Weike Sun, known in the crypto industry as the father of entrepreneur Justin Sun, has made a significant investment in SRM Entertainment, which is set to change its name to Tron Inc. The deal was announced in an SEC filing on Monday.
Details of the Deal and Investment Structure
The $100 million investment was structured as a private investment in public equity (PIPE). Weike Sun's investment vehicle purchased Series B preferred shares, convertible into 200 million common shares, along with 220 million warrants at a $0.50 strike price. Payment was made entirely in TRX, the native token of the Tron blockchain.
Weike Sun's Role and His Team
Following the deal, Weike Sun was appointed chairman of SRM's board. Two others with ties to the Tron ecosystem were also included on the board: Zhihong 'Steve' Liu, a strategic adviser to Tron DAO and CEO of Techteryx, and Zi Yang, an executive at Tronscan. However, Liu stated that Tron DAO has no formal role in the transaction.
Future Plans and Strategic Goals of the Company
Reports from the *Financial Times* indicate that the rebranded company plans to adopt a strategy similar to MicroStrategy's Bitcoin playbook, building a treasury of up to $210 million in TRX tokens. The deal was arranged by Dominari Securities, a brokerage affiliated with Dominari Holdings.
Thus, Weike Sun's investment in SRM Entertainment and the future plans for rebranding the company to Tron Inc. highlight Sun's ongoing influence in the crypto space and his commitment to developing the Tron ecosystem.
