Justin Sun Triggers 647% Stock Rally As Billionaire Reportedly Gearing Up to Take Tron Public With IPO
Billionaire Justin Sun is reportedly making moves to take Tron public following the conclusion of US regulators’ investigation into him and his group.
According to a report from Financial Times, Tron is set to go public through a reverse merger with SRM Entertainment, which is managed by Dominari Securities, a boutique investment bank based in New York with ties to President Trump’s sons, Donald Jr. and Eric.
The new venture, to be named “Tron Inc.,” will adopt a treasury strategy similar to Michael Saylor’s firm Strategy, but instead of accumulating Bitcoin (BTC), it will focus on accumulating TRX, the native token of the Tron network. Eric Trump is expected to play a significant role in the company, and the deal will also involve a $210 million injection of crypto assets.
Additionally, SRM Entertainment announced that it has entered into a Securities Purchase Agreement with an unnamed private investor for a $100,000,000 equity investment. This investment will be used by SRM to implement a TRON token treasury strategy, with Sun serving as an advisor to the company.
Following this news, shares of SRM Entertainment (SRM) saw a dramatic increase of up to 647% early on Monday, and as of the time of writing, they are currently up by 453% for the day.
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Image credit: Midjourney.
