Eric Trump joins World Liberty Financial treasury company before WLFI token launch originally appeared on TheStreet.
There are Bitcoin treasury companies, and there are Ethereum treasury companies. And then, there is the treasury company that Eric Trump just joined – which is setting up to establish a treasury built around the token powering the Trumps’ crypto project before it even begins trading.
Today, ALT5 Sigma announced it would be raising $1.5 billion to establish a treasury strategy to buy World Liberty Financial tokens, and would add Eric Trump to its board, along with World Liberty co-founder Zach Witkoff.
As Coinage has covered, the Trumps are now majority owners in the DeFi project they launched called World Liberty Financial. The project raised more than half a billion dollars via its WLFI token sale — and has since announced the token will soon be tradeable. In an announcement, ALT5 Sigma said it plans to hold approximately 7.5% of the total supply of $WLFI tokens.
The company, which was founded in 2018 and boasts a market cap of around $120 million, has been actively involved in crypto via its payments businesses. The Nasdaq-listed stock traded 6% higher Monday morning after the announcement, before flipping into the red to trade 14% lower in the afternoon.
Trading activity in these publicly traded treasury companies have been sporadic during announcements. Even Sharplink Gaming, the Ethereum treasury company backed by Ethereum co-founder Joe Lubin, saw shares re-trace 90% just weeks after their announcement when they launched earlier this summer.
World Liberty Financial has signaled that its WLFI tokens will begin trading soon, after a community vote approved unlocking them for early backers.
