Justin Sun’s Father Takes Control of Public Company in $100M TRX Deal, Board Overhauled

A newly disclosed SEC filing has revealed that Weike Sun, the father of Tron founder Justin Sun, has been appointed Chairman of the Board at SRM Entertainment — a Nevada-based public company now undergoing a rebrand to Tron Inc.

The move comes as part of a $100 million private investment in public equity (PIPE) deal, executed entirely in TRX, the native token of the Tron blockchain. The deal gives Weike Sun not only board control but also the power to influence governance through newly installed Tron-linked executives.

Joining the board alongside Sun are Zhihong (Steve) Liu, a strategic adviser to Tron DAO and CEO of stablecoin issuer Techteryx, and Zi Yang, a senior executive at Tronscan. Both will serve on the board’s audit, compensation, and nominating committees, according to the filing.

The transaction involved Weike Sun’s investment vehicle purchasing 100,000 shares of SRM’s Series B preferred stock, convertible into 200 million common shares, along with 220 million warrants exercisable at $0.50.

While the board now includes key figures from the Tron ecosystem, Tron DAO itself has no direct governance role or equity stake in SRM. “This is more of the senior Sun’s transaction,” Liu told media outlets, clarifying that Tron DAO had no formal involvement.

Still, the firm’s direction appears increasingly aligned with Tron. According to the Financial Times, the newly rebranded Tron Inc. intends to acquire and hold up to $210 million in TRX, mimicking MicroStrategy’s bitcoin-heavy treasury strategy.

The PIPE deal was facilitated by Dominari Securities, a brokerage under Dominari Holdings, which boasts Donald Trump Jr. and Eric Trump on its advisory board and operates out of Trump Tower in Manhattan. Dominari received a $50,000 fee for its services.

Following the announcement, SRM stock closed 15% lower at $7.73, while TRX slipped 2.5% to $0.27 amid broader market volatility.