Tron listing, Brother Sun entered the currency circle to "buy coins through backdoors" capital carnival

Original author: Sleepy, Kaori, Peggy, BlockBeats

On June 16, 2025, it was reported that Justin Sun will allow Tron to land on Nasdaq through a backdoor acquisition. According to public information, the transaction involves complex capital structures such as US$100 million in capital investment, warrants and convertible preferred stocks. After the transaction is completed, SRM will be renamed "Tron Inc." and will begin to hold TRX tokens as the company's strategic assets. Justin Sun will join the company as an advisor.

The carrier of this transaction is a US-listed company called SRM Entertainment, and the structure and financing arrangement of the entire transaction are planned and matched by Dominari Securities, a boutique investment bank headquartered in New York.

The reverse acquisition of SRM Entertainment is not a precedent. Tron and Justin Sun are not a precedent. Before this, the currency circle had already set off a capital frenzy of "listing to buy coins". A large number of crypto capital groups have crazily absorbed listed shell companies through reverse acquisitions and turned them into capital tools for financial coin hoarding and pushing up prices. From Bitcoin, to SOL, ETH, XRP, Brother Sun finally couldn't help it when he saw everyone having fun.

Two puzzle pieces in the transaction structure: SRM and Dominaris

Justin Sun's operation was achieved through the reverse acquisition of SRM Entertainment, a Nasdaq listed company that almost no one has noticed.

SRM was originally an old-fashioned company that made theme park derivatives, and its main business was to make toys and souvenirs for customers such as Universal Studios and Disney. It has no encryption background, and its market value barely exceeded US$100 million after being affected by the news, but it has a valuable asset: its listing status as Nasdaq.

In the current environment, this "clean shell" is often more valuable than the company itself, and Justin Sun is obviously focusing on this.

The planner behind this deal is Dominari Securities, a boutique investment bank headquartered in New York. Dominari Holdings, the holding company behind it, has actively transformed into emerging assets in recent years.

What is even more intriguing is that the Trump family also appeared behind the company: Former Trump Group executive Ron Lieberman joined the board of directors at the end of 2024; Trump's two sons, Donald Trump Jr. and Eric Trump, also joined the advisory board in early 2025 and participated in financing; its office is even located in Trump Tower, just two floors away from the Trump Group office.

In this transaction, SRM provides shell resources, Dominari is responsible for structural design and financing matchmaking, while Justin Sun invested US$100 million in SRM as a "private investor" in exchange for 100,000 shares of B Series convertible preferred shares and 220 million warrants, with the conversion price of both $0.50 per share. If all the conversions are completed in the future, he will hold up to 420 million shares, far exceeding SRM's current outstanding shares, which is equivalent to achieving control of the market.

After the transaction is completed, SRM will be renamed "Tron Inc." Justin Sun will serve as a company consultant. The new company will follow MicroStrategy's strategy and include TRX as a core position in the balance sheet as a strategic asset holding.

This is a typical "shell-back + asset packaging" operation: on the one hand, it bypasses the compliance barriers of traditional IPOs, and on the other hand, it also introduces TRX into the asset narrative of the US stock market in a legal way.

The entire transaction was on the surface a capital restructuring, but in fact it was a combination of punches deployed by Justin Sun. He used the backdoor to legalize his identity, bypassed regulatory disclosure with an advisory identity, and injected TRX into the listed company system as an asset. He used this transaction to sew the tokens and companies, crypto assets and Wall Street's valuation system together.

Brother Sun finally entered the capital game of backdoor listing in the

currency circle

After MicroStrategy became popular in the US stock market, the "Bitcoin Strategic Reserve" model has become a new weather vane in the capital market. But soon, the market's interest in "coin hoarding" quickly expanded from Bitcoin to other mainstream cryptocurrencies, and quickly figured out a set of "basic operations": reverse acquisition of shell companies, announced company name change and financing coin buying plans, and stocks rose sharply, opening a positive cycle of "double flight of stocks and coins".

