On Monday, ALT5 Sigma, a fintech company specializing in blockchain infrastructure, unveiled plans to establish a crypto treasury focusing on the World Liberty Financial (WLFI) project—a venture backed by the Trump family.
ALT5 Sigma, which trades on Nasdaq under the ticker name “ATLS”, aims to raise $1.5 billion to become the first publicly traded company to hold WLFI, the governance token associated with World Liberty Financial.
In its regulatory filing with the US Securities and Exchange Commission (SEC), ALT5 Sigma stated that acquiring WLFI directly from World Liberty Financial is currently the only option, as the tokens remain locked and cannot be traded.
The filing also warned that if the company fails to acquire the tokens on favorable terms or at all, it may impair its ability to execute its digital asset treasury strategy, potentially requiring a reallocation of assets within the treasury.
Prior to the announcement with World Liberty Financial, ALT5 Sigma’s shares had been performing well, nearing $20 in pre-market trading and more than doubling in value. However, the news of the treasury plans reversed this momentum dramatically.
With the treasury acquisition, Zach Witkoff, co-founder of World Liberty Financial, is set to become ALT5’s chairman. Eric Trump, another WLFI co-founder, will join the board as a director.
Additionally, Zak Folkman, also a co-founder, will serve as a board observer, while Matt Morgan, CEO of Blockstreet, will take on the role of chief investment officer.
It’s important to note that the WLFI token, designed as a non-tradeable governance token, was launched in October 2024, with a subsequent announcement of a USD1 stablecoin in March.
Featured image from DALL-E, chart from TradingView.com
