Eric Trump, the executive vice president of The Trump Organization, denied any involvement with Justin Sun's Tron (CRYPTO: TRX) venture on Monday, which is purportedly planning to go public in the U.S.

What happened: Trump spoke highly of the controversial cryptocurrency billionaire in an X post.

"I'm the biggest fan of Tron and love Justin Sun—he is a great friend and an icon in the crypto space," he wrote. 

However, in the next breath, he categorically denied an earlier Financial Times report that claimed he is expected to join Justin Sun’s upcoming venture in an official role.

"That said the below is inaccurate – I don't have public involvement," he said.

The Financial Times didn't immediately return Benzinga's request for comment.

See Also: Forget Dollars: Willy Woo Says Bitcoin Will Be Priced Against Global GDP — ‘Gold Used To Be That Money, BTC Is The Challenger’

Why It Matters: Trump's denial comes hours after the Financial Times reported that Tron is planning to go public in the U.S. through a reverse merger with collectibles company SRM Entertainment (NASDAQ:SRM).

The report also mentioned that a New York-based investment firm linked to President Donald Trump‘s sons, Eric and Donald Jr., is facilitating the deal, which mirrors the playbook used by Bitcoin (CRYPTO: BTC) holding company Strategy Inc. (NASDAQ:MSTR).

Sun has strengthened his relationship with the Trumps lately.  Apart from being a leading investor and advisor at World Liberty Financial, the decentralized finance platform backed by the Trump family, he was invited to an exclusive dinner with Trump as the largest investor in Official Trump (CRYPTO: TRUMP) memecoin.

Notably, Sun and the SEC had stopped litigation early this year to resolve claims of unregistered securities sales and market manipulation against Sun and his companies.

Price Action:  At the time of writing, TRX was exchanging hands at $0.2761, up 2.07% in the last 24 hours, according to data from Benzinga Pro. 

Shares of SRM tumble 11% in after-hours trading after closing an eye-popping 537.9% higher at $9.249 during Monday’s regular trading session.

SRM demonstrated a very high momentum score—a measure of the stock's relative strength based on its price movement patterns and volatility over multiple timeframes—as of this writing. To find out how it stacks against MSTR and other cryptocurrency-related companies, visit Benzinga Edge Stock Rankings.

Photo Courtesy: Maxim Elramsisy On Shutterstock.com

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