In one night surged by 647%, Sun Yuchen's Tron is about to go public! Eric Trump, the son of Trump, is going to join.

Four months ago, the US SEC was still accusing Sun Yuchen of market manipulation, but now he has made a dazzling turnaround. The most controversial figure in the cryptocurrency circle, Sun Yuchen, is about to lead his Tron to go public through a reverse merger. Following the merger news, SRM Entertainment, as the shell company, saw its stock price soar 647% overnight. What is worth noting is that this transaction is being operated by Dominari Securities, an investment bank closely tied to the Trump family. Additionally, Eric Trump, son of President Trump, is expected to take on a role in the new company. After making a high-profile appearance at Trump's cryptocurrency banquet, cryptocurrency billionaire Sun Yuchen founded digital asset platform Tron is set to go public through a reverse merger. Dominari Securities, closely associated with the Trump family, is behind the scenes of this sudden surge in the stock price of the shell company. According to a report by the Financial Times on June 16, Sun Yuchen's cryptocurrency platform Tron has reached a reverse merger agreement with Nasdaq-listed company SRM Entertainment. The new entity plans to inject $210 million worth of token assets and rename itself "Tron Inc." This deal comes at a critical time when the US Securities and Exchange Commission (SEC) has temporarily suspended the market manipulation lawsuit against Sun Yuchen, with Dominari Securities, closely associated with the Trump family, handling the operation. Dominari Securities, the operator of this reverse merger, is headquartered in Trump Tower, and Donald Trump's sons, Donald Trump Jr. and Eric Trump, joined its parent company Dominari Holdings advisory board in February of this year. Before the news was announced, the company's stock price surged abnormally by 580%, drawing regulatory attention. Sources also revealed that Eric is expected to take on an important role in the newly established "Tron Inc." Reported by The Paper, SRM also announced on June 16 that the company has signed a securities purchase agreement with a private investor, in the form of $100 million equity investment by SRM for launching Tron's fund management strategy. According to the securities purchase agreement, SRM will issue a total of 100,000 shares of Series B convertible preferred stock, which can be converted into a total of 200 million common shares at a conversion price of $0.50 per share; and issue 220 million warrants that can be exercised at a price of $0.50 per share to purchase a total of 220 million common shares. The total value of this strategic investment is $210 million after all warrants are exercised. According to the announcement by SRM, SRM Entertainment is the world's largest designer, developer, and producer of custom goods for theme parks and other entertainment venues, including toys and souvenirs. Tron was founded in 2017 and is a decentralized blockchain that supports smart contracts and decentralized applications. The Dazzling Turnaround of a Controversial Figure Sun Yuchen has long been regarded as one of the most controversial figures in the cryptocurrency industry, known for his provocative publicity tactics. In 2019, he bid $4.6 million for a charity auction to have lunch with Warren Buffett, but ultimately backed out of the appointment with the "Stock God." Last year, he spent $6.2 million to purchase a banana artwork that was taped to a wall and then ate it in front of the world media. Recently, he made a high-profile appearance at Trump's banquet. An article by Wall Street News mentioned that the banquet invited the largest holders of "Trump Coin", and Sun Yuchen, as the top holder, became the focus of the event. Sun Yuchen not only interacted intimately with Trump at the banquet but was also invited on stage and wore a $100,000 Trump-branded watch given by Trump, stealing the limelight. Just a few years ago, Sun Yuchen was the focus of attention by US regulatory agencies. In 2023, the US Securities and Exchange Commission accused Sun Yuchen and his three companies (including Tron) of selling unregistered securities and market manipulation. However, after Trump signaled a lenient regulatory stance towards the cryptocurrency industry, the SEC and Sun Yuchen jointly submitted a motion to the court in February this year to suspend the lawsuit to explore potential settlement options. The US later suspended its investigation into Sun Yuchen and related companies. This article is a reprint from Wall Street News, edited by Chen Wenfang.