Public Firm Transferred to Justin Sun’s Father Following Major Tron Inc. Token Deal Worth $100M

Tron’s influence is tightening its grip on Wall Street—via the father of its controversial founder.

In a surprising twist for crypto markets, Weike Sun, father of Tron founder Justin Sun, has emerged as the new Chairman of the Board at SRM Entertainment, a Nevada company poised to rebrand as Tron Inc. This leadership shakeup follows a hefty $100 million PIPE deal funded entirely in TRX tokens, solidifying Tron’s imprint in traditional finance.

Weike Sun’s investment vehicle acquired 100,000 Series B preferred shares, convertible into a massive 200 million common shares, along with 220 million warrants priced at $0.50 each. The deal also ushered Zhihong (Steve) Liu—a key adviser to Tron DAO and CEO of stablecoin issuer Techteryx—and Zi Yang of Tronscan onto the board’s influential committees.

While the filing makes clear that Tron DAO itself holds no direct stake, the backgrounds of the new board members leave little doubt about Tron’s growing sway over the firm. Industry chatter suggests the rebranded Tron Inc. plans to build a $210 million TRX treasury, reminiscent of MicroStrategy’s bitcoin-heavy balance sheet.

The transaction was orchestrated by Dominari Securities, associated with Dominari Holdings—a firm with Donald Trump Jr. and Eric Trump listed on its advisory board. Dominari pocketed a $50,000 fee for handling the complex deal.

Meanwhile, the market reacted swiftly: SRM shares closed 15% lower at $7.73, while TRX slipped 2.5% to $0.27, reflecting investor caution as traditional finance and crypto become further intertwined.