Latest news with #SRMEntertainment
The Verge
3 hours ago
- Business
- The Verge
Justin Sun takes crypto company public — reportedly with help from Eric Trump
Last year, Justin Sun was facing a federal investigation into his crypto empire, to the point that he avoided entering the US. Now, his company is going to be publicly listed on the American stock markets – and reportedly with the assistance of Eric Trump. Tron, Sun's digital assets platform, announced on Monday that it plans to go public in the U.S. via a reverse merger with SRM Entertainment, a Nasdaq-listed company that previously designed merchandise for theme parks before pivoting to crypto. At the same time, Trump's sons announced the launch of Trump Mobile, an MVNO that will also sell a $499 gold Android phone. On the company's site, SRM states that it has worked with Walt Disney World, SeaWorld, and Sesame Place. SRM says it has raised $100 million from a private investor to buy the Tron tokens (TRX), with plans to issue shares and warrants valuing the deal at up to $210 million. The deal was brokered by Dominari Securities, a New York-based boutique investment bank operating out of Trump Tower, whose board includes both Donald Trump Jr. and Eric Trump, the president's sons. Shortly after Trump's election, Sun became an advisor and investor in World Liberty Financial, the Trump family's crypto company, and promptly bought $75 million of their memecoin, $TRUMP, when the token launched in January. By the end of February, the SEC had officially paused its investigation into Sun's businesses. Sun continued to invest in Trumpworld entities, both in crypto and elsewhere: in May, he won a private dinner with the president by buying $16 million worth of $TRUMP in a contest.
CTV News
7 hours ago
- Business
- CTV News
Crypto platform Tron strikes deal with Nasdaq-listed company
Justin Sun's crypto platform, Tron, has reached a deal with Nasdaq-listed company SRM Entertainment under which it will buy tokens, be renamed Tron Inc and have Sun join the company as an adviser, SRM said on Monday. SRM's statement did not name the private investor whose US$100 million equity investment - valued at US$210 million if warrants are exercised - would be used to purchase Tron's cryptocurrency. The Financial Times reported that the funds would be injected by Tron itself and that Tron was set to go public in the U.S. via a reverse merger with SRM. Spokespersons for Tron and SRM did not respond to requests for comment on whether the US$100 million in funds were going to come from Tron itself. SRM's statement did not say how Tron would be run in the future or whether the ownership would change as a result of the deal. The SRM deal was organized by New York-based boutique investment bank Dominari Securities, the statement said. Two of U.S. President Donald Trump's sons, Don Jr and Eric, joined the board of Dominari Holdings, which owns Dominari Securities, in February, the company said at the time. Dominari Securities did not immediately respond to a request for comment. Chinese-born Sun, the founder of the Tron blockchain network, was sued by the U.S. Securities and Exchange Commission in 2023. The billionaire has close ties to Trump's World Liberty Financial crypto venture. This year he increased his investment in the project to US$75 million. Sun's Tron network has also listed USD1, a stablecoin issued by World Liberty. Those purchases, involving an entity where Trump benefits financially, have raised concerns among political opponents and ethics experts about potential conflicts of interest. The president has said he put his business interests in a trust managed by his children to avoid conflicts of interest. A civil fraud lawsuit by the U.S. Securities and Exchange Commission against Sun has been put on hold. SRM also designs and sells custom merchandise such as toys and souvenirs. Its shares jumped more than 300 per cent on Monday, reaching as high as US$6.70, compared with Friday's close of US$1.45. --- Reporting by Ateev Bhandari in Bengaluru and Elizabeth Howcroft in Paris; Editing by Shailesh Kuber and Matthew Lewis.
CNA
7 hours ago
- Business
- CNA
Crypto platform Tron strikes deal with Nasdaq-listed company
Justin Sun's crypto platform, Tron, has reached a deal with Nasdaq-listed company SRM Entertainment under which it will buy tokens, be renamed Tron Inc and have Sun join the company as an adviser, SRM said on Monday. SRM's statement did not name the private investor whose $100 million equity investment - valued at $210 million if warrants are exercised - would be used to purchase Tron's cryptocurrency. The Financial Times reported that the funds would be injected by Tron itself and that Tron was set to go public in the U.S. via a reverse merger with SRM. Spokespersons for Tron and SRM did not respond to requests for comment on whether the $100 million in funds were going to come from Tron itself. SRM's statement did not say how Tron would be run in the future or whether the ownership would change as a result of the deal. The SRM deal was organized by New York-based boutique investment bank Dominari Securities, the statement said. Two of U.S. President Donald Trump's sons, Don Jr and Eric, joined the board of Dominari Holdings, which owns Dominari Securities, in February, the company said at the time. Dominari Securities did not immediately respond to a request for comment. Chinese-born Sun, the founder of the Tron blockchain network, was sued by the U.S. Securities and Exchange Commission in 2023. The billionaire has close ties to Trump's World Liberty Financial crypto venture. This year he increased his investment in the project to $75 million. Sun's Tron network has also listed USD1, a stablecoin issued by World Liberty. Those purchases, involving an entity where Trump benefits financially, have raised concerns among political opponents and ethics experts about potential conflicts of interest. The president has said he put his business interests in a trust managed by his children to avoid conflicts of interest. A civil fraud lawsuit by the U.S. Securities and Exchange Commission against Sun has been put on hold. SRM also designs and sells custom merchandise such as toys and souvenirs. Its shares jumped more than 300 per cent on Monday, reaching as high as $6.70, compared with Friday's close of $1.45.
Wall Street Journal
9 hours ago
- Business
- Wall Street Journal
Crypto Tycoon Justin Sun's Tron Group to Go Public in U.S. via Reverse Merger
Crypto billionaire Justin Sun's Tron group will go public through a reverse merger with a small Nasdaq-listed toy company, the latest move by the Chinese-born tycoon to bring his digital-currency empire to the U.S. SRM Entertainment SRM 485.52%increase; green up pointing triangle said Monday that it would change its name to Tron and that Sun had been named an adviser to the company. SRM also said that it had signed a securities purchase agreement for a $100 million investment to be used to acquire Tron's TRX digital tokens.
Bloomberg
11 hours ago
- Business
- Bloomberg
Trump Crypto Ally Justin Sun Poised to Take Tron Public Through Reverse Merger
Justin Sun, the China-born crypto entrepreneur with ties to the Trump family who saw a federal investigation of his business interests paused earlier this year, is set to take his Tron blockchain platform public in the US through a reverse merger. SRM Entertainment Inc., a maker of toys and related projects, said in a statement Monday that it entered into a securities purchase agreement with a 'private investor' for a $100 million equity investment. The name of Winter Park, Florida-based SRM will be changed to Tron Inc. and Sun will serve as an adviser. SRM said the investor is an affiliate of Sun, while Sun confirmed his involvement to Bloomberg News.
