TRON plans to go public through a backdoor listing with SRM Entertainment, Eric Trump expected to join management

According to people familiar with the matter, Tron, a world-renowned blockchain platform, is planning to go public through a reverse merger with Nasdaq-listed SRM Entertainment. The transaction will be led by Dominari Securities, a boutique investment bank based in New York and associated with Donald Trump Jr. and Eric Trump.

The transaction is expected to lead to the establishment of a new company called Tron Inc. It is reported that Tron will inject up to $210 million in TRX token assets into the new entity. Relevant people said that the company will adopt a strategy similar to MicroStrategy to buy and hold blockchain native assets as its main asset-liability structure. At the same time, Eric Trump is expected to hold a senior position in the new company, further highlighting the Trump family's deep involvement in the digital asset market.

This reverse merger and strategic layout comes at a time when the US crypto market is ushering in a new round of policy-friendly cycle due to President Trump's re-election. As a staunch supporter of the crypto industry, Trump has publicly stated many times during his term that he hopes the United States will take a more relaxed and innovation-promoting regulatory stance on crypto assets.

It is worth noting that Justin Sun, the founder of Tron, was accused by the U.S. Securities and Exchange Commission (SEC) in 2023 that he and his three companies were suspected of issuing unregistered securities and market manipulation. In February 2025, after the Trump administration released positive signals, the SEC and Justin Sun jointly submitted a motion to the court to suspend the litigation process in order to seek the possibility of a settlement.

Analysts pointed out that Tron's move is not only an important signal that the blockchain platform is heading towards the capital market, but also highlights the profound change in the current U.S. political environment towards crypto assets. With the easing of policy risks and the recovery of market enthusiasm, more crypto-related companies are expected to enter the mainstream capital market through backdoor listings, SPACs, etc.

As a listed company for children's entertainment and licensed products, SRM Entertainment has been sluggish in revenue growth in recent years. This transaction may bring it new strategic direction and capital injection.

At present, the two parties have not disclosed more information on the completion time or specific terms of the transaction. If the transaction is successfully completed, Tron Inc. will become the first crypto-listed company directly participated by a member of the family of the current U.S. president, and its market performance and policy direction will attract much attention from the industry.