Perpetuals.com ends talks to acquire Trump-linked crypto unit

Perpetuals.com has abandoned its planned acquisition of a subsidiary tied to a Trump family crypto venture. The US-based, Japan-headquartered fintech announced on Tuesday that it terminated a non-binding term sheet signed on July 7.

“Perpetuals has decided not to further pursue the acquisition of AI Financial Corporation’s subsidiary Alt5 Sigma Canada, Inc. and the earlier letter of intent has been terminated,” the company said in a statement. Representatives for AI Financial, formerly known as ALT5 Sigma, did not respond to requests for comment.

The collapsed deal highlights the ongoing market fallout from a transaction executed last August. At that time, the small, loss-making Nasdaq-listed ALT5 Sigma partnered with World Liberty Financial, a crypto venture backed by the Trump family. Under the arrangement, ALT5 Sigma raised $750 million by issuing new shares and used $717 million of that capital to purchase World Liberty tokens. According to a Reuters report, more than $500 million of those funds ultimately went to the Trump family based on their arrangement with World Liberty Financial.

The market impact for investors has been severe. Since the August 11, 2025 deal date, ALT5 Sigma’s share price has plummeted from over $9 to 53 cents on Tuesday. This collapse has inflicted steep losses on shareholders and effectively gutted the company's market valuation.

Perpetuals.com’s decision to walk away suggests the firm determined the regulatory or financial risks associated with the World Liberty Financial connection were too high. For AI Financial, the termination removes a potential avenue to stabilize its operations through a sale of its Canadian subsidiary. The failed talks underscore the deep skepticism among established financial institutions regarding politically linked crypto assets, particularly those tied to massive shareholder dilution and extreme stock volatility.