The stock price of AI Financial Corp., formerly known as Alt5 Sigma, has declined more than 90% following an August 2025 transaction in which it acquired cryptocurrency tokens from World Liberty Financial, a company co-founded by Donald Trump Jr. and Eric Trump. According to disclosures from World Liberty Financial, the Trump family was entitled to approximately $500 million in proceeds from the deal. AI Financial has since warned investors about its ability to continue as a going concern and faces potential delisting from the Nasdaq exchange.
On August 8, 2025, the last trading day before the deal was announced, Alt5 Sigma’s stock closed at $8.97 per share. As of the market close on June 8, 2026, the company’s stock, now trading under the ticker AIFC, was priced at 66 cents per share, according to FactSet data.
The transaction involved Alt5 Sigma acquiring nearly 7.3 billion WLFI crypto tokens from World Liberty Financial, valued at the time at approximately $1.5 billion. The deal was structured in two parts: Alt5 traded shares and warrants to World Liberty in exchange for some tokens and sold $750 million in stock to investors, using the proceeds to purchase additional tokens from World Liberty.
Disclosures published by World Liberty Financial in 2024 state that the Trump family is entitled to 75% of the proceeds from its crypto token sales. World Liberty Financial was founded in 2024 by Eric Trump, Donald Trump Jr., Barron Trump, and other business partners, according to a company document.
In a May 18 SEC filing, AI Financial reported that its liabilities exceeded its assets after the value of its WLFI tokens decreased by $348 million in the first quarter. The filing stated, “These conditions raise substantial doubt about the company’s ability to continue as a going concern within one year.” The company is also at risk of being delisted from the Nasdaq, which requires listed companies to maintain a share price above $1.
The company’s financial situation and the transaction have drawn attention from an ethics watchdog group. In April, Democracy Defenders Fund sent a letter to the Securities and Exchange Commission (SEC) requesting an investigation into the company. “The question now is: What happened to all that money?” said Virginia Canter, chief anti-corruption counsel for the group. The SEC declined to comment on the matter.
In response to questions, a spokesperson for AI Financial Corp. stated, “AiFi’s management team is laser-focused on building its business, serving its customers, and creating long-term value for shareholders.”
A spokesperson for the Trump Organization, Kimberly Benza, said, “Neither Eric nor Don have any involvement in ALT5, nor have any visibility to the company. Neither have ever been on the board, know anything about the leadership team or have ever been involved in their operations.”
White House spokeswoman Anna Kelly addressed questions about the family’s financial dealings, stating, “President Trump’s assets are in a trust managed by his children. There are no conflicts of interest.”
Since the August 2025 transaction, AI Financial has appointed its third CEO and third outside auditor. The company has disclosed several issues in SEC filings, including a delayed quarterly report that triggered a delisting warning from Nasdaq, which it later resolved. In a separate filing, the company noted that an employee of a Canadian subsidiary was found guilty of offenses including money laundering by a Rwandan court in May 2025, a decision it said was under appeal.
Several institutional investors participated in the August transaction. Filings show that Point72 Asset Management purchased $36.5 million in stock and sold its position before the end of the year. ExodusPoint Capital Management acquired $44 million worth of stock and reported a paper loss of $14 million on its remaining shares as of the end of March. Spokespeople for both funds declined to comment.
