Justin Sun's TRON has announced plans to go public through a reverse merger with SRM Entertainment. Eric Trump may hold a leadership position in the new firm.
Plans for TRON to Go Public
According to the Financial Times, TRON plans to go public through a reverse merger with Nasdaq-listed SRM Entertainment. The deal was facilitated by Dominari Securities. Under this agreement, SRM will change its name to Tron Inc. and initiate a treasury strategy for the TRON token (TRX) with a capital investment of $100 million.
TRON Treasury Strategy
SRM Entertainment will issue 100,000 shares of its convertible preferred stock, which can be converted into 200 million shares of common stock at a conversion price of $0.50 per share. A strategic investment valued at $210 million will enable SRM to build a significant TRON treasury strategy aimed at creating long-term value for shareholders. Justin Sun emphasized that the platform aims to become the protocol of choice for blockchain settlements.
TRX Price Dynamics
After the announcement, TRX price rose by 3%, reaching $0.2812. The trading volume over the last 24 hours increased by 214%, indicating high interest among traders. There has also been a 27% rise in open interest for TRX futures, showcasing a surge in demand for TRON tokens.
The deal between TRON and SRM Entertainment suggests substantial growth potential for the company, opening new opportunities for investors and users of the platform. Eric Trump is expected to play a crucial role in the management of the new firm.
