World Liberty Financial, the decentralized finance platform backed by President Donald Trump, announced this week that it has raised a total of $550 million in a series of token sales.
“This milestone proves that those who truly understand crypto and finance recognize what we’re building—and that WLFI is on track to supercharge DeFi as it transforms global finance in the coming years,” Zach Witkoff, cofounder of World Liberty Financial, said in a statement earlier this week.
The company sold $300 and $250 million worth of WLFI tokens in two different sales, although it is not clear when each took place. The coins were marketed both inside and outside the U.S. and more than 85,000 investors participated, according to the company. Around 75% of net revenue from these token sales will go to a different company affiliated with Trump and his family, according to a 13-page paper published by World Liberty Financial.
The company initially launched the WLFI token in October, saying it will allow holders to propose and vote on changes to the World Liberty Financial platform. However, the tokens are nontransferable and will not produce returns, making the token’s value as an investment unclear.
World Liberty Financial did not immediately respond to a request for comment from Fortune.
Over the last six months, World Liberty Financial has acquired millions of dollars worth of Ethereum, Bitcoin, Tron, Ondo, Sui, and other cryptocurrencies. The purchases are part of its strategic token reserve which “helps strengthen leading cryptocurrency projects while providing stability to its treasury through diversification before ultimate disposition,” the company said in a statement.
World Liberty Financial also says it has “established key relationships” with major players in the crypto space including other decentralized finance platforms like ONDO Finance, Sui, and Aave. Justin Sun, the founder of Tron blockchain, has invested $75 million in World Liberty Financial since Trump’s election in November.
“The token sales are just the beginning,” Witkoff said in a statement this week. “We’re gearing up to launch a wave of disruptive technology that will redefine the boundaries of what’s possible with digital assets.”
