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As Donald Trump took oath as the 47th President of the U.S. on Monday, World Liberty Financial, a cryptocurrency project backed by him, announced a series of strategic purchases, including Ethereum (CRYPTO: ETH) and Wrapped Bitcoin (CRYPTO: WBTC).
What Happened: In an X post, the decentralized finance platform disclosed buying several cryptocurrencies, including $47 million each in Ethereum and Wrapped Bitcoin, a converted version of Bitcoin that can be used on Ethereum’s blockchain.
With the latest grab, World Liberty Financial’s total ETH holdings shot up to 57,115, worth over $185 million at the current market price, according to on-chain analytics firm Arkham. WBTC was its second-largest holding.
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Other important buys included $4.7 million worth of Tron (CRYPTO: TRX), Aave (CRYPTO: AAVE), Chainlink (CRYPTO: LINK), and Ethena (CRYPTO: ENA).
World Liberty Financial said the purchases commemorated Trump’s inauguration.
Trending: If there was a new fund backed by Jeff Bezos offering a 7-9% target yield with monthly dividends would you invest in it?
Why It Matters: World Liberty Financial has been steadily piling on DeFi-linked cryptocurrencies like ETH, AAVE, and LINK to build its platform.
Launched as a decentralized money market last year, the protocol will allow users to borrow, lend, and earn interest on cryptocurrencies. The WLFI token would serve as the platform’s governance token, enabling users to engage in DeFi-related activities.
The project was aggressively promoted by Trump and his family, and a firm associated with the President-elect, DT Marks DEFI, LLC, stands to receive 75% of the protocol revenue.