Eric Trump Scaling Back Role at Crypto Firm ALT5 Sigma – Crypto News

Eric Trump, a son of US President Donald Trump, may no longer be a board member of investment company ALT5 Sigma as part of a deal with World Liberty Financial.

According to an Aug. 25 filing with the US Securities and Exchange Commission (SEC), ALT5 Sigma designated Eric Trump and World Liberty Financial co-founder Zach Folkman as board observers rather than members.

The company reported that Trump’s position was “in order to comply with Nasdaq’s listing rules” and was still subject to approval by stockholders.

The filing appeared to contradict earlier notices that Trump had joined the board. In an Aug. 11 announcement, ALT5 Sigma said it would raise $1.5 billion for World Liberty Financial’s corporate treasury — a deal that included Trump becoming a director on the board. At time of publication, he was listed as a board director on ALT5 Sigma’s website. 

ALT5 Sigma is a Nasdaq-listed fintech company that provides crypto infrastructure services. It originally operated under the name JanOne, a biotech-focused company, before rebranding in mid-2024 to focus on digital assets.

According to SEC filings, ALT5 Sigma received $750 million worth of WLFI tokens from the crypto company, one million shares, and “pre-funded warrants” to purchase up to an additional 99 million shares as part of the deal.

Cointelegraph reached out to ALT5 Sigma and World Liberty Financial for comment, but had not received a response at time of publication.

Related: Trump-tied crypto company ALT5 Sigma denies SEC probe rumors

Zach Witkoff, the son of the US president’s Special Envoy to the Middle East, Steve Witkoff, and another World Liberty Financial co-founder, was listed as chairman of the ALT5 Sigma board.