Reuters ends acquisition talks with Trump-linked crypto firm

Perpetuals.com Ltd, a fintech firm based in the US and operating out of Japan, has officially pulled the plug on acquisition discussions with Alt5 Sigma Canada, a subsidiary tied to one of the more eyebrow-raising crypto ventures in recent memory. The talks lasted exactly one week.

The company announced the termination on July 14, just seven days after unveiling a non-binding term sheet to acquire the Canadian subsidiary of AI Financial Corp, formerly known as ALT5 Sigma. No explanation was offered for why the deal collapsed.

The WLFI connection and the $750 million question

Alt5 Sigma raised $750 million back in August 2025 with a specific purpose: purchasing tokens from World Liberty Financial, the crypto venture backed by members of the Trump family, including Donald Trump Jr. and Eric Trump.

Of that $750 million haul, more than $500 million flowed directly to the Trump family from the initial capital raised.

The stock price tells the rest of the story. ALT5 shares were trading above $9 around the time of that August 2025 fundraise. By July 14, 2026, the day Perpetuals.com ended talks, those same shares sat at 53 cents. That’s a decline of more than 94%.

A deal that barely existed

On July 7, Perpetuals.com announced it had entered into a non-binding agreement to explore acquiring Alt5 Sigma Canada and potentially collaborating with Alt5 Sigma’s broader operations connected to WLFI. Seven days later, that optimism evaporated.

Perpetuals.com disclosed no reasons for ending the discussions. Alt5 Sigma has not publicly commented on what went wrong.

Why Trump-linked crypto keeps stumbling

When a company raises $750 million and channels more than $500 million of it to the founding family, the math stops working for everyone else pretty quickly. Shareholders in ALT5 learned this lesson the hard way, watching their holdings lose nearly all their value while the Trump family’s take remained intact.

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