On June 16, 2025, it was reported that Sun Yuchen would facilitate Tron’s reverse merger to list on NASDAQ. According to public information, this transaction involves a complex capital structure with a $100 million investment, warrants, and convertible preferred shares. After the transaction is completed, SRM will be renamed "Tron Inc." and will begin holding TRX tokens as strategic assets for the company. Sun Yuchen himself will join the company as an advisor.
The vehicle for this transaction is a U.S. publicly listed company called SRM Entertainment, and the entire transaction structure and financing arrangements were orchestrated by the boutique investment bank Dominari Securities, headquartered in New York.
The reverse acquisition of SRM Entertainment is not a precedent for Tron and Sun Yuchen. Prior to this, the cryptocurrency sector had already sparked a capital frenzy of "listing to buy coins." A large number of crypto capital groups have been aggressively acquiring listed shell companies through reverse mergers, transforming them into financial tools for hoarding coins and driving up prices. From Bitcoin to SOL, ETH, and XRP, Sun Yuchen watched everyone play so enthusiastically that he finally couldn't resist.
Two pieces of the puzzle in the transaction structure: SRM and Dominari
Sun Yuchen's operation is achieved through the reverse acquisition of a nearly unnoticed NASDAQ-listed company, SRM Entertainment.
SRM was originally an established company that produced theme park derivatives, primarily making toys and souvenirs for clients like Universal Studios and Disney. It has no cryptocurrency background and only barely surpassed a market value of $100 million after the news broke, but it possesses a valuable asset: its NASDAQ listing status.
In the current environment, such a "clean shell" is often more valuable than the company itself, and Sun Yuchen clearly targeted this point.
The planner behind this transaction is Dominari Securities, a boutique investment bank based in New York, whose parent company, Dominari Holdings, has been actively transitioning into emerging asset fields in recent years.
Interestingly, the Trump family's presence is also behind this company: former Trump Organization executive Ron Lieberman joined the board 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 the financing; even its office is located in Trump Tower, just two floors away from the Trump Organization's office.
In this transaction, SRM provides the shell resources, Dominari is responsible for structural design and financing matchmaking, while Sun Yuchen, as a "private investor," invests $100 million into SRM in exchange for 100,000 shares of Series B convertible preferred stock and 220 million warrants, with a conversion price of $0.50 per share. If all conversions are completed in the future, he will hold up to 420 million shares, far exceeding SRM's current circulating shares, effectively achieving control.
After the transaction is completed, SRM will be renamed "Tron Inc.," and Sun Yuchen will serve as an advisor to the company. The new company will also emulate MicroStrategy's strategy by incorporating TRX into the core position of its balance sheet as a strategic holding asset.
This is a typical "shell + asset packaging" operation: on one hand, it bypasses the compliance barriers of traditional IPOs, and on the other hand, it legally introduces TRX into the asset narrative of the U.S. stock market.
On the surface, the entire transaction appears to be a capital restructuring, but in reality, it is a set of moves orchestrated by Sun Yuchen to achieve identity legalization through a reverse merger, circumvent regulatory disclosures with his advisory role, and inject TRX as an asset into the listed company system. Through this transaction, he stitches together the valuation systems of tokens and companies, and crypto assets and Wall Street.
The capital game of reverse listing in the crypto space has finally seen Sun Yuchen enter the arena.
After MicroStrategy gained popularity in the U.S. stock market, the "Bitcoin strategic reserve" model became a new trend in the capital market. However, interest in "hoarding coins" quickly expanded from Bitcoin to other mainstream cryptocurrencies, and a set of "basic operations" was soon established: reverse acquisition of shell companies, announcing company name changes and financing plans to buy coins, leading to a surge in stock prices, initiating a positive cycle of "stock and coin flying together."
Following Bitcoin, SOL, ETH, and XRP, now Sun Yuchen has also charged in with his TRX.
