American Bitcoin (ABTC), a newly public bitcoin mining and treasury firm backed by Donald Trump Jr. and Eric Trump, opened for trade Wednesday morning after completing its merger with Gryphon Digital Mining (GRYP).

Wasting little time, the company filed for an at-the-market equity raise of up to $2.1 billion with which to continue building its bitcoin (BTC) holdings (which footed to 2,443 coins at the time of the merger).

Shares have rocketed 60% to $11 versus the $6.90 price at the time of the merger Tuesday evening.

Its the latest chapter in American Bitcoin’s rapid formation, which began in March through a combination of the Trump brothers’ American Data Centers and Canadian mining firm Hut 8 (HUT). Hut 8 now holds an 80% ownership stake in the newly listed entity.

American Bitcoin’s business combines bitcoin mining with a corporate treasury approach centered on accumulating the asset. Since its inception earlier this year, the company has amassed 2,443 bitcoin, worth approximately $160 million at current prices. This hybrid model — mining bitcoin while holding it as a balance sheet asset — mirrors strategies used by other high-profile mining firms such as Marathon Digital.

Crypto Reporter

Shalini Nagarajan

Crypto Reporter

Shalini Nagarajan

About Author

Shalini is a crypto reporter who provides in-depth reports on daily developments and regulatory shifts in the cryptocurrency sector.

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Last updated: 

July 16, 2025

World Liberty Financial’s crypto token, WLFI, is set to become tradable following a landslide community vote that could significantly boost President Donald Trump’s crypto fortune.

On Wednesday, token holders overwhelmingly approved a proposal to unlock WLFI for trading, with 99.94% voting in favor.

The move marks a turning point for the Trump-linked project, which was launched last year as a decentralized finance platform offering both a governance token and a stablecoin.

The proposal, first introduced on July 9, outlined plans to transition World Liberty from a closed ecosystem to one with broader market participation.

Trading Begins for Early World Liberty Financial Holders, Full Unlock Still Pending

“This would mark a major milestone in the development of the World Liberty Financial ecosystem,” the team wrote. It added that this would open the door for wider community access and protocol development.

WLFI tokens were initially sold in two tranches, priced at $0.015 and $0.05. However, buyers were not allowed to trade them at the time. Instead, they received voting rights on protocol decisions and access to Trump-related events.

For instance, in May, top TRUMP memecoin holders were invited to a gala dinner with the president. Among the guests was Tron founder Justin Sun.

With trading enabled, price discovery and speculation will now begin. Although only early investor tokens will be unlocked initially, a second vote will determine when the remaining supply of the 100b WLFI tokens can be released.

Trump’s Inner Circle Anchors World Liberty’s Leadership and Ownership

The team noted that founder, advisor and team allocations will follow a longer vesting schedule. This is meant to signal long-term alignment with the project’s success.

Meanwhile, Trump’s three sons serve as official advisors to World Liberty. They are joined by real estate executive and longtime Trump ally Steve Witkoff, who now serves as the US special envoy to the Middle East. Additionally, Witkoff’s sons, Zach and Alex, are co-founders of the project.

A company linked to Trump, DT Marks DEFI LLC, is expected to receive 22.5b WLFI tokens. Additionally, Trump personally held 15.75b WLFI as of the end of last year.

According to Bloomberg, the Trump family has earned roughly $390m from WLFI sales, contributing to a total $620m in crypto-linked wealth.

Lawmakers Question Conflicts as Trump Crypto Profits Soar

Democratic lawmakers have voiced concerns over Trump’s growing involvement in crypto. This includes his ventures in Bitcoin mining and stablecoin development. As a result, Sen. Elizabeth Warren and Rep. Maxine Waters have called on the US SEC to investigate possible conflicts of interest.

Meanwhile, the White House has stated that Trump’s assets are held in a trust managed by his children and has denied any conflict of interest. However, the terms of this trust have not been disclosed. Importantly, Trump remains the sole beneficiary. This means he could access proceeds from crypto ventures at any time or once he leaves office.

Despite the controversy, supporters see WLFI’s trading debut as a financial opportunity and a show of political loyalty. “We invested to get rich,” one holder posted on the project website.

Another simply wrote, “To make America great again.” Most token holders remain anonymous, shielded behind crypto wallet addresses.

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US regulators have kicked off the formal review of a new spot‑crypto fund. Investors won’t know for sure if it clears the hurdles until the US Securities and Exchange Commission makes a final call. But the filing itself signals growing acceptance of directly held crypto products.

