Tron is going public by merging with SRM Entertainment, a small company listed on the Nasdaq exchange
Tron, the digital currency project spearheaded by controversial entrepreneur Justin Sun, is expected to go public in the U.S., according to a Monday report by the Financial Times.
It has opted for a reverse merger with Nasdaq-listed SRM Entertainment, meaning that it will not have a traditional initial public offering (IPO).
The new company will become the Strategy of Tron with an initial investment of $210 million worth of TRX from Justin Sun's digital asset platform.
Tron (TRX), the eighth-biggest cryptocurrency by market cap, is up by nearly 5% on the news. It is currently trading at $0.28, according to CoinGecko data. The Financial Times report briefly allowed TRX to overtake meme coin Dogecoin (DOGE) by market cap. The two cryptocurrencies are each valued at roughly $26.5 billion, swapping rankings on the leaderboard.
As reported by U.Today, the U.S. Securities and Exchange Commission (SEC) took Sun to court back in 2023, accusing him of manipulating the price action of his token.
In February, the agency reported that the SEC had dropped charges against Sun as part of its effort to dismantle aggressive crypto enforcement pursued by former SEC head Gary Gensler.
Dan Burgin
Vladislav Sopov
U.Today Editorial Team