A crypto venture reportedly linked to former U.S. President Donald Trump has made another substantial investment in digital currencies, according to blockchain data.
Analytics firm Lookonchain reported that World Liberty Financial (WLFI) recently acquired approximately $2 million each of Avalanche (AVAX) and Mantle (MNT).
Avalanche functions as an alternative to the Ethereum (ETH) blockchain (Layer-1), while Mantle serves as a popular Layer-2 scaling solution built on the Ethereum network.
However, Lookonchain’s analysis indicates that WLFI’s overall crypto portfolio, encompassing over 11 different cryptocurrencies, is currently experiencing losses across all holdings, with a total deficit nearing $120 million.
“World Liberty [Financial], associated with Trump, invested $2 million in 103,911 AVAX and $2 million in 2.45 million MNT…”
“In total, WLFI has invested $343 million across 11 unique crypto tokens, but all assets are currently showing losses, accumulating to a total loss of $118 million!”
At the time of this report, AVAX is trading around $18.35, while the price of MNT is roughly $0.826.
In addition to these private crypto investments through WLFI, President Trump has previously suggested the U.S. should establish its own national strategic reserve of cryptocurrencies, including Bitcoin (BTC) and several prominent altcoins.
Trump’s initial announcement of this crypto reserve prompted a temporary surge of $100 billion in the global cryptocurrency market.
Trump positioned the proposed reserve as a defense against what he described as “corrupt attacks” on the crypto sector by the current administration, reiterating his ambition to position the United States as the leading “crypto capital of the world.”
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