Tron merges SRM aiming for Nasdaq, Sun Yuchen's move is in the atmosphere.

The remarkable ‘Gate.io’, is forging ahead on the path to the mainstream Capital Market.

Written by: Azuma (@azuma_eth)

Sun Yuchen is making great strides in advancing into the mainstream Capital Market.

Tron Lists on the US Stock Market

On the evening of June 16th, Beijing time, the market first circulated news about “Tron planning to seek a listing in the United States.” Just as people were surprised at how an entity that has already issued tokens and has a structure leaning towards the crypto circle could navigate the compliance listing process, various sources subsequently revealed more details.

The Financial Times reported that Tron will go public through a reverse merger with SRM Entertainment, which is listed on NASDAQ (stock code: SRM). The deal is being orchestrated by Dominari Securities, an investment bank based in New York, which has ties to Donald Trump Jr. and Eric Trump, the sons of former President Donald Trump.

Shortly thereafter, SRM Entertainment officially announced that it has signed a $100 million stock investment agreement with a private investor. SRM Entertainment will use these funds to launch a treasury strategy centered around TRX (similar to the BTC treasury strategy of Strategy). Investment bank Dominari Securities will serve as the exclusive placement agent for this issuance.

According to the terms of the agreement, SRM Entertainment will issue a total of 100,000 shares of Class B convertible preferred stock (which can be converted into 200 million common shares at a conversion price of $0.50 per share), as well as 220 million warrants (which can be exercised to subscribe for a total of 220 million common shares at an exercise price of $0.50 per share) — this means that if all warrants are exercised, the total value of this strategic investment will reach $210 million, corresponding to a new issuance of 420 million shares. Compared to SRM’s current 17.24 million outstanding shares, the maximum dilution ratio could reach 23.36 times, and the original shareholders’ equity ratio will be diluted from 100% to approximately 3.94%.

In addition, SRM Entertainment announced that Tron founder Justin Sun has been appointed as a consultant for the company, which also plans to change its name to Tron Inc — this also confirms the previous market rumors of a “reverse merger listing.”

After the announcement of the trading, both the price of TRX and the stock price of SRM were boosted. According to OKX market data, after the trading announcement, TRX briefly surged to 0.295 USDT, and as of 22:35 on the evening of the 16th, it was reported at 0.279 USDT, with a 24-hour increase of 2.5%; U.S. stock market data showed that SRM soared after opening, and as of 23:55 on the evening of the 16th, it was reported at 9.08 dollars, with an increase of as much as 526.21%.

Brother Sun’s Path of “Counterattack to the Mainstream”

It is hard to imagine that just two years ago, Sun Yuchen was still under regulatory scrutiny from the SEC. Now, not only has he become an advisor to the Trump family’s project World Liberty Financial (WLFI), but he has also become the “top boss” of the “TRUMP” themed dinner. Currently, Tron is closely following in Circle’s footsteps and is about to become another native cryptocurrency project listed on the US stock market.

On March 22, 2023, the SEC, then led by ‘Crypto Voldemort’ Gary Gensler, announced a lawsuit against Sun Yuchen and his three companies Tron, BitTorrent, and Rainberry, accusing them of selling unregistered securities and manipulating the market, as well as engaging in a large number of wash trades to manipulate the market. For more than a year thereafter, although there was no substantial legal progress in this case, it has clearly affected the operations of Sun Yuchen and his related projects in the United States and other jurisdictions.

However, everything changed dramatically with Trump’s victory in November 2024. Under Trump’s policy of “embracing crypto,” the regulatory clouds surrounding cryptocurrencies quickly dissipated. Trump himself and his family launched several crypto projects such as TRUMP and WLFI — and the ever-shrewd Sun Yuchen seized this opportunity to “turn fate around.”

In November 2024, the Trump family project WLFI announced that Sun Yuchen would join the project as an advisor, and just a day earlier, Sun Yuchen had announced an investment of $30 million in WLFI. Subsequently, in January 2025, Sun Yuchen announced an additional investment, raising the total investment amount to $75 million. In return, WLFI has also included TRX in its investment portfolio and has made several direct purchases.

In February 2025, the SEC (at this time Gary Gensler has stepped down, and pro-crypto Paul Atkins is about to take office), the Tron Foundation, and Sun Yuchen submitted a joint motion requesting the federal judge to suspend the lawsuit against Sun Yuchen and Tron in order to seek a possible settlement.

In March 2025, Sun Yuchen appeared on the cover of the English edition of Forbes, with the title introducing him as “the crypto billionaire who helped the Trump family earn $400 million.”

In April 2025, Sun Yuchen attended the Token 2049 Summit with Donald Trump’s second son, Eric Trump, further strengthening the binding cooperative relationship between the two parties - it is worth mentioning that there are rumors that Sun Yuchen now only stays at Trump-branded hotels when he travels…

Similarly, in April, TRX ETF first appeared in market discussions — asset management company Canary announced that it has submitted a staking version of the TRX ETF application documents to the regulatory authorities.

In May 2025, the “TRUMP” themed dinner was held at the Trump National Golf Club in the suburbs of Washington, D.C. Token holders of TRUMP with the top 220 weighted holdings were invited to attend the dinner. Sun Yuchen attended as the number one holder, known as the “Top Brother,” and received a limited edition Trump Tourbillon watch, personally gifted by Trump.

In June 2025, just as people were becoming desensitized to the flirty exchanges between Sun Yuchen and the Trump family, Sun Yuchen once again dropped the bombshell of “Tron listing on NASDAQ.”

Looking back at the huge changes surrounding Sun Yuchen and Tron over the past few years and especially the last six months, it’s hard not to marvel at the shifts of the times implied behind it.

Once, Sun Yuchen often presented himself as the ambassador of small countries, and people joked that he had more strange titles than Daenerys Targaryen from “Game of Thrones.” Now, he has truly stood at the center stage of the American Capital Market with his own strength.

Whether it’s through verbal condemnation or writing books, we cannot ignore the “financial myth” of this new absurd era - the remarkable Gates.