Currently, from a market capitalization perspective, ALT5, as a "WLFI reserve treasury stock," has seen its US stock ALT5 plummet in pre-market trading as the WLFI coin price has continued to decline. The Trump family's grasp of the crypto narrative and the behind-the-scenes manipulation have once again reaped a wave of profits from the market.

The following is an in-depth analysis of the ALT5 coin stock company, originally published by BlockBeats on August 20th. Welcome to read.

In August, among the NASDAQ announcements, there was a seemingly ordinary financing that exploded like a hidden mine: ALT5 Sigma issued up to 200 million shares of common stock (approximately tens of billions of RMB) at $7.50 per share, exchanging WLFI tokens for shares and bringing Trump's youngest son, Eric Trump, onto the board of directors.

Overnight, ALT5, a financial technology company with annual revenue of just over $20 million, transformed into the "Trump family's listed treasury." ALT5 is not just raising funds; it is openly pushing the Trump family's token WLFI and its issued USD1, a stablecoin with a strong political imprint, into the American securities system.

WLFI (World Liberty Financial) is not just a simple startup, but a "political mint" personally created by the Trump family.

Founded two months before the US election, WLFI has already brought hundreds of millions of dollars in revenue to the family business through the stablecoin USD1 in just a few months. In other words, ALT5 is not just connecting to a stablecoin, but to an entire set of political and financial weapons.

The question is—is ALT5 really raising funds, or is it selling a wealth ticket labeled "political dividends"?

I. ALT5's Hidden Lineage: The Collusion of Three Forces

A company's list of shareholders often reveals more than its financial statements.

ALT5's shareholder structure is almost a power puzzle: offshore capital, Wall Street funds, and political token factions are intertwined, making the company look like both a financial technology enterprise and a political financial experiment.

What truly makes ALT5 explosive is this type of shareholder: the political token faction. The representatives are Zach Witkoff and Eric Trump.

Eric Trump needs no introduction—the son of US President Trump, whose family's crypto industry is currently under his jurisdiction, directly joining the ALT5 board of directors.

What is worth discussing is Zach Witkoff—the co-founder of the WLFI stablecoin, who also serves as the chairman of ALT5.

Looking only at his resume, Zach Witkoff's background has already determined that he will not be an ordinary entrepreneur. He is the son of Steven Witkoff, a famous New York real estate developer, who currently serves as the US Special Envoy for Middle East Issues. The Witkoff family has decades of accumulation in the Manhattan real estate industry and has held many landmark buildings. His father, Steven, has been dealing with the New York financial and political circles for many years.

The Trump family started in real estate, and Steven Witkoff and the Trump father and son have had deep ties in the New York real estate circle for a long time.

The relationship between Zach and the Trump family can be summarized in one sentence: real estate family friendship + political binding. Therefore, the relationship between Zach and Eric is not only "cooperation" but also a family-style political and financial alliance.

If Eric Trump puts the family's political resources on the table, then Zach Witkoff is the one who executes the financial implementation for the Trump family. He is the key bridge figure in this political and financial intersection.

So the existence of these two people means that ALT5's development path will become increasingly politicized. It is not just pursuing commercial expansion, but is reserving financial tools for the 2025–2028 US political cycle. To some extent, it is part of the Trump family's "financial arsenal."

Let's review one of ALT5's major shareholders, an offshore company registered in the Bahamas—Clover Crest Bahamas Ltd., holding approximately 11%. The Bahamas is no stranger to everyone; it is a famous tax haven where many wealthy individuals and companies register their companies. The reason is simple: it can enjoy lenient tax policies and avoid excessive regulatory scrutiny.

In simple terms, Clover Crest is like a secret channel for the Trump family, which can quietly send money to ALT5 and isolate risks when needed.

Another shareholder force comes from Wall Street fund companies, such as Vanguard (Vanguard Group), which everyone is most familiar with. Retail investors around the world may indirectly hold these funds because they operate large-scale index funds.

Vanguard's shareholding ratio in ALT5 is not high, and it seems to be a passive allocation. But the problem is that when the public sees names like "Vanguard Group" on the list of shareholders, they will intuitively feel that the company is "legitimate" and "reliable." This is the so-called endorsement of legitimacy.

These three forces each have different logics: offshore financiers provide hidden funding channels to ensure that money can come in; Wall Street funds provide a facade and legitimacy to ensure that the company looks "compliant and legitimate"; the political token faction provides narrative and strategic direction, pushing ALT5 to the global stablecoin stage.

The combination of the three makes ALT5 both clean and dangerous.

On the surface, it is a compliant financial technology company; in reality, it is being used as a stablecoin version of the "Trojan horse," quietly carrying the ambitions of politics and capital under the guise of compliance.

II. The FinTech Cloak—Where Does the Secret Door Under Compliance Lead?

On paper, ALT5 is a perfectly normal financial technology company. It holds complete licenses and has a full set of services such as payment gateways, OTC trading, custody, and white-label exchanges. Its annual revenue is approximately $20.00 million, and its gross profit is close to 50%, making it a top student in the crypto payment industry. Compliant, transparent, and with beautiful data, it even looks "cleaner" than many traditional payment companies.

But what truly allowed ALT5 to leap from a niche tool-based FinTech to a global focus was the $1.50 billion financing in August 2025. Overnight, it was no longer just a company making APIs, but was pushed to a completely new position—becoming the "NASDAQ treasury" of the Trump stablecoin WLFI.

This means that ALT5 is no longer just a factory selling technology, but has become a key node in the globalization of stablecoins.

Why is it called a "backdoor"? The reason is actually very simple.

First is the protection of the surface identity. If the WLFI stablecoin wants to directly enter the payment networks of various countries, it will almost certainly run into the high walls of central banks and regulators. However, ALT5 has existing financial technology licenses and can take the first step as a "payment API service provider." Regulatory agencies see a compliant FinTech, not a stablecoin with a strong political color.

Second is the secret channel for cross-border settlement. ALT5 Pay's API allows merchants to collect cryptocurrencies such as BTC and USDT, and then automatically convert them into US dollars or euros in the background. If WLFI /USD1 is embedded, merchants and users may not even realize that they are using a stablecoin endorsed by the Trump family. On the surface, it is "payment technology," but in reality, it completes the penetration of the stablecoin.

Finally, there is the natural grafting of the global network. ALT5 has already connected the Lightning Network and stablecoin payment systems, which is far more efficient than traditional cross-border payments that rely on SWIFT. For many emerging markets with a strong demand for US dollars but lacking direct access to Wall Street, ALT5 provides an invisible fast lane. Through it, WLFI can quickly "sink" and enter global trading scenarios with extremely low resistance.

In this way, the significance of that $1.50 billion financing becomes clear: it is not a simple expansion fund, but more like a strategic deployment to lay global payment pipelines for WLFI.

ALT5 can naturally continue to assure regulators, "We are just a payment company that provides compliant APIs." But in the dark, its interface may be becoming a track for stablecoins to bypass the traditional financial system.

This dual narrative makes ALT5 a typical "financial technology front." Externally, it is clean, transparent, and professional, a textbook FinTech; internally, it is being pushed to a strategic height, becoming an indispensable piece in the stablecoin globalization puzzle.

This may be the key to WLFI's ability to quickly leap from a political concept to a real financial tool: it has found a "legal backdoor" like ALT5.

When the cloak of compliance is thick enough, stablecoins can quietly flow into the daily transactions of merchants and users, and by the time regulators truly react, that door may have already been completely opened.

III. Trump's Shadow Financial Empire

ALT5 is just the tip of the iceberg; the larger landscape underneath is the Trump family building its own dollar system.

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