President Trump’s World Liberty Financial Purchases More Crypto As Total Losses Hits $118,000,000: On-Chain Data
The crypto project backed by US President Donald Trump has acquired another multi-million-dollar batch of digital assets, on-chain data shows.
According to blockchain tracking firm Lookonchain, World Liberty Financial (WLFI) bought about $2 million worth of Avalanche (AVAX) and Mantle (MNT).
Avalanche is a layer-1 Ethereum (ETH) rival, while Mantle is a prominent Ethereum layer-2 scaling solution.
However, Lookonchain notes that WLFI’s portfolio, which includes more than 11 crypto assets, is losing on every single token, down nearly $120 million in total.
“Trump’s World Liberty [Financial] bought 103,911 AVAX ($2 million) and 2.45 million MNT ($2 million)…
In total, World Liberty has spent $343 million on 11 different tokens – but every single one is in the red, with a total loss of $118 million!”
At time of writing, AVAX is trading at $18.35 while MNT is priced at $0.826.
Besides privately accumulating digital assets through WLFI, President Trump has also proposed for the US to create its own national crypto strategic reserve of Bitcoin (BTC) and several large-cap altcoins.
Trump’s initial confirmation of the crypto reserve triggered a $100 billion surge in the global crypto market, which was ultimately short-lived.
Trump framed the reserve as a response to what he called “corrupt attacks” on the crypto industry by the Biden administration, emphasizing his goal to make the US the “crypto capital of the world.”
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The post President Trump’s World Liberty Financial Purchases More Crypto As Total Losses Hits $118,000,000: On-Chain Data appeared first on The Daily Hodl.
