Tron Inc. to Go Public via Nasdaq Reverse Merger, Anchored by $210M TRX Treasury Model

Political Ties, Market Reactions, and the Rise of a Token Treasury Powerhouse

Tron is stepping into the U.S. public markets with a bold strategy: a reverse merger with Nasdaq-listed SRM Entertainment that will result in a rebranded entity, Tron Inc., positioned to mirror MicroStrategy’s Bitcoin treasury model—only with TRX. Confirmed on June 16, the deal circumvents a traditional IPO and enables Tron to enter the capital markets directly, leaning on SRM’s public listing as a launchpad. Once finalized, Tron Inc. will emerge as a public-facing vehicle structured around a $210 million TRX treasury strategy, designed to both boost coin market cap and potentially introduce TRX-based dividends for shareholders.

The $210 million structure reflects a layered investment vehicle. A private investor committed $100 million through a Securities Purchase Agreement, receiving 100,000 shares of Series B Convertible Preferred Stock—convertible into 200 million common shares at a fixed $0.50 conversion price. Accompanying the equity is a tranche of 220 million warrants, also exercisable at $0.50, which when fully executed, complete the $210 million figure. 

The deal also includes a $5 million PIPE round, comprising 5,000 Series A Convertible Preferred shares convertible into 10 million common shares. All conversion terms imply a coin price valuation closely aligned with current TRX levels, reinforcing the crypto price index's relevance in equity pricing. SRM Entertainment’s prior market cap stood at just $25 million, placing the incoming investment at nearly 8.4x that size—underscoring the transformative nature of the transaction.

Beyond the capital mechanics, the deal draws political gravity. Dominari Securities, a New York-based investment bank headquartered in Trump Tower, orchestrated the merger. The firm, which saw a 580% stock surge earlier this year after rumors of adding members of the Trump family to its advisory board, has become a central figure in the arrangement. 

Eric Trump, reportedly set to assume a leadership position at Tron Inc., later clarified on June 17 via X: “I’m the biggest fan of Tron and love [Justin Sun] – he is a great friend and an icon in the crypto space. I don’t have public involvement in this company.” 

Despite that denial, the Trump connection has stirred attention, amplified by Justin Sun’s history of proximity to Trump-aligned initiatives. Sun has attended a banquet at Trump National Golf Club, holds a top-220 position in the TRUMP meme coin holder rankings, and invested $75 million in the Trump-backed World Liberty Financial project—a venture that reportedly returned $57 million to the former president.

Market reaction to the announcement was swift. TRX climbed ~5% following the news before giving up some gains, now sitting on $0.2803. Trading volume spiked past $1.2 billion in 24 hours, with TRX’s market cap soaring to $26.5 billion, placing it among the top 10 largest crypto assets by market cap. The increase reflects renewed investor interest not only in TRX but in token-based public treasury models as a whole. With the crypto price index climbing on the back of TRX’s momentum, this move signals broader institutional interest in integrating digital assets with equity frameworks.

Justin Sun, serving as an advisor to the restructured Tron Inc., highlighted the project’s strategic focus on stablecoins and global payments infrastructure. According to Sun, TRON already supports more than 310 million user accounts globally, processing over $20 billion in daily on-chain transactions year-to-date. The rebranding is meant to align Tron Inc.’s operational identity with its mission of on-chain settlement and financial decentralization at a global scale.

SRM Entertainment CEO Rich Miller emphasized the forward-looking nature of the move, characterizing it as “investing in the future of the world’s next-generation financial infrastructure.” The firm remains confident it will satisfy Nasdaq’s $1.00 minimum bid requirement before its October 20 deadline, following the 180-day extension granted by the exchange. The transition to Tron Inc. repositions the entity not only as a blockchain infrastructure play but as a pioneering case of merging token-based treasury strategies with legacy market structures.

As one of the largest token-treasury public deals to date, the transaction sets a precedent for crypto’s assimilation into equity markets. The planned staking and dividend structure tied to TRX aims to create a yield-generating model for shareholders, turning the crypto price into a source of tangible financial return—an approach that could redefine how public companies approach digital asset management going forward.

This article has been refined and enhanced by ChatGPT.