A reverse merger between Tron and SRM Entertainment has triggered fresh speculation around the Trump family’s influence in crypto, after Eric Trump denied public involvement in the blockchain’s plans to go public on the Nasdaq.
Tron founder Justin Sun is behind the $210 million listing attempt, facilitated by Dominari Securities, where both Eric and Donald Trump Jr. serve as advisors.
While Eric expressed admiration for Sun, he dismissed suggestions that he is directly involved with Tron—despite Dominari being the exclusive placement agent for the deal and operating from Trump Tower.
$100 million injection, rebrand, and token accumulation
SRM Entertainment confirmed on Monday that it had secured a $100 million equity investment from a private investor and that Sun would serve as an advisor.
The company, which currently produces merchandise for theme parks, also announced plans to rebrand itself as “Tron” and begin accumulating TRX tokens for a dedicated crypto treasury strategy.
The merger, structured as a reverse takeover, would effectively give Tron a public listing without going through the traditional IPO route.
Dominari Securities, a subsidiary of Dominari Holdings, is managing the $210 million stock offering as placement agent.
This follows a growing trend of blockchain firms opting for backdoor listings to gain market access, with regulatory clearance often less burdensome.
SEC case pause after World Liberty Financial investment
Justin Sun’s increasing proximity to the Trump family gained momentum earlier this year when he acquired a $75 million stake in World Liberty Financial (WLFI), a pro-Trump crypto firm.
Sun is also the largest holder of $TRUMP, a meme token tied to the former president’s brand. Following the WLFI investment, the US Securities and Exchange Commission halted an active investigation into Sun and his blockchain ventures.
The SEC’s 2023 case had included allegations of market manipulation and the sale of unregistered securities.
Eric Trump’s recent statement—“I don’t have public involvement”—has fuelled questions about whether any private roles exist behind the scenes.
Though he affirmed his support for Tron and Sun via X on Monday, Eric Trump was careful to clarify he would not be taking any formal position at the company.
Still, the overlap between Dominari, the Trump family, and the deal structure continues to raise questions about undisclosed financial interests or indirect benefits.
Trump family crypto gains and regulatory spotlight
Donald Trump’s own earnings from cryptocurrency projects are also accelerating. Financial disclosures released last Friday showed that the president made $58 million from digital asset ventures in 2024, second only to his income from hospitality businesses.
That number is expected to rise in 2025, driven by a projected $390 million token sale and ongoing trading gains from his meme coin, which launched in January.
The Trump family joined Dominari’s advisory board in February, just months before the SRM-Tron deal was revealed.
Dominari Holdings, the parent company, operates from the same building as the Trump Organization’s headquarters, suggesting potential overlaps in personnel and strategy.
Though no official comments have been made by either Tron or Dominari Securities, their connections to the Trump network appear increasingly intertwined.
Regulatory bodies may take notice, particularly if the upcoming listing proceeds without further transparency on investor relationships or disclosure of compensation arrangements for advisors.
Crypto listings, political proximity, and future outlook
If completed, the Tron-SRM merger could set a precedent for crypto projects looking to enter public markets through alternative routes.
However, it also underlines how political influence and celebrity endorsements can affect market access, public perception, and even enforcement outcomes.
While Eric Trump’s distancing appears designed to manage potential backlash, his association with the placement agent, his role on Dominari’s advisory board, and his public praise for Justin Sun suggest a deeper connection that may continue to attract attention from investors, regulators, and the media.
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