The Trump family’s crypto venture, World Liberty Financial, recently announced a plan to raise $1.5 billion through a partnership with ALT5 Sigma Corporation, a publicly listed company in the US.
According to a report by Fortune, the funds will be utilized for the acquisition of WLFI, the native token of World Liberty Financial. ALT5 Sigma revealed that it intends to sell a combination of 200 million new and existing shares, directing the proceeds toward this purchase.
Trump Family Ventures Deeper Into Crypto
This initiative is part of a broader strategy by the Trump family to leverage the growing trend of utilizing publicly traded or blank-check companies to provide investors with greater access to cryptocurrencies.
This approach gained traction thanks to figures like Michael Saylor, who transformed Strategy (previously MicroStrategy) into a cryptocurrency powerhouse by adding substantial amounts of Bitcoin (BTC) to its balance sheet.
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The landscape has since seen a surge of similar ventures. Beyond Bitcoin, various treasury companies have emerged for cryptocurrencies such as Ethereum (ETH), Sui (SUI), Binance Coin (BNB) and Ethena (ENA) each promoting their stocks as a means for traditional investors to engage with the crypto market.
As part of this expansion, Zach Witkoff, the CEO of World Liberty and son of prominent businessman Steve Witkoff, will take on the role of chairman at ALT5 Sigma.
Eric Trump, another son of President Donald Trump and co-founder of World Liberty, will join the board, alongside Zak Folkman, the company’s chief operating officer (COO), who will serve as a board observer.
World Liberty Financial To Make Tokens Tradable
This move marks the latest chapter in the Trump family’s growing involvement in cryptocurrency. In addition to World Liberty’s initiatives, Donald and Melania Trump launched their own memecoins, TRUMP and MELANIA, earlier this year.
Meanwhile, Eric Trump and Donald Trump Jr. have backed World Liberty Financial and established a Bitcoin mining operation under American Bitcoin in partnership with Hut 8.
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Furthermore, Trump Media and Technology Group (TMTG), which oversees the social media platform Truth Social, has shifted its focus toward crypto investments, recently adding $2 billion worth of Bitcoin to its balance sheet.
Additionally, the holders of the WLFI token have voted overwhelmingly in favor of making their tokens tradable, a decision that could significantly influence their market value and the financial interests of the Trump family.
The proposal to initiate tradability garnered an impressive 99.94% approval from approximately 20,900 votes cast. WLFI Holders expressed their motivations for supporting this move, citing anticipated price increases and a desire to align their investments with their support for Trump.
Featured image from DALL-E, chart from TradingView.com