ETF Application Sparks Interest

According to the SEC filing, Trump Media’s Truth Social unit wants an ETF listed on NYSE Arca with 75% in Bitcoin and 25% in Ether. Yorkville America Digital would sponsor the fund, while Foris DAX Trust Company—Crypto.com’s custody arm—would hold the coins. US President Donald Trump’s team submitted the S‑1 form on June 16, starting what is likely a 45‑day review clock.

Custody And Valuation Rules

Based on reports, the fund would value Bitcoin each trading day using the CME CF Bitcoin reference rate. Ether would use the CME CF Ether rate, unless the sponsor chooses another source. Private keys for both assets would sit in a cold wallet, kept separate from customer accounts. That setup aims to address long‑standing worries over hacks, theft and tangled custody failures.

Trump Media Truth Social ETF filing. Source. SEC.

A Crowd Of Competing Bids

Wall Street giants like BlackRock and Fidelity have filed pure‑Bitcoin ETF applications. Some firms are eyeing Ether‑only funds. Now a dual‑asset product is in the mix. If the SEC finalizes its planned “automated” listing framework, reviews could shrink from many months to a few. That rule would standardize disclosures, custody standards and market‑integrity checks for all spot‑crypto ETFs.

BTCUSD trading at $108,529 on the 24-hour chart: TradingView

Meanwhile, Fidelity’s spot‑Solana ETF hit another delay. The SEC pushed back its March 25 application and opened a new public‑comment window—21 days for feedback, 35 days for replies. Bloomberg analyst James Seyffart called this hold‑up “expected,” noting it shows the agency is still fine‑tuning data and disclosures before any approvals.

What Comes Next For Investors

Now the ball is in the SEC’s court. Regulators can sign off, send back comments or reject the bid. If leadership keeps up the push for faster, automated reviews, spot‑crypto ETFs might reach market this year. Until then, every move—from amendment requests to public comments—will matter for funds backed by Bitcoin, Ether and beyond.

ETF Race Intensifies

At stake is more than branding. Fees, trading speed and trust in custody will shape which funds win big money. And sponsors will need muscle to stand out in a growing field of nearly 10 proposals. Investors should keep a close eye on filings and deadlines to know when to act.

The race launched with Trump Media’s Truth Social filing, and it may well end—with approval or denial—under its banner. Truth Social’s entry has put a fresh spin on the push for regulated crypto products.

Featured image from Getty Images, chart from TradingView

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“I am not a fixer for anyone,” fired Changpeng “CZ” Zhao on May 23, slamming a Wall Street Journal report that tied him to a Trump-linked crypto venture. The Binance founder called the claims “politically motivated” as the clash over crypto influence escalates.

The WSJ said Changpeng Zhao acted as a behind-the-scenes dealmaker for Trump-linked crypto venture World Liberty Financial (WLF). However, Zhao says the story misrepresented the facts. This is his second fight with the newspaper in just a few months.

Changpeng Zhao vs. WSJ: A Clash of Narratives or Media Bias?

According to The Wall Street Journal, Changpeng Zhao introduced Pakistani entrepreneur Bilal bin Saqib to WLFI co-founder Zach Witkoff, helping arrange meetings that resulted in a government agreement.

Zhao denied this, saying, “I first met Mr. Saqib on that trip,” and argued that Saqib and the Witkoffs already knew each other. He called the story “flawed.”

The dispute revolves around conflicting claims about CZ’s influence. The WSJ suggested his role was key to WLFI’s $550 million token sales and a $2 billion Abu Dhabi deal. Zhao also disputed this, saying the report contained errors.

His team sent corrections, but the Journal did not include them, which Zhao called “biased reporting.”

The report also raised ethical concerns, noting WLFI leaders blend government and private business. Steve Witkoff serves as a Trump envoy while his son Zach runs WLFI, which has raised $550M this year.

This marks the second clash between CZ and the Journal in months after an April report citing unnamed sources claimed Zhao agreed to testify against Tron’s Justin Sun during his plea negotiations. He branded that “baseless,” noting that protected witnesses avoid prison.

Critics see a pattern as Zhao now frames both episodes as anti-crypto media bias, even as regulators sharpen oversight of ventures like WLF. Yet neutral observers have questions.

If Changpeng Zhao wasn’t involved, why did WLF’s Pakistan deal happen after these meetings? And why does the Journal stand by its sourcing? The stakes extend beyond headlines.

Trump’s Crypto Empire: Where Politics and Digital Assets Collide

The controversy echoes wider tensions in Washington. Just three days before CZ’s rebuttal, SEC Chair Paul Atkins faced heated congressional questioning about paused investigations into both Justin Sun and a Trump-linked meme coin. Critics also see a pattern of special treatment, while proponents cry political targeting.

