Tron, the blockchain founded by billionaire Justin Sun, is looking to stay public in the United States, the Financial Times reported Monday.
Tron will publish via a reverse merger with NASDAQ -noted SRM Entertainment, says the report, referring to people who are familiar with the case. The deal is administered by Dominari Securities, an investment company with ties to the Trump family, the report added.
The new company will buy and keep Trons TRX
Similar to Michael Saylor-led Bitcoin Holding Firm Strategy (MSTR). Eric Trump, the son of US President Donald Trump, will take a role in the new company called Tron Inc. Tron will add $ 210 million worth of tokens in the new company.
TRX ran almost 4% to 28 cents after the FT report was published. Shares of SRM Entertainment sprang nearly 250% to $ 5.1 in trading before the market.
The move comes as a number of cryptic companies have been published in the United States, including StableCOin Giant Circle, whose shares have jumped more than triple from its list of listing of $ 31.
Read more: Circle Soars 167% after IPO and close for $ 83 in the first trading day
Sun is a closely affiliated with the Trump family and participated in the presidential dinner hosting the top holders of Trump Memecoin. He also owns $ 75 million value of tokens from the World Liberty Financial, the defi vehicle supported by the Trump family.
After Trump joined, the US Securities and Exchange Commission (SEC) held a case of civilian fraud against the crypto billionaire.
Sun spoke to Coindesk after the presidential dinner and supported Trump and his pro-crrypto agenda.
“All haters have to really be aware,” Sun Coindesk told, describing Trump’s support for crypto as one of the president’s best decisions. “Positive things happen in the industry.”
Tron did not immediately respond to Coindesk’s request for comment.
Read more: Justin Sun defends Trump after the presidential dinner, says ‘Memecoins have profits’
Update (June 16, 13:13 UTC): Adds background on throne and Justin Sun. Adding additional details.