Donald Trump's World Liberty Financial has made a substantial investment in cryptocurrency, acquiring Ethereum, Wrapped Bitcoin, and Movement Network tokens for a total of $21.5 million. These actions align with Trump's administration efforts to establish a U.S. strategic crypto reserve.
Deal Details
According to Spot On Chain, the fund purchased 4,468 Ethereum for $10 million at an average price of $2,238 per coin. It also acquired 110.6 Wrapped Bitcoin for another $10 million at a price of $90,420 per coin, and 3.42 million Movement tokens for $1.5 million at $0.439 each. These transactions were made using USDC from a newly created multi-signature wallet, which currently holds a balance of $3.5 million.
Strategic Crypto Reserve
These acquisitions are aligned with Trump's broader strategy to create a U.S. strategic crypto reserve. On March 2, Trump directed the President’s Working Group on Digital Asset Markets to develop a reserve comprising key cryptocurrencies, initially suggesting assets such as Ripple, Solana, and Cardano. However, Trump later clarified that the primary focus would be on Bitcoin and Ethereum.
Initiative Discussion
The strategic crypto reserve initiative has sparked debate. Jan3Com CEO Samson Mow expressed skepticism about including altcoins like XRP, Solana, Cardano, and Ethereum in the proposed reserve. He emphasized that Trump does not have the authority to determine the reserve's composition unilaterally and pointed out that a formal proposal, a working group's report, and congressional approval are necessary before any final decision.
The investments by World Liberty Financial underscore Trump's administration's intent to strengthen its crypto market position. However, discussions about the strategic reserve's composition are ongoing, and final decisions on which assets to include are yet to be determined.
