Justin Sun’s father, Weike Sun, was appointed Chairman of the Board, and Tron-affiliated executives were added to key board committees.
Updated Jun 17, 2025, 10: 28 p.m. Published Jun 17, 2025, 10: 28 p.m.
A Securities and Exchange Commission (SEC) filing posted Monday night outlines the relationship between Tron DAO, Justin Sun, and SRM Entertainment, a Nevada company in the process of changing its name to Tron Inc.
The filing details a $100 million private investment in public equity (PIPE) deal, paid entirely in TRX
tokens, that gives Sun’s father, Weike Sun, board control and positions Tron-aligned advisors in key governance roles.
Weike was named chairman, while Zhihong Liu, also known as Steve Liu, a strategic adviser to Tron DAO and the CEO of stablecoin issuer Techteryx, and Zi Yang, a senior executive at Tronscan, joined the board’s audit, compensation, and nominating committees, according to the filing.
The deal was structured as a private investment in public equity (PIPE) deal. An investment vehicle owned by Weike purchased 100,000 shares of SRM Series B preferred Stock via TRX tokens, convertible into 200 million common shares, and received 220 million warrants at a strike price of $0.50.
Despite the appearance of alignment, Tron DAO has no direct investment, governance rights, or formal role in the SRM deal, said Liu. “Tron DAO is not really any part of the deal for SRM. It’s more of the senior Sun’s transaction.”
The DAO itself is not mentioned in the 8K filing either. Its influ