Justin Sun's Nasdaq Gamble: How Six Years Forged Ties with the Trump Family

In the summer of 2019, when Justin Sun bid a staggering $4.57 million for a charity lunch with Warren Buffett, few would have predicted that this meal would become his eventual stepping stone into the American political and business elite. Six years later, the founder of Tron has successfully entered the inner circle of the Trump family and is even on the verge of taking Tron public on Nasdaq through a "reverse merger."

According to reports from the Financial Times, Tron plans to go public in the US via a reverse merger. The deal is reportedly being managed by Dominari Securities, a boutique investment bank with ties to Eric Trump, Donald Trump's younger son. Earlier reports suggested Eric Trump might take a role in the newly formed "Tron Inc." company, though Eric himself has since refuted this claim in a recent tweet. This series of developments not only reveals a deep integration between the crypto industry and the core of American political power but also outlines the increasingly close timeline of collaboration between Justin Sun and the Trump family.

Prologue: The Unfulfilled Promise of the 2019 Buffett Lunch – Crypto's First High-Profile Outreach Attempt

While not directly involving Donald Trump himself, Justin Sun's bid for the Warren Buffett charity lunch was undoubtedly one of the earliest and most public attempts by Sun, and indeed the broader cryptocurrency space, to engage with America's traditional power elite.

• June 2019: Justin Sun placed a record-breaking $4,567,888 bid for the Buffett charity lunch, instantly becoming a global media focal point. Sun's intention was to promote the value of blockchain and cryptocurrency to Buffett, a well-known Bitcoin skeptic. Interestingly, he even directly tweeted at then-President Trump, inviting him to join the meal, though no substantial connection was established between them at that point.

• July 2019: The lunch plans were canceled due to unforeseen circumstances. As the original lunch date approached, Sun announced on social media that he had to cancel due to a sudden kidney stone. This abrupt change garnered widespread attention and speculation, leading to some negative impact on Sun's public image and the Tron community.

The event, despite the public lunch not proceeding as planned, demonstrated Sun's strong desire and considerable marketing acumen in bringing cryptocurrency into the mainstream. It symbolized the crypto world's effort to break through its own boundaries and establish connections with traditional finance and political figures. This "unfulfilled promise" also laid the groundwork for Sun's future, more direct interactions with specific political forces, such as the Trump family, as he consistently sought opportunities to elevate crypto onto a grander stage.

Early Days: Caution and Observation Under Crypto Regulation (Late 2019 – Early 2024)

Following the 2019 Buffett lunch incident, there was no clear direct intersection between Justin Sun and the Trump administration. During this period, while the Trump administration's stance on cryptocurrency fluctuated, Justin Sun, as a globally renowned crypto entrepreneur, consistently faced regulatory challenges concerning his operations in the US. Notably, during the Biden administration, the US Securities and Exchange Commission (SEC) filed a lawsuit against Sun and several of his companies, including Tron, alleging unregistered securities offerings and market manipulation. This legal action led Sun to largely avoid entering the US to circumvent potential legal risks.

Late 2024: First Direct Intersection – Strategic Investment and Advisory Role

The first direct business intersection began in late 2024, as Donald Trump's momentum for a potential second presidential term grew stronger.

• September 2024: The Trump family launched World Liberty Financial (WLF), a decentralized finance (DeFi) project aiming to offer lending services and planning to introduce a USD-pegged stablecoin. Reports indicated that the Trump family, through their company DT Marks DeFi LLC, held a 60% stake in WLF Holdco LLC (WLF's parent company) and was entitled to 75% of certain token sale proceeds.

  

• November 2024: Justin Sun made a significant investment in WLF, becoming its largest investor. Sun announced that the Tron Foundation had invested up to $75 million in WLFI tokens into the Trump family's World Liberty Financial. This investment not only injected much-needed liquidity into WLF but also marked the first deep commercial binding between Justin Sun and the Trump family.

• Appointed WLF Advisor: As the investment deepened, Sun was appointed as an advisor to World Liberty Financial, further solidifying his involvement in the Trump family's crypto ecosystem.

This investment was widely seen as a clear signal from Justin Sun to the Trump family, especially given his ongoing SEC lawsuit.

Early 2025: Regulatory Shift and Deepening Personal Interactions

As anticipation for a potential second Trump presidency in 2025 grew, the US regulatory attitude towards cryptocurrency appeared to shift.

• February 2025: The SEC paused its lawsuit against Justin Sun. Following indications from the Trump campaign of support for more lenient crypto regulations, the SEC agreed to pause its fraud investigation into Sun and his companies, seeking a resolution. This decision was widely interpreted as a signal of a changing regulatory environment, opening new doors for Sun's activities in the US.

• Public Interactions with Trump Family Members: Sun began to interact more frequently and publicly with Trump family members, particularly Eric Trump. For instance, they reportedly attended a crypto conference in Dubai together and participated in a "fireside chat," further highlighting the warming of their relationship.

May 2025: High-Profile Appearance at "Trump Coin Night"

• May 2025: Significant Purchase of "Trump Coin" (TRUMP Meme Coin). Justin Sun became one of the largest holders of the Trump-themed meme coin TRUMP, with holdings reportedly in the tens of millions of dollars. This investment not only garnered immense market attention but also directly earned him close proximity to Donald Trump himself.

• Invitation to "Trump Coin Night" Gala: As a major holder of the TRUMP meme coin, Sun was invited to attend a private gala, "Trump Coin Night," held on May 22 at the Trump National Golf Club. There, he had a close interaction with President Donald Trump. During the event, Sun was not only invited onto the stage by Trump but was also gifted a $100,000 Trump-branded gold watch, becoming a central figure of the evening. This high-profile appearance undoubtedly solidified Sun's position as a key bridge between the crypto industry and the Trump family.

June 2025: Tron's Reverse Merger, Relationship Enters a New Phase

• June 2025: Tron seeks to go public via reverse merger in the US. The latest development is Tron's plan to list in the US through a reverse merger with NASDAQ-listed SRM Entertainment. This transaction is reportedly driven by Dominari Securities, a boutique investment bank headquartered in Trump Tower and closely associated with Eric Trump. Earlier reports had suggested Eric Trump might take a role in the newly formed "Tron Inc." company. However, Eric Trump himself clarified this information on social media, stating: "I'm the biggest fan of Tron and love @justinsuntron - he is a great friend and an icon in the crypto space. That said, the below is inaccurate - I don’t have public involvement in this company." 

• Injection of Substantial Token Assets, Mirroring MicroStrategy Strategy: As part of the transaction, Tron is expected to inject up to $210 million in token assets into the new company. The new entity, "Tron Inc.," plans to acquire and hold TRX tokens, a strategy that clearly mimics MicroStrategy's (formerly Strategy) model of enhancing company value through significant Bitcoin holdings.

What's Next?

From being a "person of interest" under SEC investigation to becoming a welcome guest of the Trump family; from having to avoid US regulations to potentially ringing the Nasdaq opening bell – Justin Sun's journey over these six years is a prime example of the intersection of the crypto industry and political power. As 2025 potentially ushers in a new regulatory landscape under a Trump presidency, this power play might just be beginning.

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