari Securities will serve as the exclusive placement agent for this issuance.
Under the terms of the agreement, SRM Entertainment will issue a total of 100,000 Series B Convertible Preferred Shares (convertible into 200 million common shares at a conversion price of $0.50 per share) and 220 million warrants (exercisable for a total of 220 million common shares at an exercise price of $0.50 per share). If all the warrants are exercised, the total value of this strategic investment will reach $210 million , helping SRM Entertainment build a sizable TRX treasury strategy.
In addition, SRM Entertainment also announced that Tron founder Justin Sun has been appointed as a consultant to the company, and the company also plans to change its name to Tron Inc - this also confirms the rumors of reverse merger listing that have been circulating in the market.
After the transaction was officially announced, the price of TRX and the stock price of SRM were both boosted. According to the OKX market, after the transaction was officially announced, TRX surged to 0.295 USDT in the short term, and was temporarily reported at 0.279 USDT as of 22:35 on the evening of the 16th, with a 24-hour increase of 2.5%; according to the US stock market, SRM soared after opening, and was temporarily reported at 4.935 USD as of 22:35 on the evening of the 16th, with an increase of 241.13%.
Sun Ges Road to Counterattack the Mainstream
It is hard to imagine that just two years ago, Justin Sun encountered regulatory sniping from the SEC. Today, Sun has not only become an advisor to the Trump family project World Liberty Financial (WLFI), but also the big brother of the TRUMP theme dinner. Now, Tron is following in the footsteps of Circle and is about to become another cryptocurrency native project listed on the U.S. stock market.
On March 22, 2023, the SEC, which was then headed by Crypto Voldemort Gary Gensler, announced a lawsuit against Justin Sun and his three companies, Tron, BitTorrent, and Rainberry, accusing them of selling unregistered securities and manipulating the market through a large number of wash trades. In the more than a year since then, although the case has not made any substantial progress at the legal level, it has clearly exposed the operations of Justin Sun and his related projects in the United States and some other jurisdictions.
However, everything changed dramatically with Trumps victory in November 2024. Under Trumps policy of embracing crypto, the regulatory cloud surrounding cryptocurrencies quickly dissipated, and Trump himself and his family launched multiple crypto projects such as TRUMP and WLFI one after another - and Sun Yuchen, who has always had a keen sense of smell, also seized the opportunity to change his fate.
In November 2024, the Trump family project WLFI announced that Justin Sun would join the project as a consultant . The day before, Justin Sun had just announced that he had invested $30 million in WLFI. Then in January 2025, Justin Sun announced an additional investment, increasing the total investment to $75 million. In return, WLFI has also included TRX in its investment portfolio and has made several open purchases.
In February 2025, the SEC (Gary Gensler had stepped down and the pro-crypto Paul Atkins was about to take office), the Tron Foundation and Justin Sun filed a joint motion, requesting a federal judge to suspend the lawsuit against Justin Sun and Tron in order to seek a possible settlement.
In March 2025, Justin Sun appeared on the cover of the English version of Forbes . The title introduced Justin Sun as the crypto billionaire who helped the Trump family earn $400 million.
In April 2025, Justin Sun and Trump’s second son Eric Trump attended the Token 2049 Summit together , further strengthening the cooperative relationship between the two parties. It is worth mentioning that it is rumored that Justin Sun now only stays in Trump series hotels when traveling...
Also in April, TRX ETF first appeared in market discussions - asset management company Canary announced that it had submitted application documents for the pledged version of TRX ETF to regulators.
In May 2025, a TRUMP themed dinner was held at the Trump National Golf Club outside Washington, DC. The top 220 TRUMP token holders by weighted holdings were invited to the dinner. Justin Sun attended as the big brother of the top holder and received a limited edition Trump Tourbillon watch presented by Trump himself.
In June 2025, just as people were gradually becoming desensitized to the flirting between Justin Sun and the Trump family, Justin Sun once again dropped the bombshell that Tron will be listed on Nasdaq.
Looking back at the tremendous changes surrounding Justin Sun and Tron over the past few years and the past six months, and thinking about the metaphorical changes in the times behind them, it is hard not to marvel at the changing times.
In the past, Sun Yuchen often appeared in public as an ambassador of a small country, and people joked that Sun Yuchen had more strange titles than the Dragon Mother in Game of Thrones. Now, he has really stood at the center of the stage of the US capital market on his own.
Whether we criticize verbally or write books, we cannot ignore the financial myth of this new absurd era - the great Gates-Sun.
