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.
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.
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