World Liberty Financial Boosts ETH Holdings to Over $50M
Onchain data indicates that on Wednesday, World Liberty Financial, a cryptocurrency project backed by President-elect Donald Trump, bought $5 million worth of Ethereum. As a result, the project’s ETH balance now stands at over $50 million, mostly acquired in the last few weeks.
About four hours ago, a wallet connected to the Aave fork completed three different transactions to obtain 1,285 Ethereum tokens from the well-known decentralized exchange CoW Swap. On The Block’s price page, ETH is now trading at about $3,938.
It looks like the wallet is buying this ETH with proceeds from the current WLFI token sale, mostly from its huge stablecoin holdings. Beginning at 0xe217e15b, the startup also seems to send money straight to the wallet, starting at 0x5be9a495, which has no outgoing transactions from the World Liberty contract address.
World Liberty Financial Chooses Ethereum as Preferred Reserve Asset
The decision to swap stablecoins for ETH indicates that World Liberty Financial wants to get involved in the more complex crypto economy. Additionally, it can indicate that the team believes ETH is a more suitable reserve asset than the US dollar.
Any stables they get they are flipping for ETH. The Trumps are clearly swapping these stables for ETH instead of just sitting in stables.
Ethereum investor and advisor Eric Conner, who first noticed the transactions
According to the terms and conditions of World Liberty, the Trump family-established limited liability company that oversees the project will get 75% of the money made from the sale of WLFI tokens and will have the authority to run the treasury any way it sees appropriate.
Trump-Backed Crypto Project Executes 146 Swaps, Boosts ETH Reserves
The 0x5be9a495 World Liberty wallet contains around $73 million in cryptocurrency, according to Arkham Research. In addition to smaller sums of other altcoins, this comprises more than $50 million in ETH, $10 million in Coinbase’s wrapped bitcoin token, cbUSD, and $8 million in USDC, and $3 million in USDT stablecoins.
In its short existence, World Liberty has executed 146 swaps through CoW Swap. This platform looks for a “coincidence of wants” among users in order to determine the lowest execution price. One of the biggest transactions World Liberty has made in recent weeks is the acquisition on Wednesday. Nine days ago, the project also bought about 2,000 Ethereum, and twelve days ago, it bought almost 3,000 Ethereum utilizing CoW Swap.
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