Crypto firm Alt5 (Nasdaq: ALTS) has raised $1.5 billion and plans to use the proceeds to purchase roughly 7.5% of all World Liberty Financial Inc. (WLFI) tokens in existence to establish a WLFI treasury strategy, according to a Monday press release. The total supply of tokens, as per the WLFI website, is fixed at 100 billion, meaning Alt5 will soon own about 7.5 billion WLFI tokens.

Alt5 was founded in 2018 and specializes in creating technologies that bridge crypto and traditional finance. The company runs a payments gateway for merchants seeking to incorporate cryptocurrencies into their businesses. Alt5 also operates an over-the-counter crypto trading platform.

According to the release, Alt5 will sell 100 million of its common stock in a registered direct offering and another 100 million shares in a private placement offering concurrently at $7.50 per share. The total proceeds, $1.5 billion, will then be used to purchase WLFI tokens, fund company operations, and pay off outstanding debt, among other things. Alt5 expects the transaction to close on August 12.

“It’s official: We’re announcing a $1.5BN offering to establish a transformational $WLFI treasury strategy,” the company posted on X. “World Liberty Financial’s Zach Witkoff and Eric Trump are set to join our board of directors, alongside Zak Folkman as a board observer.”

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