A wallet address linked to the Trump-backed World Liberty Financial (WLFI) project has purchased 6,144 ETH worth approximately $23 million using USDC stablecoin, indicating that the project is not stopping its aggressive Ethereum buying spree anytime soon.
Trump-Backed WLFI Token to Hit Markets Soon
Last week, the WLFI team concluded the voting session concerning the launch of the project’s token. A majority of the token holders, 99.94%, voted in favor of the governance proposal, while a minority of 0.06% opposed it.
The result potentially sets the way for the token to become tradable on the open market, transitioning the WLFI project from a closed ecosystem to a more open model. Token holders would be able to freely buy, sell, and trade their tokens.
In September last year, Donald Trump announced the launch of the WLFI. According to Trump, he worked on the project with his sons, Donald Jr. and Eric Trump, to boost crypto adoption in the US.
A few days later, the WLFI team announced its plans to introduce a governance token, targeting only investors interested in participating in governance rather than seeking economic gains from holding the token.
Since then, the project has continued to expand its presence in the cryptocurrency market, including its recent significant accumulation of Ethereum.
On-chain data revealed that WLFI has accumulated about 10,013 ETH over the past six days. The project’s latest purchase of 6,144 ETH has increased its total Ethereum holdings to 73,616 ETH, valued at approximately $275 million. This indicates its strong confidence in Ethereum’s long-term potential.
Institutions Bet Big on Ethereum’s Future
There has been a significant surge in Ethereum buying activity among US investors, indicating a broader trend of increasing institutional demand for the asset.
For instance, New York-listed company Bit Digital dumped its traditional Bitcoin mining operations to focus entirely on Ethereum staking. Initially, the company ventured into both Bitcoin mining and Ethereum staking, holding approximately 2,164 ETH. However, Bit Digital has now shifted its focus entirely to Ethereum staking, capitalizing on the potential of Proof-of-Stake to generate consistent returns.
Later on, the platform sold its entire Bitcoin holdings, about 280 BTC, to buy Ethereum. Bit Digital also raised $172 million in a public offering, with plans to use the proceeds to acquire more ETH.