Atkins insisted the Tron case remained active while touting new stablecoin regulations—even as WLFI prepared to launch its own Treasury-backed USD1 stablecoin.

However, the connections run deeper than regulatory filings.

For example, President Trump’s family maintains a 60% stake in WLFI, which directs 75% of token sale revenues to their coffers while allocating just 5% to platform development.

This lopsided financial structure raised a few eyebrows at WLFI’s recent Virginia golf club gala, where Justin Sun received a golden watch from POTUS after amassing major $TRUMP holdings.

The fundraiser brought in $148 million from exclusive dinners, with one investor openly admitting people bought WLFI tokens mainly because of the “crypto president” link.

Watchdog groups call this the clearest mix of political power and crypto yet, where leaders profit from digital assets and regulators advance some cases while slowing others.

From $550M Sales to $3.9B Losses: The Volatility of Trump-Linked Tokens

New data shows $TRUMP whales, including VIPs at last Friday’s Washington dinner, are now deep in the red. According to Bloomberg, 19 key wallets saw their $TRUMP holdings drop 52% in just a month.

The biggest bag plunged $48 million underwater after prices collapsed from $61 to $12 on 800,000 tokens.

The damage spreads far beyond just a few investors. 590,000 wallets lost a combined $3.9 billion, while Chainalysis reports $320 million in trading fees went to Trump-linked entities.

CNBC’s Dan Nathan calls it a “perfect Ponzi scheme,” arguing endless inflows prop up prices while lining the Trump Organization’s pockets.

Now, lawmakers are stepping in. Senators Elizabeth Warren and Adam Schiff want an ethics investigation, and new MEME legislation could block public officials from profiting off tokens.

Meanwhile, World Liberty Financial and backers of the USD1 Treasury-backed stablecoin have blasted the Senate’s inquiry into their dealings.

A letter from major U.S. law firm BakerHostetler, WLF insists USD1 holds full short-term Treasury reserves and pitches the coin as a medium to channel global demand into US debt, keeping crypto dominance on U.S. soil.

Frequently Asked Questions (FAQs)

The post Changpeng Zhao Debunks WSJ Report on His Alleged Involvement in Trump-Linked Crypto Firm appeared first on Cryptonews.

In a letter dated May 14, Representatives Gerald Connolly, Joseph Morelle, and Jamie Raskin called on Treasury Secretary Scott Bessent to hand over all suspicious activity reports (SARs) filed since 2023 that mention World Liberty Financial (WLFI) or the OFFICIAL TRUMP token (TRUMP).

Banks and other financial firms are required to submit SARs to the Financial Crimes Enforcement Network (FinCEN) when they notice transactions that might involve illegal activity, such as fraud or money laundering.

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The lawmakers are also asking for any reports that mention a list of names and organizations, including President Trump himself, Melania Trump, WinRed (the Republican fundraising platform), Elon Musk, Justin Sun, and several political action committees (PACs). They set a deadline of May 30 for the Treasury to respond.

The lawmakers explained they want to assess whether new laws are needed to stop potential violations of campaign finance rules, protect consumers, and prevent bribery or securities fraud.

One part of the letter points to concerns about the WLFI token sales. Some of those tokens were sold to overseas buyers, who often face fewer rules than US investors.

Additionally, the letter asks for SARs involving WinRed and a political group backed by Elon Musk, which reportedly donated $250 million to President Trump’s campaign.

The TRUMP token is another focus. The lawmakers say that since the buyers’ identities are not public, there is a risk that some people could try to gain favor with President Trump by purchasing large amounts of the token without being noticed.

Justin Sun’s role is also under the spotlight. He invested in WLF, and while the SEC had filed a case against him for allegedly breaking securities laws, that case is currently on hold.

On April 24, Democratic Senators Elizabeth Warren and Adam Schiff requested an ethics investigation after President Trump offered private access to holders of the TRUMP token. What did they say? Read the full story.

• Fartcoin led April’s meme coin rally with a 145% price jump, but experts caution that the sector remains fragile and heavily dependent on Bitcoin’s performance.
• Sui stood out among L1s with a 56% gain, supported by strong DeFi metrics and stablecoin integration, though token unlocks could bring near-term volatility.
• AI tokens continued to gain traction, with Bittensor and Virtual Protocol among April’s top performers, but analysts warn that sustained growth will depend on real-world adoption.

The last days of April gave traders reason to be hopeful. Bitcoin (BTC) climbed back above $90,000, helping lift sentiment across the broader crypto market. As BTC rebounded, altcoins followed.

