Justin Sun’s father has taken the helm at a newly Tron-aligned public company following a $100 million crypto deal.
An SEC filing on Monday confirmed that Weike Sun was appointed Chairman of the Board of SRM Entertainment, a Nevada firm preparing to rename itself Tron Inc. The shift comes after a $100 million private investment in public equity (PIPE), funded entirely in TRX tokens, securing Sun’s board control and strategic influence.
The filing shows that Sun’s entity bought 100,000 Series B preferred shares, convertible into 200 million common shares, plus 220 million warrants exercisable at $0.50. Also joining the board are Zhihong (Steve) Liu, a Tron DAO adviser and Techteryx CEO, and Zi Yang, a Tronscan executive. Both take seats on the board’s key committees.
While Tron DAO is not officially tied to the deal, the new leadership hints at closer integration with Tron’s ecosystem. The company reportedly plans to hold up to $210 million in TRX tokens on its balance sheet, following a playbook similar to MicroStrategy’s bitcoin treasury strategy.
The deal was arranged by Dominari Securities, linked to Dominari Holdings, whose advisory board includes Donald Trump Jr. and Eric Trump. Dominari earned a $50,000 fee for facilitating the transaction.
After the news, SRM stock dropped 15% to $7.73, while TRX fell 2.5% to $0.27.
