"AI Financial's acquisition of Block Street is significant, especially considering the company's stock has plummeted over 90% since its partnership with World Liberty Financial."
"Matthew Morgan, the CEO of Block Street, stated that he rejected offers exceeding $100 million from other public companies before selling to AI Financial."
"The deal comes after AI Financial's rebranding from Alt5 Sigma and its strategic pivot towards cryptocurrency, following a history in biotech and fintech."
"Morgan emphasized that the acquisition was not self-dealing, as he actively sought out other potential buyers for Block Street before finalizing the deal."
AI Financial, a crypto firm linked to Donald Trump's family, purchased Block Street for up to $43 million. Block Street was founded by Matthew Morgan, an advisor to AI Financial. The acquisition follows a previous deal with World Liberty Financial, where AI Financial aimed to enhance its cryptocurrency holdings. Morgan clarified that the acquisition was not self-dealing, as he sought offers from various companies. AI Financial's stock has dropped over 90% since its partnership with the Trump family crypto firm amid a market downturn.
Read at Fortune
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