Trump Crypto Firm Announces $1.5 Billion Digital Coin Deal
The firm, a little-known tech company called ALT5 Sigma, is planning to sell $1.5 billion worth of shares, using the proceeds to buy $WLFI, a cryptocurrency created by World Liberty, the announcement said.
Similar initiatives have become wildly popular in the crypto world this year, after the success of Strategy, a public tech company formerly known as MicroStrategy that has built a Bitcoin stockpile worth billions of dollars. Strategy's stock price has soared in sync with the price of Bitcoin, which has set a series of record highs in recent months.
As part of the deal, World Liberty will receive shares in ALT5, according to securities filings, in return for $750 million worth of $WLFI coins. Eric Trump, the president's middle son, will join ALT5's board, and Zach Witkoff, a World Liberty founder and the son of President Trump's Middle East adviser, will serve as chairman of the board.
'Another historic milestone,' Mr. Witkoff wrote on X on Monday.
The deal marks the latest expansion of the Trumps' sprawling crypto empire, which has buoyed the family's finances and created sweeping conflicts of interest. Not long after starting World Liberty, President Trump began selling a so-called memecoin, known as $TRUMP, generating hundreds of millions of dollars for his family. His sons Eric and Donald Jr. are also involved in a separate Bitcoin mining venture, American Bitcoin.
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