Last year, Justin SuncryptocurrencyEmpire faced a federal investigation that denied him access to U.S. capital markets, but times have changed, and now his company is on the verge of listing on the U.S. stock market — reportedly with the help of Eric Trump. Justin Sun’s digital asset platform Tronannounced on monday, plans to go public in the United States through a reverse merger with Nasdaq-listed SRM Entertainment.
SRM Entertainment previously designed peripheral products for theme parks, and then turned to the cryptocurrency field. Meanwhile, Trump's sons announced the launch of virtual operator Trump Mobile, which will also sell a $499 gold Android phone.
SRM says on its company website that it has partnered with Walt Disney World, SeaWorld and Sesame Street Park. SRM said it has raised $100 million from a private investor to purchase the TRON token (TRX) and plans to issue shares and warrants at a valuation of up to $210 million.
The deal was brokered by Dominari Securities, a New York-based boutique investment bank that operates out of Trump Tower and whose board of directors includes the president's sons, Donald Trump and Eric Trump. Soon after Trump was elected, Sun became an advisor and investor in the Trump family’s cryptocurrency company, World Liberty Financial, and immediately purchased $75 million worth of memecoin $TRUMP when the coin launched in January.
By the end of February, the U.S. Securities and Exchange Commission (SEC) had officially suspended its investigation into Sun’s business. Sun continues to invest in Trump World entities, including cryptocurrencies and other areas: In May, he bought $16 million worth of $TRUMP in a contest that won him a private dinner with the president.
Eric Trump, who oversees private sector asset management for the Trump Organization, is expected to take a role at the company, which will be renamed Tron, Inc., the Financial Times reported, citing an unnamed source.
