Not daring to buy a token, is there still a chance for WLFI coin stock?

林晚晚

2025-09-01 17:17

Read this article in 14 Minutes

Trump: Pump the Coin, Dump the Stock.

Editor's Note: On September 1st, World Liberty Financial (WLFI) saw the token's initial claim and trading. However, as early as August, WLFI had packaged the token as a stock and listed it on the US stock market through a shell company.

Currently, from a market cap perspective, ALT5, as "WLFI Reserve Stock," saw a sharp drop in price, and the pre-market trading of ALT5 on the US stock market also plummeted. With a firm grasp of the cryptocurrency narrative, the Trump family once again orchestrated a market harvest.

The following is an in-depth analysis of the ALT5 Stock Company, pulsing with BlockBeats' originality, published on August 20th. Enjoy the read.

In August, amid the Nasdaq announcements, there was a seemingly ordinary financing that exploded like a hidden mine: ALT5 Sigma issued up to 200 million common shares at $7.50 per share (about ten billion RMB), exchanged for WLFI tokens, and brought Trump's son Eric Trump onto the board of directors.

Overnight, this fintech company, ALT5, with an annual revenue of only $20 million, transformed into the "Trump Family's Publicly Listed Treasury." ALT5 not only raised funds, but it unceremoniously inserted the Trump family's token, WLFI, and its issued USD1 stablecoin with a strong political imprint, into the US securities system.

WLFI (World Liberty Financial) is not just a simple startup but a "Political Mint" personally crafted by the Trump family.

This company was founded in the two months leading up to the US presidential election, and in just a few months, WLFI had brought in hundreds of millions of dollars in revenue for the family business through the stablecoin USD1. In other words, ALT5 has not only accessed a stablecoin but a whole set of political financial weapons.

The question is—Is ALT5 really fundraising, or selling a ticket labeled with "Political Dividend"?

Part One: ALT5's Hidden Lineage: The Interweaving of Three Forces

The shareholder list of a company often speaks louder than financial reports.

ALT5's shareholder structure is almost like a power puzzle: offshore capital, Wall Street funds, and the political token faction are intertwined, making this company appear to be both a fintech enterprise and a political financial experiment.

What truly gives ALT5 its explosive nature are shareholders of this kind: the political token faction. Two key figures are Zach Witkoff and Eric Trump.

Eric Trump needs no introduction — the son of the President of the United States, Donald Trump, currently oversees the family's cryptocurrency business and sits directly on the ALT5 board.

Of particular note is Zach Witkoff, the Co-Founder of the WLFI stablecoin and also the Chairman of the ALT5 board.

If we simply look at Zach Witkoff's background, it's clear he is not your average entrepreneur. He is the son of New York's renowned real estate developer, Steven Witkoff, who currently serves as the U.S. Special Envoy for the Middle East. The Witkoff family has decades of experience in the Manhattan real estate scene, having held numerous iconic properties, with Steven's father deeply involved in New York's financial and political circles.

The Trump family's roots lie in real estate, and Steven Witkoff has had a longstanding relationship with the Trump father-son duo in the New York real estate scene.

The relationship between Zach and the Trump family can be summarized in one phrase: intertwined real estate networks and political ties. Therefore, the relationship between Zach and Eric is not merely a "partnership" but rather a familial-style political and financial alliance.

If Eric Trump puts the family's political resources on the table, then Zach Witkoff is the person responsible for executing the financial side for the Trump family. He is a pivotal figure in this political and financial intertwining, acting as the bridge between the two.

Hence, the presence of these two individuals signifies that ALT5's development trajectory will become increasingly politicized. It is not solely focused on business expansion but is also laying the groundwork for financial instruments in the 2025-2028 U.S. political cycle. To a certain extent, it is part of the Trump family's "financial arsenal."

Now, let's take a look at one of ALT5's major shareholders, an offshore company registered in the Bahamas — Clover Crest Bahamas Ltd., holding approximately 11% of the shares. The Bahamas is a well-known tax haven where many wealthy individuals and corporations choose to register their companies. The reason is simple: they can benefit from lenient tax policies while avoiding excessive regulatory scrutiny.

