Reverse Merger and Trump Family Ties
According to FT, Tron will merge with SRM Entertainment in a deal arranged by investment bank Dominari Securities, a firm reportedly connected to Donald Trump's sons. The new entity, Tron Inc, will receive up to $210 million in Tron (TRX) tokens, with Eric Trump potentially taking an executive role.
The business model will echo the playbook of Strategy (formerly MicroStrategy), focusing on the accumulation of digital assets. The timing underscores Justin Sun’s increasingly close relationship with the Trump family, FT notes.
SEC Investigation Paused, New Opportunities Emerge
Previously, Sun invested $75 million in World Liberty Financial, a project that reportedly netted Trump $57 million and issued the USD1 stablecoin on Tron’s blockchain. Sun was also seen at Trump’s golf club events.
The SEC had filed charges against Sun and his firms in 2023, alleging securities violations and market manipulation. In February 2025, both sides filed a joint motion to pause the case, paving the way for settlement talks. Under Trump’s second term, regulatory priorities shifted, resulting in the SEC dropping actions against several crypto industry figures.
Market Reacts: SRM Entertainment Shares Soar
Investors responded enthusiastically: SRM Entertainment’s shares surged 269% on the merger news, driving its market capitalization up to $25 million (TradingView). Meanwhile, Tron (TRX) posted a modest gain of 1.6%, and a monthly advance of 2.5%. As of writing, TRX is trading at $0.278.
Dominari Securities’ Strategic Bets
Dominari Securities, headquartered in Trump Tower, has deepened its ties to Trump’s circle and counts major projects by Elon Musk—including SpaceX and xAI—among its clients. Analysts note the bank’s strong focus on technology-driven ventures.
What’s Next?
As of publication, neither Justin Sun, the Tron team, nor SRM Entertainment have commented publicly on the RTO process. Notably, Tron recently surpassed 10 billion transactions on its network.