Breaking: Justin Sun’s Tron Group To Go Public In The US
Highlights
- Tron Group is poised to go public in the US through a reverse merger.
- A new entity will be formed with TRX as its primary reserve asset.
- The latest development adds another knot in the ties between Justin Sun and the Trump family.
- Eric Trump hits back at claims that he will assume a leadership role in the company.
The Tron Group is eyeing a public listing in the near future, barely four months after the US securities watchdog paused its case against its billionaire founder, Justin Sun. Upon going public, the new entity will launch a Tron Reserve. Contrary to the report, Eric Trump has clarified that he will have no public involvement in the company.
Tron Group To Become A Publicly Listed Company In The US
According to a Financial Times report, Justin Sun’s Tron Group is reportedly inching toward going public in the US after a fiasco with US authorities. Sources with knowledge of the matter say Tron will go public through a reverse merger with SRM Entertainment, bypassing the IPO process.
The merger with the Nasdaq-listed SRM Entertainment will result in a corporate rebranding for Tron Group. Upon listing, the company will go by “Tron Inc.,” with sources stating that the reverse merger will be facilitated by the Trump-linked boutique investment bank Dominari Securities.
Going forward, the company will mirror Strategy’s steady cryptocurrency purchases, buying and holding Tron tokens as a primary reserve asset for its treasuries. Sources say Tron Inc. will launch its reserve operations with $210 million worth of token assets.
While the FT article states that Eric Trump will take on a leadership role in the company, the World Liberty Financial executive clarified that he will have no public involvement in Tron Inc. The plans to go public come amid Circle’s successful IPO, with Gemini filing an S-1 with the SEC to become publicly listed.
Justin Sun Pursues Stronger Ties With Trump
The Tron founder is strengthening his ties with the Trump family with his latest moves, drawing the ire of critics. After President Trump took office, the US SEC paused its investigation against Justin Sun and Tron Group, citing a change in regulatory stance.
While parties are exploring a potential settlement, Justin Sun attended the Trump memecoin dinner in May. With backing from Sun and a bevy of foreign investors, the TRUMP memecoin spiked by 3,000% in less than 20 hours.
Previously, Sun and the Tron Group injected $75 million into the Trump-backed World Liberty Financial project to the consternation of critics. WLFI has since purchased a boatload of TRX tokens and has begun minting its USDD1 stablecoin on the Tron blockchain.
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