The agreement was announced less than four months after the US Securities and Exchange Commission and TRON founder Justin Sun jointly asked a federal court to pause the SEC’s civil enforcement case while the parties explored a possible resolution.
SRM Launches a TRX Treasury Strategy
According to the Financial Times, TRON was expected to enter the US public market through a reverse merger with SRM Entertainment, a small merchandise company already trading on Nasdaq under the ticker SRM.
SRM’s official announcement focused on the financial structure of the deal. The company entered into a securities purchase agreement for a $100 million equity investment, which it planned to use to establish a corporate treasury built around TRON’s native token, TRX.
The transaction could reach a total value of $210 million if all associated warrants were exercised. This did not mean that SRM would immediately receive $210 million in TRX. The initial commitment was $100 million, while the remaining potential value depended on the future exercise of the warrants.
Justin Sun was also appointed as an adviser to SRM. The company said it intended to follow a digital-asset treasury model similar to the strategy popularized by Strategy, formerly MicroStrategy, which raised capital to accumulate Bitcoin.
FORECK.INFO covered the official structure of the transaction in more detail in its report on SRM Entertainment’s $210 million TRX treasury plan.
Trump Family Links Draw Attention
Dominari Securities acted as the placement agent for the transaction. The New York investment firm operates from Trump Tower, while Donald Trump Jr. and Eric Trump had joined the advisory board of its parent company, Dominari Holdings.
The Financial Times reported that Eric Trump could take a role at the planned company, which was expected to be renamed Tron Inc. However, following publication of the report, Eric Trump said on X that he had no “public involvement” in the company. He nevertheless described Justin Sun as a friend and praised his work in the crypto industry.
Sun had already developed financial ties to the Trump family’s crypto ventures. By June 2025, he had invested a total of $75 million in World Liberty Financial. The Trump-linked project had also announced plans to bring its USD1 stablecoin to the TRON blockchain.
These connections attracted additional scrutiny around the SRM transaction, but they did not establish that members of the Trump family held management positions in the new company.
SEC Case Was Paused, Not Dismissed
The SEC filed a civil lawsuit against Sun and several related companies in March 2023. The regulator alleged that TRX and BTT had been offered and sold as unregistered securities and accused the defendants of manipulating the secondary market for TRX through wash trading.
Those claims remained allegations and had not been proven in court. In February 2025, the SEC and the defendants jointly requested a temporary stay of the litigation to allow discussions over a possible resolution.
The case had therefore been paused rather than dismissed. No final settlement had been announced when the SRM transaction became public on June 16.
SRM Shares Surge on the Announcement
SRM Entertainment shares rose sharply after reports of the TRON deal appeared. At the time of writing, the stock was up approximately 269%, although the price remained highly volatile throughout the session.
The rally reflected investor interest in SRM’s planned shift from branded merchandise toward a crypto treasury model. It did not necessarily represent a corresponding improvement in the company’s underlying operating business.
TRX posted a more modest move. As of June 16, the token was trading near $0.278, up approximately 1.6% over the previous 24 hours and around 2.5% over the month.
What Comes Next?
SRM had publicly confirmed the securities purchase agreement and the appointment of Justin Sun as an adviser. However, several elements of the broader transformation still depended on the transaction closing, the receipt of TRX and the potential exercise of the warrants.
The company also planned to introduce a dividend policy after implementing a TRX staking program. Details of that policy, including the timing and size of any distributions, had not yet been finalized.
The deal gave investors exposure to TRX through an existing Nasdaq-listed company, but it also introduced substantial risks. SRM’s future valuation would become increasingly dependent on the price of TRX, the execution of its treasury strategy and the outcome of the continuing SEC case involving Sun and his companies.
