Preview: "Tron will go public in the US through a reverse merger with SRM Entertainment, a Nasdaq-listed company."
Eric Trump, a son of US President Donald Trump, has denied reports that he will be involved in blockchain network Tron’s intent to pursue a public offering in the United States, though he had positive things to say about the project’s founder, Justin Sun.
“I’m the biggest fan of Tron,” Trump said on social media, adding that he admires Sun and considers him a “great friend and icon in the crypto space.”
However, he denied an earlier report by the Financial Times claiming that he would be part of Sun’s new public venture.
Tron plans to go public in the United States via a reverse merger with SRM Entertainment, a Nasdaq-listed souvenir and merchandise company. As part of the deal, SRM will rebrand as Tron Inc. and establish a substantial Tron
treasury through a $100 million private equity investment.
Tron is the world’s ninth-largest blockchain project, with a market capitalization of $26.5 billion, according to CoinMarketCap.
Eric Trump and Justin Sun’s business connection dates back to at least November, when the Tron founder became World Liberty Financial’s largest investor by purchasing $30 million worth of WLFI tokens.
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Eric Trump’s crypto ambitions extend beyond World Liberty Financial
Eric Trump has been a key inspiration behind his family’s crypto platform, World Liberty Financial, which gained prominence ahead of the US presidential election.
World Liberty has proven to be a significant financial windfall for the Trump family, with recent regulatory filings revealing that the president earned $57.4 million from the project through the sale of its WLFI token.
The Trump family expanded its crypto ambitions earlier this year by launching American Bitcoin, a digital asset mining company set to go public through a merger with Dryphon Digital Mining.
Since its launch in April, the company has accumulated 215 Bitcoin
, currently valued at approximately $23.3 million.
American Bitcoin’s ballooning BTC stockpile is hardly surprising, given that Eric Trump has described Bitcoin as a global arms race.
“Everybody in the world is trying to hoard Bitcoin right now. Everybody. I hear it from sovereign wealth funds. I hear it from the wealthiest families. I hear from the biggest companies,” Trump said during a panel at the Consensus conference in Toronto, Canada, in May.
Trump is under increasing criticism from Congress regarding his family’s business ventures in the crypto industry.
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