In simpler terms, Clover Crest is like a covert conduit for the Trump family, enabling them to quietly channel funds into ALT5 and isolate risks when necessary.

Another shareholder force comes from Wall Street's fund companies, such as the well-known Vanguard Group. Retail investors worldwide may indirectly hold stakes in these types of funds, as they operate large-scale index funds.

Vanguard's stake in ALT5 is not very high, and it seems to be a passive allocation. However, the issue is that when the public sees a name like "Vanguard Group" on the shareholder list, intuitively, they would think this company is "legitimate" and "reliable." This is what we call Legitimacy Endorsement.

These three forces each have different logics: Offshore Giants provide a hidden fund channel to ensure money can flow in; Wall Street Funds provide a front and legitimacy to make the company appear "compliant and legitimate"; Political Tokenists provide a narrative and strategic direction to propel ALT5 onto the global stablecoin stage.

Combining these three elements makes ALT5 both clean and dangerous.

On the surface, it is a rule-abiding financial technology company; in reality, it is being used as a stablecoin version of a "Trojan Horse," quietly carrying the ambitions of politics and capital under the guise of compliance.

II. The Facade of FinTech—Where Does Compliance Lead Behind the Scenes?

On the books, ALT5 is as normal as can be for a FinTech company. It holds a full set of licenses, offering services such as payment gateways, OTC trading, custody, and white-label exchanges, with an annual revenue of around $20 million and a gross profit margin of nearly 50%, making it a top performer in the cryptocurrency payment industry. Compliant, transparent, with beautiful data, it even looks "cleaner" than many traditional payment companies.

But what truly propelled ALT5 from a niche tool-type FinTech to a global focus was the $1.5 billion financing round in August 2025. Overnight, it went from being just an API company to being elevated to a new position—serving as the "Nasdaq Treasury" for the Trump Stablecoin WLFI.

This means that ALT5 is no longer just a technology sales factory but has become a key node in the global expansion of stablecoins.

Why do we say it is a "backdoor"? The reason is actually quite simple.

First is the protection of surface-level identity. If the WLFI stablecoin wants to directly enter various countries' payment networks, it will almost certainly run into central banks' and regulators' barriers. But ALT5 has a ready-made financial technology license and can take a preemptive step as a "payment API service provider." Regulators see a compliant FinTech, not a politically charged stablecoin.

Second is the covert channel for cross-border settlements. ALT5 Pay's API allows merchants to accept cryptocurrencies like BTC, USDT, and automatically convert them to dollars or euros in the background. If WLFI/USD1 is integrated, merchants and users may not even realize they are using a stablecoin endorsed by the Trump family. On the surface, it's "payment technology," but in reality, stablecoin penetration is being accomplished.

Finally, there is the natural grafting of the global network. ALT5 has bridged the Lightning Network and stablecoin payment system, which is far more efficient than traditional cross-border payments relying on SWIFT. For many emerging markets with a strong demand for the U.S. dollar but lacking a direct channel to Wall Street, ALT5 provides an invisible fast lane. Through it, WLFI can quickly "settle in," entering the global trading scene with very low resistance.

As a result, the significance of the $1.5 billion financing becomes clear: it is not merely an expansion of funds but more like a strategic deployment to pave a global payment channel for WLFI.

Naturally, ALT5 can continue to assure regulators, "We are just a compliant API payment company." However, in the shadows, its interface may be becoming the track for stablecoins to bypass the traditional financial system.

This dual narrative has made ALT5 a typical "financial technology facade." Externally, it is clean, transparent, and professional, a textbook FinTech; internally, however, it is being elevated to a strategic height, becoming an essential piece in the stablecoin globalization puzzle.

Perhaps this is precisely why WLFI was able to rapidly transition from a political concept to a real financial tool: it found a "legal backdoor" like ALT5.

When the cloak of compliance is thick enough, stablecoins can quietly flow into merchants' and users' daily transactions, and by the time regulators truly react, that door may have already been thoroughly opened.