Crypto firm linked to Trumps plans $100M buyback

Alt5 Sigma Corp., a thinly traded financial-technology firm with ties to a Trump family crypto venture, authorized a share buyback of up to $100 million, enough to repurchase as many as 50 million shares.

The Las Vegas-based company said in a statement Thursday that the program would cover about 40% of its outstanding shares, or 22% on a fully diluted basis. Alt5 also said it plans to acquire additional WLFI tokens from World Liberty Financial Inc., a crypto firm co-founded by members of President Donald Trump's family, and has entered into a $15 million debt-financing agreement it expects to close in the coming days.

Alt5 shares rose to $2.28 as of 12:20 p.m. in New York, though the stock remains down roughly 80% from its June peak.

Alt5 drew national attention in August after unveiling a $1.5 billion strategy to accumulate Trump-linked digital tokens, disclosing holdings of about 7.3 billion of the WLFI tokens. Eric Trump, a co-founder of World Liberty Financial, became a board observer, while Zach Witkoff, a co-founder and son of presidential envoy Steve Witkoff, was named chairman.

The company has faced recent turbulence. In late August, Alt5 disclosed that a subsidiary was found criminally liable for money laundering in Rwanda. In November, it dismissed some senior executives, including then-Chief Financial Officer and Acting Chief Executive Officer Jonathan Hugh and Chief Operating Officer Ron Pitters.

Alt5 also replaced its auditor last month less than three weeks after hiring it, according to a regulatory filing, bringing on L J Soldinger Associates LLC as its third audit firm in under two months.

Alt5 did not immediately respond to a request for comment.