Among the top 100 tokens by market capitalization, Fartcoin (FARTCOIN) led the monthly gains with a 145% increase in April. Another meme coin, Bonk (BONK), also made the top three with an 80% rise. The renewed interest in such high-risk assets may signal that traders are again willing to take on more exposure after steep losses in March and April.

The Artificial Intelligence (AI) sector also saw strong momentum. Three AI-related tokens, Virtuals Protocol (VIRTUAL), Bittensor (TAO), and Artificial Superintelligence Alliance (FET), all landed in the top 10 monthly performers.

Sui (SUI), a Layer 1 blockchain token, also stood out with a 56% gain. For this April altcoin recap, Cryptonews spoke with experts about what might shape the market in May.

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Meme Coins Back in Play? FARTCOIN Leads with 145% Jump

April brought a wave of excitement to the meme coin market. Fartcoin surged by 145% and quickly became one of the most talked-about tokens of the month. But while some traders see this as a sign of revival, experts say it’s still too early to call it a full comeback.

Matas Čepulis, Founder & CEO of LuvKaizen, told Cryptonews that the sector is showing signs of life, but overall, “it is far from recovery still.” While a few projects like FARTCOIN are gaining traction, many popular tokens, including Pepe (PEPE), remain well below their all-time highs.

Čepulis attributes FARTCOIN’s breakout performance to its fast-growing social media presence and strategic execution:

Fartcoin got insane traction and flooded social media instantly while creating FOMO. The team played very well on the execution, market making, listings — and got instant traction.

However, the expert notes that most other meme coins failed to show any meaningful recovery in April:

Unfortunately, Murad’s tokens like SPX6900, Retardio, Sigma and others are still down hard with zero to no positive recovery in the last month.

The overall picture remains complicated by Bitcoin’s dominance. According to Čepulis, when BTC is climbing, altcoins often struggle to keep up, and when it drops, they tend to fall even harder. “Memes are the ones who get the biggest red candle,” Čepulis said.

‘Indicators Suggest Sui Is on the Verge of Inflection Point’

Among Layer-1 protocols, Sui emerged as an unexpected leader in April. It outperformed both Solana (SOL) and Ethereum (ETH) in price gains, despite lingering market volatility. However, some experts caution against premature optimism.

Jason Tucker-Feltham, CEO of the Stablepor platform, told Cryptonews that Sui’s recent rally may be partly due to timing, and not just fundamentals. The broader market hasn’t seen a strong altcoin season yet, and global economic uncertainty continues to weigh on sentiment:

The market has still yet to see a convincing altcoin season, and with unstable macro trends, we could continue to see volatility across the entire crypto market.

Still, Tucker-Feltham sees positive signals in Sui’s development strategy. He believes stablecoins will be a key theme for 2025 and sees their integration on Sui as a growth catalyst:

Integration of Circle’s USDC on Sui sets the stage for real-world payments. Stablecoins on Sui, coupled with the cross-chain capabilities enabled by Sui Bridge, could see it take a more meaningful bite out of the global stablecoin opportunity.

Kelghe D’Cruz, CEO of Pairs, points to encouraging on-chain data:

Key indicators would suggest that Sui is on the verge of an inflection point. Transaction counts and wallet growth signal rising user engagement, while increasing DeFi TVL translates into more assets, more trades, and more demand.

He also highlights the importance of strategic partnerships that help strengthen the broader Sui ecosystem. But despite these positives, D’Cruz warns of several risks that could slow down momentum:

Still, it’s not all smooth sailing. The Move language, while innovative, carries security risks due to its relative newness. Regulatory pressure on DeFi’s yield mechanics could also slow momentum. And liquidity fragmentation across chains might dilute capital efficiency.

What Are the Price Predictions for AI Tokens After Their April Boom?

April was a strong month for the AI token sector. Three artificial intelligence–linked projects landed in the top 10 gainers across the crypto market. Virtuals Protocol led the surge with a 137.07% gain. TAO followed with nearly 64%, helping lift the entire segment. Given that TAO remains the largest AI-focused token by market cap, its growth likely played a key role in driving the sector forward.

In a conversation with Cryptonews, Abbas Abdul Sater, Head of Sales at Capital.com, pointed to TAO’s limited supply as a major factor behind its appeal:

There’s only 21 million TAO tokens in total. That kind of hard cap naturally creates scarcity — and in crypto, scarcity can be a powerful driver of price.

He noted that TAO currently holds a market cap of around $3 billion, with a fully diluted valuation of $6.8 billion. A sharp uptick in trading volume suggests growing investor interest, but Abdul Sater also urged caution:

It’s not yet clear if this is just a hype-driven rally or something more fundamental. We’re watching closely to see if this momentum holds.

