Perpetuals.com ends acquisition talks with Trump-linked crypto firm

Perpetuals.com, a global fintech company, has ended talks to acquire Alt5 Sigma Canada, Inc., a subsidiary of AI Financial Corporation. The potential acquisition was linked to a cryptocurrency venture associated with the Trump family.

In a press release issued Tuesday, Perpetuals stated it "has decided not to further pursue the acquisition" and that the earlier letter of intent has been terminated. Representatives for AI Financial, formerly known as ALT5 Sigma, did not immediately respond to requests for comment.

Perpetuals, which is based in the U.S. and headquartered in Japan, had announced on July 7 that it was exploring the potential acquisition. The deal involved World Liberty Financial, a crypto venture backed by the Trump family. Last August, World Liberty Financial partnered with ALT5 Sigma, a small, loss-making company listed on Nasdaq. Under that agreement, ALT5 Sigma raised $750 million by selling new shares.

More than $500 million of those funds went to the Trump family, according to Reuters, based on their arrangement with World Liberty Financial. Since the deal on August 11, 2025, the share price of ALT5 has fallen dramatically from over $9 to around 53 cents on Tuesday, resulting in substantial losses for investors.

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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.