In a bold move that has sparked debate and controversy, Donald Trump’s World Liberty Financial has recently acquired $21.5 million worth of Ethereum, Wrapped Bitcoin, and Movement Network tokens. The transactions, which were executed using USDC from a newly created multi-signature wallet, have raised eyebrows in the crypto community.
According to a post by on-chain analytics platform Spot On Chain, the fund purchased 4,468 Ethereum (ETH) for $10 million, 110.6 Wrapped Bitcoin (WBTC) for $10 million, and 3.42 million Movement (MOVE) tokens for $1.5 million. This brings World Liberty Financial’s total digital asset holdings to over $78.5 million as of March 6, with significant positions in ETH, WBTC, Tether (USDT), staked ETH, and Tron (TRX).
The timing of these acquisitions is particularly noteworthy, as they come amidst Trump’s administration’s plans to establish a U.S. strategic crypto reserve. Trump recently directed the President’s Working Group on Digital Asset Markets to create a reserve comprising key cryptocurrencies, with Bitcoin and Ethereum being central to the initiative. This move has raised concerns about potential conflicts of interest, as reports indicate that Trump and his associates own more than 60% of World Liberty Financial.
Despite assurances from The Trump Organization that the president has distanced himself from commercial activities and denied any misconduct, watchdog groups remain skeptical. Past instances where Trump’s business and political interests appeared intertwined have only fueled these concerns.
As the debate over Trump’s crypto strategy and market influence continues to unfold, it remains to be seen how these latest acquisitions will impact the digital asset landscape. With the crypto market constantly evolving, the actions of influential figures like Trump are sure to be closely monitored by industry observers.