Half a billion dollars went one way, and a public company's market value went the other.
When Alt5 Sigma agreed in August 2025 to buy $1.5 billion worth of WLFI tokens from World Liberty Financial, the publicly-traded firm was supposed to become the headline corporate treasury for the Trump-family-linked crypto project. The arithmetic of the deal looked plausible on paper back then, when WLFI was being marketed as the next big political-finance crossover story. Instead, it became a case study in what happens when a small public company tries to swallow a token that nobody outside the deal seems to want at the price...
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