planning to build the first-ever crypto treasury for the Trump-backed World Liberty Financial (WLFI) project. But the market didn’t exactly cheer; the announcement sent the company’s stock tumbling after an initial pre-market surge to $20.
Trading on Nasdaq as “ATLS,” ALT5 aims to raise $1.5 billion through a registered direct offering and private placement, selling up to 100 million shares at $7.50 each. The funds would go toward purchasing WLFI’s non-transferable governance tokens directly from World Liberty Financial. Since these tokens can’t be freely traded, ALT5 warned in its SEC filing that if it can’t acquire them on favorable terms, it may have to rethink its digital asset treasury strategy.
Leadership is also shifting with this deal — WLFI co-founder Zach Witkoff is set to become ALT5’s chairman, while Eric Trump will join the board. WLFI, launched in October 2024, originally created its governance token as non-tradeable, later introducing a USD1 stablecoin in March. Limited peer-to-peer trading for early backers began in July, but token mobility remains restricted.
It’s a high-stakes bet blending politics, crypto governance, and market sentiment — and the reaction so far shows investors are still deciding if it’s visionary or risky.