Since Bitcoin, SOL, ETH and XRP, now, Brother Sun has also rushed in with his TRX.

Bitcoin Strategic Reserves: "Goldfinger" UTXO and Sora Ventures

In this capital feast that emulates micro-strategy, UTXO Management and Sora Ventures seized the opportunity and became the main driving force behind this wave, gradually building a replicable BTC financial operation model: by holding marginal listed companies, restructuring management, and importing Bitcoin as core assets, we will create a new generation of "crypto-narrative monster stocks".

The earliest cases appeared in Japan. Metaplanet (formerly Red Planet) was a cheap hotel operator. In 2024, the company sold most of its hotel assets and changed its name to Metaplanet to transform into a "bitcoin reserve enterprise". The company then continued to build a position in BTC through bond financing. This transformation caused its share price to soar from 50 yen to more than 2,000 yen, becoming "the first listed company in Japan to openly hold coins."

At the beginning of 2025, Sora Ventures and UTXO Management made another move, acquiring more than 70% of the shares of Hong Kong Asia Holdings for approximately HK$126 million (stock price is less than HK$1), and reorganized it into Moon Inc., completely reorganizing the board of directors and management, and establishing a corporate strategy of "Bitcoin as the core". After the company announced the purchase of its first Bitcoin, its share price rose by more than 30% in the day, with an increase of up to 1,669% since the beginning of the year.

SOL Strategic Reserve: Shadow Capital Behind the "Retail Public Chain"

Solana native tokens are the second cryptocurrency to become a massively bought by institutions.

SOL Strategies Inc., formerly known as Cypherpunk Holdings Inc., was originally a Canadian company that invested extensively in the blockchain space, including Bitcoin holdings. In September 2024, the company changed its name to SOL Strategies Inc. and focused its entirety on the Solana ecosystem, aiming to become an investor and infrastructure provider for Solana.

Shortly thereafter, the company launched a convertible bond financing mechanism of up to US$500 million, specifically for the purchase of SOL tokens.

Another company is DeFi Development Corporation, formerly known as Janover Inc., which started as an online AI platform focused on the commercial real estate industry, providing data, software subscriptions and value-added services. After former Kraken Chief Strategy Officer Joseph Onorati took over, the company made a strategic transformation, adopting a policy of accumulating and compounding Solana (SOL) as its main financial reserve.

In April this year, the company announced an independent agreement with ATW Partners to establish a convertible notes financing mechanism of up to $500 million for purchase of SOL tokens. Since its name change, DFDV shares have soared 30 times in the past two months. This is mainly because it shifts its focus to investing in Solana.

On June 3, Classover Holdings, Inc., a real-time interactive online learning provider, also announced that it had reached a securities purchase agreement with Solana Growth Ventures LLC to issue up to $500 million of priority guaranteed convertible notes, advancing its strategic plan to establish a Solana (SOL)-based treasury reserve.

ETH Strategic Reserve: Joseph Lubin and his VC "E Guards"

Following closely behind are Ethereum and its "E Guards". In an interview with Bloomberg in early June, Consensys founder and CEO Joseph Lubin revealed that he had the idea of ​​"ETH MicroStrategy" after having dinner with Michael Saylor, the "leader of microStrategy".

So at the end of May, SharpLink Gaming announced the completion of a US$425 million public company private equity financing (PIPE), which was reversely acquired by a number of veteran institutions including ConsenSys, Galaxy and Pantera Capital, and began to acquire ETH as a reserve asset. This operation caused SharpLink's stock price to soar to $124, up more than 40 times from the time of financing news before the announcement.

Last weekend, SharpLink Gaming submitted an S-3ASR registration statement to the US SEC, authorizing the resale of up to 58,699,760 shares of PIPE financing-related shares. This means that more than 100 PIPE investors can sell their shares at the right time. For a time, the market misreaded it as "PIPE investors have begun to apply for shipments", and panic spread rapidly, causing its stock price to plummet by nearly 70% after the market closed.

