Tron Sets Sights on Wall Street Through Reverse Merger

Justin Sun’s Tron network is preparing to enter U.S. public markets by merging with Nasdaq-listed SRM Entertainment, sidestepping a conventional IPO.

The deal values the combined entity at roughly $210 million in TRX, Sun’s native token, and will create a “Strategy-style” holding vehicle dedicated to expanding Tron’s ecosystem.

Markets reacted quickly: TRX jumped nearly 5 percent to about $0.28, briefly leapfrogging Dogecoin for the eighth-largest spot among cryptocurrencies, with both hovering near a $26 billion market cap.

The move comes less than two years after the SEC sued Sun for alleged market manipulation—charges the agency quietly dropped in February amid a broader pullback from aggressive crypto enforcement.

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Going public via reverse merger allows Tron to gain a Nasdaq listing without the regulatory gauntlet of a formal IPO.

If completed, the transaction would mark one of the most prominent U.S. listings by a major blockchain project and provide a fresh war chest for Justin Sun’s ongoing push into mainstream finance.

Alexander Stefanov

With over 8 years of experience in the cryptocurrency and blockchain industry, Alexander is a seasoned content creator and market analyst dedicated to making digital assets more accessible and understandable. He specializes in breaking down complex crypto trends, analyzing market movements, and producing insightful content aimed at educating both newcomers and seasoned investors. Alexander has built a reputation for delivering timely and accurate analysis, while keeping a close eye on regulatory developments, emerging technologies, and macroeconomic trends that shape the future of digital finance. His work is rooted in a passion for innovation and a firm belief that widespread education is key to accelerating global crypto adoption.