- Eric Trump moved from board member to observer after Alt5 Sigma’s review with Nasdaq.
- WLFI tokens now trade at $0.19, with Alt5 Sigma holding $1.3 billion worth.
Eric Trump is no longer a board member at Alt5 Sigma, a crypto treasury company tied to The Trump Organization. Instead, he will now take part as a board observer. The change was disclosed in a U.S. Securities and Exchange Commission (SEC) filing dated August 25.
Meanwhile, the adjustment comes after what the filing described as a conversation with Nasdaq. No specific listing rule or requirement was mentioned in the document. Alt5 Sigma is one of several firms exploring public listing options and had earlier announced plans to build a large crypto treasury using WLFI tokens.
WLFI Executives Also Shift Roles
Zak Folkman, the co-founder and chief operating officer of World Liberty Financial, was also initially named to the Alt5 Sigma board. He will now serve as an observer, with a possible future appointment as a director based on stakeholder approval.
Zachary Witkoff, son of real estate developer and former U.S. envoy Steve Witkoff, has accepted the role of board chairman. His appointment was made as part of a nomination from World Liberty Financial, according to the filing. Forbes was the first to report these updates.
Alt5 Sigma is backed by entities affiliated with the Trump family. When announced, the firm said it aimed to raise $1.5 billion in equity sales to support its treasury, which would be built around WLFI, a digital asset used within the World Liberty Financial ecosystem.
Alt5 Sigma has already acquired 7.3 billion WLFI tokens, purchased at a price of $0.18 each. Based on that pricing, the company holds roughly $1.3 billion in WLFI. The token became transferable following a vote in July. WLFI is now trading around $0.19, up from earlier sale rounds priced at $0.015 and $0.05.
A Trump-affiliated LLC owns 38% of World Liberty Financial. That entity is entitled to about 75% of the revenue generated from token sales. Eric Trump, Donald Trump Jr., and other executives participated in a Nasdaq opening ceremony on August 13 to mark the company’s announcement.
Separate Market Debut of American Bitcoin Corp
American Bitcoin Corp, a mining company with ties to the Trump family, also made its trading debut on Nasdaq recently. Eric Trump and Donald Trump Jr. together own around 20% of the firm. The stock opened strong, peaking at $14.52 before closing at $8.04.
At closing prices, their stake was valued at $1.5 billion. Intraday, it reached $2.6 billion. The company reported 908.6 million shares outstanding in a regulatory filing from September.
While changes are going on at Alt5 Sigma, it is at a time when more scrutiny is being leveled at digital asset firms under possible public offerings. Board observers do not have voting rights, but they do attend meetings and participate in discussions.
