A wallet associated with the President Trump-supported cryptocurrency project World Liberty Financial has acquired millions of dollars in Wrapped Bitcoin and Ethereum prior to a White House crypto summit.
On Wednesday, blockchain data tracker Arkham Intelligence noted the transactions on X: The wallet in question purchased nearly $10 million in Ethereum (ETH), $10 million in Wrapped Bitcoin (WBTC), and $1.5 million in Movement (MOVE) tokens. WBTC is an Ethereum-based token, backed by Bitcoin, that enables traders to use their BTC on DeFi apps.
The World Liberty Financial purchases precede the White House’s first-ever crypto summit on Friday, which is expected to be attended by industry leaders.
Following the transactions on Wednesday, Sui, a prominent crypto project launched by former Meta engineers, announced its partnership with World Liberty Financial to “explore the innovative opportunities.” The Sui blockchain is the network behind the 19th largest cryptocurrency, SUI.
According to CoinGecko, SUI is currently trading at $2.81, up 11% in the past 24 hours.
These announcements come as the Trump administration delves deeper into the rapidly evolving crypto space. On Sunday, President Trump stated that the government would purchase a variety of digital coins and tokens, including Bitcoin, Ethereum, and Solana, to hold in reserves.
Prices for these assets and others surged immediately after the announcement but then declined on Monday and Tuesday due to broader market turmoil, including concerns about the negative economic impact of trade tariffs against Canada and Mexico.
President Trump campaigned on a pro-crypto agenda and received support from tech and digital asset entrepreneurs.
World Liberty Financial was one of the crypto ventures supported by Trump and launched before his presidency. It is a DeFi project backed by the President and his family, running on Ethereum and providing borrowing and lending services.
DeFi is an experimental sector in the crypto industry that aims to automate traditional financial services such as borrowing and earning interest on savings through various blockchain-powered apps.
Edited by Andrew Hayward.