Bitcoin Strategic Reserve: "Golden Finger" UTXO and Sora Ventures
In this capital feast emulating MicroStrategy, UTXO Management and Sora Ventures seized the opportunity, becoming the main driving forces behind this wave, gradually building a replicable BTC financial operation model: controlling marginally listed companies, restructuring management, and introducing Bitcoin as a core asset to create a new generation of "crypto narrative stocks."
The earliest case appeared in Japan. Metaplanet (formerly Red Planet) was once a budget hotel operator. In 2024, the company sold most of its hotel assets and rebranded as Metaplanet, transforming into a "Bitcoin reserve company," subsequently continuing to accumulate BTC through bond financing. This transformation caused its stock price to soar from 50 yen to over 2000 yen, making it "Japan's first publicly listed company holding Bitcoin."
At the beginning of 2025, Sora Ventures and UTXO Management took action again, acquiring over 70% of the shares of "penny stock" Hong Kong Asia Holdings for approximately HKD 126 million, and restructuring it into Moon Inc., completely overhauling the board and management to establish a "Bitcoin as core" company strategy. After announcing the purchase of its first Bitcoin, the stock price surged over 30% in a single day, with an increase of 1669% since the beginning of the year.
Related: "Behind Trump's $2.5 billion All In Bitcoin, the stock market flows into 'BTC Fentanyl'"
SOL Strategic Reserve: The Shadow Capital Behind "Retail Public Chain"
The native token of Solana is the second cryptocurrency to be heavily bought by institutions.
SOL Strategies Inc., formerly Cypherpunk Holdings Inc., was initially a Canadian company that widely invested in the blockchain sector, including Bitcoin holdings. In September 2024, the company rebranded as SOL Strategies Inc. and completely focused 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 $500 million, specifically for purchasing SOL tokens.
"Public companies launch $500 million 'buy buy buy' model, SOL becomes the next BTC for MicroStrategy"
Another company is DeFi Development Corporation, formerly Janover Inc., which initially focused on the commercial real estate industry as an AI online platform providing data, software subscriptions, and value-added services. After former Kraken Chief Strategy Officer Joseph Onorati took over, the company underwent a strategic transformation, adopting a policy of accumulating and compounding Solana (SOL) as its primary financial reserve.
In April of this year, the company announced it had signed an independent agreement with ATW Partners to establish a convertible note financing mechanism of up to $500 million for purchasing SOL tokens. Since the rebranding, DFDV's stock has skyrocketed 30 times in the past two months, primarily due to its focus on investing in Solana.
On June 3, real-time interactive online learning provider Classover Holdings, Inc. also announced it had reached a securities purchase agreement with Solana Growth Ventures LLC to issue up to $500 million in priority secured convertible notes, advancing its strategic plan to establish a treasury reserve based on Solana (SOL).
"Why are companies hoarding SOL?"
ETH Strategic Reserve: Joseph Lubin and His VC "E Guardians"
Following closely are Ethereum and its "E Guardians." In early June, during an interview with Bloomberg, Consensys founder and CEO Joseph Lubin revealed that the idea of "ETH MicroStrategy" was born after dining with MicroStrategy's "master" Michael Saylor.
Thus, at the end of May, SharpLink Gaming announced the completion of a $425 million PIPE (Private Investment in Public Equity) financing, which was reverse acquired by several established institutions heavily invested in Ethereum, including ConsenSys, Galaxy, and Pantera Capital, starting to acquire ETH as reserve assets. This operation caused SharpLink's stock price to soar to a maximum of $124, increasing over 40 times since the financing news was announced.
Last weekend, SharpLink Gaming submitted an S-3ASR registration statement to the U.S. SEC, authorizing the resale of up to 58,699,760 shares related to PIPE financing. This means that over 100 PIPE investors can choose to sell their holdings at their discretion. At one point, the market misinterpreted this as "PIPE investors have begun to apply for exit," leading to a rapid spread of panic, causing its stock price to plummet nearly 70% in after-hours trading.
"The capital game behind 100% premium: Is SharpLink's ETH gamble just beginning?"
