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That’s right, the Justin Sun who spent $6.2 million on a banana artwork (Peter Parks/Getty Images)

Justin Sun’s Tron plans to go public via a reverse merger with SRM Entertainment

Shares of SRM Entertainment surged over 253%.

Sage D. Young

Tron, the blockchain network founded by crypto billionaire Justin Sun, aims to go public with Nasdaq-listed SRM Entertainment via a reverse merger, according to a Financial Times’ report, which included that Eric Trump is expected to take a role in the firm, though Trump himself later denied he would be involved on X.

SRM Entertainment itself announced early Monday its strategic investment to jumpstart a Tron treasury strategy. The firm entered into a securities purchase agreement with a private investor for $100 million to “acquire up to an aggregate of 220 million shares of common stock at an exercise price of $0.50 per share,” the press release said. 

It continued, “The strategic investment, valued at $210,000,000 upon full exercise of the warrants, enables SRM to build a substantial TRON Treasury Strategy.”

The price of TRX, the native cryptocurrency for the Tron blockchain, has increased 3.2% in the last 24 hours, while shares of SRM Entertainment have skyrocketed, jumping nearly 300%. SRM Entertainment will change its name to Tron Inc., and Sun has been named as an adviser to the company.  

The announcements come almost one month after Sun said he was the top holder of the $TRUMP meme coin, getting him an invite to President Trump’s gala dinner. On top of his meme coin holdings, Sun owns a substantial amount of the native token from World Liberty Financial, a crypto venture that sends 75% of its net protocol revenue to DT Marks DEFI LLC, an entity connected to the sitting US president.

In February, roughly one month after the Tron founder announced he was purchasing an additional $45 million worth of World Liberty Financial’s WLFI token, bringing his total investment to $75 million, the SEC and Sun jointly asked a federal judge to pause the agency’s enforcement action on its civil fraud case against him, requesting the court to consider the interest of both parties as well as the public’s interest. 

In 2023, the SEC, tasked with regulating financial markets in the US, charged Sun and three of his companies — Tron Foundation Limited, BitTorrent Foundation Ltd., and Rainberry Inc. — for the unregistered sales of crypto asset securities and the fraudulent manipulation of TRX in secondary markets through wash trading.

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US Attorney David Metcalf announced Thursday the arrests of Ruslan Igorevich Tkachuk and Alexander Vladimirovich Ledenev, alleged senior members of AudiA6, a cryptocurrency money-laundering service believed to be responsible for laundering over $389 million.

The arrests coincided with a coordinated international takedown of AudiA6 and its infrastructure, involving the search of three properties, the seizure of servers and domains connected to the organization, as well as freezing cryptocurrency assets, according to a Department of Justice press release.

Tkachuk and Ledenev were “charged by criminal complaint with one count of conspiracy to launder monetary instruments and one count of sting money laundering,” the DOJ said. If convicted, they face a maximum possible sentence of 20 years of incarceration.

Per the criminal complaint, AudiA6 offered services to conceal the origin of cryptocurrency linked to criminal activity, charging fees of up to 5% of the amount laundered.

The two defendants are in custody of Republic of Georgia authorities, and the US Attorney’s Office aims to seek their extradition to the Eastern District of Pennsylvania.

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Solana shoves all in on poker with new partnership

If you’ve got money locked up on-chain and an itch to gamble with it in a new way, has the World Series of Poker got good news for you. The WSOP announced it will integrate solana’s blockchain technology into the tournament through crypto payments firm MoonPay.

At its big summer event, players will have the option to buy into tournaments using crypto directly for the first time. In the WSOP’s Bahamas event in December, winners will be able to receive settlements in stablecoins on solana, reducing friction with international settlements.

“Solana’s ecosystem, like the WSOP, constantly challenges conventions and remains laser-focused on the consumer experience,” WSOP CEO Ty Stewart said in a statement. “Solana’s speed and efficiency mirror the fast-paced energy of our tournaments, and we are excited to showcase their technology to our global audience.”

The price of solana dipped slightly today, but has dropped more than 48% in 2026, data from CoinMarketCap shows.

Solana has been a popular network, in part from meme coin trading over the past two years, involving viral animal sensations as well as political figures such as President Donald Trump and first lady Melania Trump as well as Argentine President Javier Milei.

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