You Won’t Believe Who Just Bought a Public Company With $100M in Crypto (Hint: Daddy Issues?)

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What’s the drama?

  • $100 million PIPE deal, paid purely in TRX tokens—because cash is so last season—handed Justin Sun’s dad, Weike Sun, the keys to SRM Entertainment, which apparently is getting a glow-up and becoming Tron Inc. Nepotism, but make it blockchain. 💅
  • Tron DAO, meanwhile, is reportedly standing politely in the corner. No investment, zero governance power, not even a cameo. “Just here for the vibe,” they claim.
  • That subtle whiff of political intrigue? The transaction was handled by Dominari Securities, a firm so cozy with the Trumps that their business cards might as well be MAGA hats.

If you thought tech deals were all about awkward hoodies and slide decks, let me introduce you to the new Nevada-based Tron Inc. (formerly SRM Entertainment), which just became the set of a crypto-soap you never asked for.

The latest SEC filing reads like a telenovela pitch: Justin Sun, crypto enfant terrible, has his dad—Weike—injected into a $100 million private investment in public equity (PIPE) transaction. Not wired, mind you. No, they did it in TRX tokens. Picture 100 million digital Monopoly dollars exchanged for boardroom power, strategic seats, and lots of new letterhead.

Not to be left out, Weike scoops the title ‘Chairman’ (classic power move). Joining him: Steve Liu (Tron DAO whisperer; also moonlighting as CEO of stablecoin outfit Techteryx), as well as Zi Yang (audit, compensation, and nominating—nominating who? Presumably friends). The board game just got a lot more crowded.

They kept repeating “PIPE deal” in the filing, as if someone might forget where the money pipes in from. Weike’s shadowy investment vehicle buys 100,000 Series B stocks (because plain ‘common’ shares are for the commoners), convertible into 200 million regular shares. Oh, and he received 220 million warrants at fifty cents a pop—because why not toss some call options on the pile?

Tron DAO, if anyone’s keeping score, says—arms very much folded—it’s got nothing to do with any of it. Not involved, not responsible. Justin would like you to know it’s just a dad thing. Not an Oedipus thing (we hope). Let’s hear it for healthy boundaries.

Reportedly, the soon-to-be Tron Inc plans to hoard $210 million of TRX, copying MicroStrategy’s “turn the balance sheet into a casino” approach—but with slightly more neon.

As for Dominari Securities (advisers to the Trumps and currently serving real estate at Trump Tower), they pocketed a modest $50,000 facilitation fee. For that price, I’d expect at least a tray of gluten-free cupcakes at closing.

Oh, and if you’re wondering whether investors popped champagne—SRM shares tumbled 15% to $7.73 before closing. TRX slipped 2.5%, now at $0.27. Big numbers, small violins. 🥲

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2025-06-18 01:47