The Trump family-linked crypto project has now spent around $347 million buying altcoins — and has a paper loss on all of them, according to onchain analysis.
The Trump family-backed crypto project World Liberty Financial (WLFI) has added 4.89 million SEI tokens valued at $775,000 to its portfolio, according to on-chain data.
Data from blockchain analytics firm Arkham Intelligence shows the purchase was made on April 12 by one of WLFI’s trading wallets using USDC transferred from the project’s main wallet. It’s the same trading wallet previously used by WLFI to accumulate other altcoins.
WLFI holds a diversified portfolio, including Bitcoin
BTC $84,657, Ether
ETH $1,635, and a larger number of altcoins, such as Tron
TRX $0.2561, Ondo Finance
ONDO $0.8712, Avalanche
AVAX $20.15 and now Sei
SEI $0.1603.
According to blockchain researcher Lookonchain, WLFI has spent a total of $346.8 million accumulating 11 different tokens, but as of April 12, it has yet to see a profit on any of them. The project’s Ethereum investments alone are currently down over $114 million.
Overall, Lookonchain says WLFI’s portfolio is down $145.8 million.
Only two months ago, in a Feb. 3 X post, Donald Trump’s son, Eric Trump, urged his followers to buy Ether, writing: “In my opinion, it’s a great time to add $ETH.” Originally, the tweet also included “you can thank me later,” but it was edited to remove those five words.
At the time of writing, data from CoinGecko showed ETH’s price had fallen 55% since Eric Trump’s tweet, currently trading at $1,611, down from the Feb. 3 close of $2,879.
WLFI’s USD1 logo appears on major exchanges
Meanwhile, an icon for WLFI’s stablecoin, USD1, has appeared on Coinbase, Binance and the crypto aggregator website CoinMarketCap in what appears to be the coin’s unofficial logo unveiling.
WLFI has made no official announcement about USD1’s logo.
Trump’s involvement with USD1 has attracted criticism from lawmakers on both sides of US politics. At an April 2 US House Financial Services Committee hearing on stablecoin legislation, Democratic Representative Maxine Waters suggested President Trump may be ultimately planning to use USD1 to replace the US dollar.
“Trump likely wants the entire government to use stablecoins, from payments made by the Department of Housing and Urban Development to Social Security payments to paying taxes. And which coin do you think Trump would replace the dollar with? His own, of course.”
The committee’s Republican chair, French Hill, aired similar concerns.
“If there is no effort to block the president of the United States of America from owning his stablecoin business […] I will never be able to agree on supporting this bill, and I would ask other members not to be enablers.”
Source: Cointelegraph
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