AI Financial Corporation recently reported that its 7.28 billion WLFI tokens carried a fair value of $421.3 million at June 27, 2026, compared with a $1.457 billion cost basis, leaving the World Liberty Financial token position approximately $1.04 billion below its original cost.
The company held exactly 7,283,585,650 WLFI tokens at quarter-end. Its treasury program began in August 2025 through two purchase tranches priced at approximately $0.20 per token.
The decline accelerated during the first half of 2026. The WLFI position had a fair value of approximately $1.055 billion at the end of 2025, but AI Financial recorded approximately $633.4 million of unrealized depreciation during the first half, reducing the quarter-end carrying value to $421.3 million.
All 7.28 billion tokens remained subject to contractual lockups as of June 27. Different tranches are governed by 12-month restrictions and, in certain cases, additional conditions involving shareholder approval, charter amendments and resale-registration effectiveness.
AI Financial has described its treasury policy as a long-term HODL strategy, with future token acquisitions intended to be funded through operating cash flow, structured debt and selective capital raises. Sales are generally restricted to liquidity needs or material portfolio-rebalancing events.
The cryptocurrency exposure overwhelms the scale of the company’s operating business. Q2 revenue was just $2.41 million, down from $6.38 million after the loss of a large customer, while gross profit was $2.36 million. Fintech gross margin nevertheless increased dramatically to 97.6% from 43.5% because the lost customer had relatively low margins.
The Fintech segment actually generated $2.62 million of Q2 operating income, reversing a $1.08 million segment operating loss a year earlier. But a roughly $285.1 million quarterly unrealized cryptocurrency loss drove consolidated net loss to approximately $229.6 million, compared with $9.1 million a year earlier.
For the first half, total revenue declined to $7.13 million from $11.89 million while net loss widened to approximately $501 million from $12 million. The company’s first-half operating statement includes approximately $633.5 million of unrealized cryptocurrency losses.
AI Financial ended the quarter with only $3.05 million of cash and $2.8 million of short-term investments, compared with the $421.3 million carrying value of its cryptocurrency assets. Total assets were approximately $724.1 million.