XRP Strategic Reserve: The Ripple Army No Longer Wants to Be "Cult Coins"
Finally entering this narrative of reserves is the long-established cryptocurrency XRP, which had previously been labeled as a "cult coin." In the context of the SEC lawsuit gradually taking shape and Ripple's compliance path becoming clearer, XRP is gradually breaking free from past public opinion shackles and being redefined as a "low volatility, high liquidity" real reserve asset.
At the end of May, Webus International launched a $300 million financing plan to use XRP to build a global payment network aimed at the Southeast Asian market. Webus is a technology company headquartered in Hong Kong, focusing on cross-border payment systems and trading infrastructure.
Subsequently, VivoPower International PLC announced the completion of a $121 million private placement, with funds to be used to establish an enterprise-level financial mechanism centered around XRP. VivoPower is a clean energy company headquartered in London and listed on NASDAQ, serving the Middle Eastern and Australian markets for a long time. On June 12, Trident announced a financing plan for an XRP treasury of up to $500 million and appointed Chaince Securities LLC as a strategic advisor.
"After winning a $100 million lawsuit, XRP no longer wants to be a 'cult coin'"
Make America Great Again, Sun Yuchen Clings to Trump's Leg
On the evening of May 22, 2025, 220 cryptocurrency investors gathered for a lavish dinner with Trump at a golf club by the Potomac River, enjoying the "magnificent views of the Potomac River," with entry tickets being the $TRUMP meme coin officially issued by Trump that they held.
At this banquet, the top 25 investors enjoyed private VIP treatment with Trump, while the top four investors received limited edition "Trump Tourbillon" watches. As the top holder of TRUMP, Sun Yuchen was one of the guests to receive this gift.
The most circulated video from the dinner came from Sun Yuchen. As the "top brother," he thanked Trump for everything he has done for the crypto industry from the podium, saying, "Just 100 days ago, they were hunting down cryptocurrency people everywhere, and we could never have held such a grand event in Washington. All the people in the crypto space gathering in the U.S. to do crypto business is the best thing I can think of in my life."
In November 2024, just three weeks after Trump was re-elected, Sun Yuchen announced a $30 million investment in WLF, followed by an additional $45 million shortly thereafter. According to the agreement, 75% of the subsequent funds would flow directly into the Trump family's accounts. Subsequently, Trump issued the meme coin $TRUMP, and Sun Yuchen also participated in the subscription.
Once the transaction was completed, the benefits quickly became apparent: Sun was appointed as an advisor to WLF. At the beginning of 2025, after Trump took office, the SEC gradually withdrew investigations into exchanges like Coinbase, Kraken, and Robinhood, and "paused" the lawsuit against Sun Yuchen himself.
Sun Yuchen also appeared on stage at the TOKEN2049 conference in Dubai alongside Trump's son Eric Trump, laying the groundwork for a series of in-depth collaborations between the WLFI project and the Tron network.
Financial technology consultant Zennon Kapron stated that Sun Yuchen and Trump have many similarities. "To some extent, Sun and Trump can be said to be of the same kind: they both enjoy telling stories, creating grand spectacles, and reveling in the attention they attract. Their trajectories beginning to overlap is not surprising."
Sun Yuchen's efforts to "get close" to Trump began during Trump's first term.
In 2019, after winning the opportunity to have lunch with Buffett, Sun publicly invited Trump, who was still skeptical about cryptocurrencies at the time, to join him. "Mr. President, you have been misled by fake news. #Bitcoin and #Blockchain are precisely America's best opportunities!" he wrote on social media, "I guarantee that after this meal, no one will understand crypto better than you!"
However, Trump did not accept the invitation. Six years later, Sun Yuchen became Trump's "guest of honor."
From investing in WLFI, endorsing $TRUMP, attending presidential dinners, to now leading a "MicroStrategy-like" listing path, Sun Yuchen has exchanged a series of bold bets for nearly dramatic returns. In this game that spans crypto, capital, and politics, the story of Sun Yuchen and the presidential family is far from over.
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