Alt5 Sigma, the Trump Organization-backed crypto treasury company, has reportedly reduced Eric Trump’s role in the organization. When the effort was first announced in August, the second-eldest Trump son was named as a board member.
Now, according to a U.S. Securities and Exchange Commission document dated Aug. 25, Eric Trump is only joining as a board observer. Zak Folkman, COO and fellow co-founder of World Liberty Financial, another Trump-connected crypto project, who was also initially named a board member, is now also an observer. Folkman, subject to stakeholder approval, may be named director.
Zachary Witkoff, son of close Trump associate and U.S. special envoy to the Middle East Steve Witkoff, has reportedly accepted his appointment as Chairman of the Board as “the initial nominee to the Board selected by WLF,” according to the SEC filing. Forbes was first to report the news.
In August, Alt5 Sigma said it looked to raise $1.5 billion through equity sales to build up a treasury reserve of WLFI tokens, the governance token for World Liberty Financial, a DeFi and stablecoin effort that names President Donald Trump and his three sons as advisors.
Eric Trump, alongside Donald Trump Jr. and other World Liberty Financial executives, rang the Nasdaq opening bell on Aug. 13 shortly after announcing the treasury play. A Trump-affiliated LLC owns around 38% of World Liberty Financial and is entitled to about 75% of the proceeds from token sales.
Reportedly, Eric Trump and Folkman’s revised role comes after a conversation with Nasdaq regarding listing requirements — though no specific rule was cited in the filing. Like other crypto treasury companies, Alt5 is looking to go public, providing indirect exposure to its WLFI balance sheet holdings.
To be sure, board observers still carry weight as non-voting participants in board meetings.
Alt5 has already acquired around 7.3 billion WLFI tokens at $0.18 each — meaning it holds about $1.3 billion worth of tokens.
WLFI, which became transferable following a token holder vote in July, is currently trading around $0.19, up from the two $0.015 and $0.05 tranches in which they were initially sold.
© 2025 The Block. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
Trade Crypto On Coinhub Exchange
Trade Crypto On Coinhub Exchange
Stay ahead of the market by turning news insights into trading opportunities. With Coinhub Exchange, you can seamlessly buy, sell, and manage your digital assets, all in one secure platform. Take advantage of real-time market insights, deep liquidity, and fast execution for your favorite cryptocurrencies. Don’t just read about it — trade crypto now!
Disclaimer
The content of this article shown by Coinhub News, powered by The Block, is for informational purposes only and should not be construed as financial, legal, tax, or investment advice. Coinhub News and its affiliates are not a licensed financial advisor, legal advisor, broker, or tax advisor, and ... should not be considered as professional advice or a recommendation to engage in any specific investment, legal decision, or financial transaction. Cryptocurrency markets are highly speculative and volatile. Readers should perform their own independent research and consult with a qualified professional before making any financial or legal decisions. The opinions expressed in this article are those of the author and do not necessarily represent the views or opinions of the Company of its affiliates. Additionally, the Company does not make any representations or warranties regarding the accuracy, timeliness, reliability, or completeness of any information in this article. By accessing this content, you acknowledge that any reliance on the information contained in this article is solely at your own risk. The Company is not responsible for any financial losses, legal disputes, or other damages that may arise from reliance on this content or from any investment or legal decisions based on the information provided. Investing in cryptocurrencies involves substantial risks, including the risk of losing your entire investment, and you should carefully consider whether it is appropriate for your circumstances.
Read more