Abdul Sater added that TAO’s recent growth may have been supported by the launch of a new system known as the SN44 Score. This tool expands TAO’s utility by introducing real-world video data integration, and something investors are starting to notice:

Integrating real-world video data is a big step. It’s opened up a new use case for TAO, and investors are paying attention.

While the tech is still in its early stages, Abdul Sater says many players are already “taking positions in advance,” betting on long-term potential. Still, the sustainability of the trend will depend on how real-world adoption unfolds. If demand for applied AI use cases continues, TAO could strengthen its lead in the sector.

Other AI tokens, outside of VIRTUAL TAO and FET, also posted gains in April. Meanwhile, among the top AI tokens by market cap, only Internet Computer and Story posted negative returns. NEAR Protocol (NEAR), which has positioned itself as AI-compatible, ended April with a modest 0.65% increase.

What to Expect in May

May has started with signs of cooling after a turbulent April. The meme coin market still attracts attention, particularly following the surge in Fartcoin. However, the lack of strong fundamentals and continued reliance on Bitcoin may limit further upside.

In the Layer-1 sector, Sui continues to stand out thanks to improving DeFi metrics and an expanding stablecoin ecosystem. The risk of a sell-off following its May 1 token unlock remains a concern.

AI tokens are also holding the spotlight. Sustained demand for TAO and technical updates like the SN44 Score could support the current uptrend. Still, much will depend on whether short-term hype turns into lasting momentum.

The post Trump-Linked ‘Stablecoin’ USD1 to Power $2B Emirati Investment in Binance appeared first on Cryptonews.

Trusted Editorial content, reviewed by leading industry experts and seasoned editors. Ad Disclosure

The stablecoin USD1, issued by World Liberty Financial, has been chosen to handle a major $2 billion investment from MGX into Binance, according to reports. This move marks a new chapter for the crypto exchange and adds fresh attention to the stablecoin space.

The news broke at the Token2049 crypto conference in Dubai, in which World Liberty co-founder Zach Witkoff announced that USD1 was employed in the transaction.

MGX is an Abu Dhabi-headquartered company, and the deal was initially announced by Binance in March 2025. In it, the identity of the stablecoin involved wasn’t specified.

World Liberty Confirms USD1 In MGX Deal

Witkoff addressed the stage and stated that USD1 had been formally selected to enable the whole $2 billion investment. He thanked MGX and Binance, stating this is merely the beginning of what’s to come.

The deal also represents Binance’s first institutional placement, so it’s a significant moment for the exchange and the stablecoin in question.

.@justinsuntron, @EricTrump and @ZachWitkoff joined together for a fireside chat at #TOKEN2049 Dubai.

Did you catch the news? @worldlibertyfi’s #USD1 will soon be natively integrated on #TRON. pic.twitter.com/W6ffV2Qby1

— TRON DAO (@trondao) May 1, 2025

USD1 is secured by US Treasury bills and cash equivalents which are short-term. World Liberty Financial, the company that stands behind it, has kept transparency at the forefront in the way the stablecoin is structured.

Eric Trump, who happens to be the son of US President Donald Trump, has publicly endorsed the company’s mission. Consumer safety, according to him, is among the biggest priorities.

Political Support And Big Names Back USD1

Trump’s involvement lends political gravity to the initiative, and his remarks indicate a long-term strategy to make USD1 viable for international remittances. USD1 will attempt to remain under regulatory expectations, which may render it more attractive to institutions and firms.

Witkoff also sketched out what the future holds for the stablecoin. World Liberty aims to introduce USD1 to decentralized finance (DeFi) and centralized financial systems.

The firm also intends to introduce the token to retail payment systems such that individuals will be able to use it to make normal purchases.

USD1 Spreading To Other Blockchains

Currently, USD1 is on Ethereum and Binance Smart Chain (BSC). However, the company intends to launch it on the Tron network next. That would expose it to quicker and more affordable transactions, which is what Tron is well known for.

Tron founder Justin Sun had already invested $75 million in World Liberty by January 2025. The investment only further fuels the drive for USD1 to become available on Tron.

A Growing Role For Stablecoins In Big Deals

This development illustrates that stablecoins such as USD1 are beginning to have a larger part in mass investments. Utilizing a blockchain token to transfer $2 billion isn’t merely about speed—it’s about demonstrating the trust behind the technology.

With Binance opening to institutional investors and MGX opting for a stablecoin such as USD1, the crypto finance space is being transformed. Whether USD1 ever becomes the standard for future transactions remains to be seen, but this one has already made history.

Featured image from Protos, chart from TradingView

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