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Justin Sun’s tron looks public, developing an approach like TRX Holding Firm: FT

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Tron, the blockchain established by billionaire Justin Sun, is looking to go public in the US, Financial Times reported on Monday.

Tron is going public through a reverse merger with the listed SRM entertainment of NASDAQ, the report said, citing people familiar with the matter. The deal was managed by Dominari Securities, an investment firm with the Trump family, added the report.

The new firm will buy and hold Tron’s TRX

Similar to Michael Saylor led by Bitcoin Holding Firm Strategy (MSTR). Eric Trump, son of US president Donald Trump, plays a role in a new company called Tron Inc. Tron will add $ 210 million worth of tokens to the new company.

The TRX jumped nearly 4% to 28 cents after the FT report was published. SRM entertainment shares jumped nearly 250% to $ 5.1 in pre-market trading.

The move came as a killing of crypto companies lost publicly in the US, including Stablecoin Giant Circlethat the shares jumped more than three-fold from the IPO price of $ 31.

The Sun is a close affiliate of the Trump family and attends the presidential dinner that has been posted for Trump’s leading holders. He also owns $ 75 million worth of tokens from the World Liberty Financial, the DEFI vehicle supported by the Trump family.

After Trump’s office, the US Securities and Exchange Commission (SEC) silenced a case of civil fraud against billions of crypto.

Day spoke to CoinDesk After the President’s dinner, supporting Trump and his pro-crypto agenda.

“All the haters need to really pay attention,” said Sun CoinDesk, who describes Trump’s support for Crypto as one of the President’s best decisions. “There are positive things going on in the industry.”

Tron did not respond immediately to CoinDesk’s request for comment.

Update (June 16, 13:13 UTC): Adds background to Tron, and Justin Sun. Adds further details.

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