Tron, a blockchain founded by billionaire Justin Sun, hopes to be public in the United States The Financial Times reported on Monday.
Tron will reverse merger with Nasdaq-listed SRM Entertainment, citing people familiar with the matter. The report added that the deal was managed by Dominari Securities, an investment firm that has ties to the Trump family.
New company to buy and hold Tron’s TRX
similar to the Bitcoin Holding Enterprise Strategy (MSTR) led by Michael Saylor. Eric Trump, son of U.S. President Donald Trump, will play a role in the new company called Tron Inc. Tron will add $210 million tokens to the new company.
TRX jumped nearly 4% to 28 cents after the FT report was released. SRM Entertainment shares jumped nearly 250% to $5.1 in former market transactions.
The move comes as a large number of cryptocurrency companies are being released in the United States, including Stablecoin Giant circlethe stock price of its stock has more than tripled from the initial public offering price.
Read more: Circle Soars soared 167% after IPO, closing at $83 on the first day of trading
Sun is a close member of the Trump family and attended a presidential dinner for top holders of Trump Memecoin. He also owns $75 million tokens from the Trump family-backed Defi Vehicle World Liberty Financial.
After Trump took office, the U.S. Securities and Exchange Commission (SEC) suspended civil fraud cases against cryptocurrency billionaires.
sun Talked with Coindesk After the presidential dinner, support Trump and his pro-Clateto agenda.
“All haters need real attention,” Sun told Coindesk, describing Trump’s support for cryptocurrencies as one of the president’s best decisions. Something positive happened in the industry. ”
Tron did not immediately respond to Coindesk’s request for comment.
Read more: Justin Sun defends Trump after presidential dinner, saying “memes are valuable”
Updated (Jun.16, 13:13 UTC): Added background on Tron and Justin Sun. Additional details have been added.
