Crypto platform Tron has struck a deal with SRM Entertainment (SRM, Financials), a Nasdaq-listed company, under which it will purchase tokens, change SRM's name to Tron Inc, and bring Tron founder Justin Sun on board as an adviser, SRM said Monday.
The statement did not clarify whether Tron itself is the unnamed private investor funding a $100 million equity deal — a figure that could rise to $210 million with warrants. The Financial Times reported that Tron is behind the investment and that the company plans to go public in the U.S. through a reverse merger with SRM.
The deal was organized by Dominari Securities, a New York-based investment bank. Two of President Donald Trump's sons — Don Jr. and Eric Trump — joined the board of Dominari Holdings, which owns the bank, earlier this year.
Tron and SRM did not comment on the funding source or management structure going forward.
Justin Sun, who founded the Tron blockchain, was sued by the U.S. Securities and Exchange Commission in 2023; that civil fraud case is currently on hold. Sun has invested $75 million into Trump's World Liberty Financial crypto venture, whose stablecoin USD1 is already listed on Tron's blockchain.
SRM, which also sells licensed toys and souvenirs, saw its shares rise more than 300% Monday, jumping from $1.45 to a peak of $6.70.