XRP Strategic Reserve: Ripple Army doesn't want to be a "cult coin"

anymore

The last thing that entered this reserve narrative is the old crypto asset XRP, which was labeled as a "cult coin". Against the backdrop of the gradual implementation of SEC lawsuits and the gradually clearance of Ripple's compliance path, XRP is gradually breaking away from the shackles of public opinion in the past and being redefined as a realistic reserve asset with "low volatility, high circulation".

At the end of May, Webus International launched a $300 million financing plan to use XRP to build a global payment network for Southeast Asian markets. Webus is a Hong Kong-based technology company that has long focused on cross-border payment systems and transaction infrastructure.

Subsequently, VivoPower International PLC announced that it had completed a private equity financing of US$121 million, and the funds will be used to build an enterprise-level financial mechanism with XRP as the core. VivoPower is a clean energy company headquartered in London and listed on Nasdaq. It has long served the Middle East and Australian markets. On June 12, Trident announced a plan to raise up to $500 million in XRP treasury financing and appointed Chaince Securities LLC as a strategic consultant.

Make America great again, Justin Sun hugs Trump's thighs tightly

On the evening of May 22, 2025, 220 cryptocurrency investors gathered to have a sumptuous dinner with Trump at the golf club on the Potomac River and enjoyed the "magnificent view of the Potomac River". The ticket was the official meme coin of Trump that he held.

At this banquet, the top 25 top investors enjoyed a private VIP reception with Trump, and the top four investors also received a limited edition "Trump Tourbillon" watch. As the top TRUMP holder, Justin Sun became one of the guests who received the gift.

The most popular video circulated at the dinner was from Justin Sun. As the "big brother on the list", he thanked Trump for everything he did for the crypto industry on the podium. He said: "Just 100 days ago, they were chasing cryptocurrency people everywhere. We can't have such a grand event in Washington. All people in the currency circle gather in the United States and do currency circle things, which is the best thing I can think of in my life."

In November 2024, just three weeks after Trump was re-elected as president, Justin Sun announced a $30 million investment in the WLF, and soon afterwards an additional $45 million. According to the agreement, 75% of subsequent funds flowed directly into Trump's family accounts. Subsequently, Trump issued the meme currency $TRUMP, and Justin Sun also participated in the subscription.

The deal was completed, and the benefits quickly emerged: Sun was appointed as a WLF consultant. In early 2025, after Trump took office, the SEC successively withdrew its investigations into exchanges such as Coinbase, Kraken, and Robinhood, and "suspended" the lawsuit against Justin Sun himself.

Justin Sun also appeared on the stage of the TOKEN2049 conference in Dubai with Trump's son Eric Trump, which also laid the foundation for a series of in-depth cooperation between the WLFI project and Tron TRON network.

Fintech consultant Zennon Kapron said Justin Sun and Trump have many similarities. "To some extent, Sun and Trump are the same type of people: they both like to tell stories, create big scenes, and enjoy the process of attracting attention. It's not surprising that their trajectories begin to overlap."

Justin Sun's efforts to "get close" to Trump began as early as Trump's first term.

In 2019, after Sun won the opportunity to have lunch with Buffett, he publicly invited Trump, who was still skeptical of cryptocurrencies at the time, to attend. "Mr. President, you're misled by fake news. #Bitcoin and #Blockchain are exactly the best opportunity in the United States!" he wrote on social media. "I promise, after this meal, no one knows encryption better than you!"

However, Trump did not accept the invitation. Six years later, Justin Sun became Trump's "guest of honor".

From investing in WLFI, platform $TRUMP, attending presidential dinners, to now leading the "MicroStrategy" listing path, Justin Sun has used a series of big bets to get almost dramatic returns. And in this game that spans encryption, capital and politics, the story of Brother Sun and the presidential family is probably far from the end of the show.