Trump-Backed Crypto Project Spends $45M on Crypto Investments: Report

World Liberty Financial (WLFI), a cryptocurrency project backed by Donald Trump and his family, spent $44.75 million acquiring multiple cryptocurrencies, since Nov. 30, per Lookonchain.

Breaking Down WLFI’s Buying Spree

According to Lookonchain and Arkham Intelligence, WLFI  steadily increased its investments since November 30. Highlights include:

• Ethereum and Wrapped Bitcoin: The project acquired $30 million worth of Ether (ETH) and $10 million worth of Coinbase Wrapped Bitcoin (cbBTC).
• Ondo and Ethena: Most recently, WLFI purchased $250,000 worth of Ondo (ONDO) on December 15, following a $500,000 purchase of Ethena (ENA) just a day earlier.
• Chainlink and Aave: WLFI also bought $2 million each of Chainlink (LINK) and Aave (AAVE).

The bulk of these investments occurred on December 12, when WLFI spent $10 million on 2,631 ETH. 

Another pivotal moment for WLFI came when Justin Sun, the founder of Tron, invested $30 million in the project. This move positioned Sun as WLFI’s largest investor and provided a crucial boost for the project.

Before Sun’s involvement, WLFI had sold only $20 million worth of its tokens, far below its initial $300 million target. According to the World Liberty Financial website, WLFI raised $74.55 million after selling 4.97 billion tokens at $0.015 each, at the time of writing. 

What Is World Liberty Financial?

Despite its high-profile backers and substantial investments, WLFI remains somewhat mysterious. The project claims to focus on stablecoin payments, borrowing and lending services, and liquidity pools. However, detailed plans or use cases are yet to be disclosed.

Nonetheless, the project’s activities and significant backing suggest it could play a growing role in the crypto space.

Trump’s Changing Stance on Crypto

Donald Trump’s involvement in WLFI marks a stark contrast to his earlier skepticism toward cryptocurrencies. In recent years, Trump has shifted to a pro-crypto stance, promising to make the U.S. a "crypto capital" and calling for the creation of a national Bitcoin reserve.

In a keynote speech at a Bitcoin conference in July, Trump emphasized the need for crypto-friendly regulations crafted by industry advocates. His campaign also began accepting cryptocurrency donations, further aligning with the sector’s growth.

His recent electoral win has fueled expectations of a friendlier regulatory environment for the industry. Bitcoin surged past $100,000 shortly after his victory, driven by market confidence in a Trump-led administration.

Additionally, Trump has appointed pro-crypto figures to key roles, such as Paul Atkins as chair of the SEC and former PayPal executive David Sacks as crypto and AI czar.