The Daily: World Liberty proposes buyback program following token launch, Trump crypto wealth surges $5 billion on paper, and more

The following article is adapted from The Block’s newsletter, The Daily, which comes out on weekday afternoons.

Happy Tuesday! Bitcoin's seven-day average hashrate just broke the one zetahash per second milestone — a trillion trillion hashes — even as miners face slumping fees, rising difficulty, and shrinking revenues.

In today's newsletter, World Liberty Financial proposes a buyback program for long-term WLFI holders, the Trump family's crypto wealth surges $5 billion on paper following the token's debut, Strategy buys another 4,048 BTC for $449 million, and more.

Let's get started.

P.S. Don't forget to check out The Funding, a biweekly rundown of crypto VC trends. It's a great read — and just like The Daily, it's free to subscribe!

World Liberty Financial proposes buyback program following WLFI launch

World Liberty Financial proposed directing all fees from its protocol-owned liquidity into buying and burning WLFI after the token began trading on crypto exchanges on Monday.

• The program aims to reward long-term WLFI holders by reducing the circulating supply, effectively increasing their relative weight compared to short-term speculators.
• Fees from World Liberty Financial's liquidity on Ethereum, BNB Chain, and Solana would fund the open-market buybacks, while third-party liquidity provider fees remain excluded.
• Community members can vote to support, oppose, or abstain, with initial sentiment leaning positive toward the plan, though details on voting and implementation schedules are yet to be announced.
• If approved, WLFI intends to explore including additional sources of protocol revenue to scale the initiative as the ecosystem grows.
• WLFI launched with 24.67 billion tokens in circulation, giving it an approximate $6 billion market cap against a $22 billion fully diluted value at current prices.

Trump family's crypto wealth balloons by $5 billion on paper following WLFI token debut

The Trump family's WLFI allocation ballooned to $5.6 billion on paper after the token's Monday debut, surpassing the value of their decades-old real estate empire.

• The family controls 22.5 billion WLFI of the total 100 billion supply, a 38% stake in the DeFi project's corporate parent, WLF Holdco, and 75% of net presale revenues, worth around $442.5 million.
• Currently locked under vesting conditions, at the last presale value of $0.05 per token ahead of its trading debut, the allocation was previously worth around $1.1 billion.
• When combined with their memecoin stakes, Trump Media's 15,000 BTC treasury, and other ventures, the Trumps' crypto portfolio far outweighs their traditional assets, though actually realizing this value is another matter.

Strategy buys another 4,048 bitcoin for $449 million, bringing total holdings to 636,505 BTC

Michael Saylor's Strategy announced it bought another 4,048 BTC for $449.3 million between Aug. 26 and Sept. 1, bringing its total stash to 636,505 BTC — worth around $70 billion.

• The acquisitions were funded by proceeds from the issuance and sale of the company's Class A common stock, MSTR, and perpetual preferred stocks.
• Despite earlier guidance, Strategy continues to issue MSTR below the 2.5x mNAV threshold, arguing that flexibility is key to its capital markets strategy.
• With 3% of bitcoin's total supply under control and a $95 billion market cap trading well above NAV, Strategy dominates the corporate BTC race but faces investor scrutiny over valuation and dilution.

Decentralized exchange Bunni loses an estimated $8.4 million in smart contract exploit

Decentralized trading platform Bunni lost an estimated $8.4 million in a smart contract exploit, with $6 million drained on Unichain and $2.4 million on Ethereum, according to onchain security analysts.

• Built on Uniswap V4, Bunni is designed to optimize liquidity provider returns with adaptive pools and incentives.
• However, attackers targeted vulnerabilities in Bunni's Ethereum-based contracts, moving funds via Across Protocol after swapping to ETH.
• The team paused all smart contract functions across networks, confirming the exploit hit only two pools: USDC/USDT on Ethereum and ETH/weETH on Unichain, as investigations continue.

'Official' Dogecoin treasury launches with $175 million offering

House of Doge has partnered with NYSE-listed CleanCore Solutions to form the "official" Dogecoin treasury, backed by a $175 million private placement offering.

• Alex Shapiro, the personal lawyer of Dogecoin advocate Elon Musk, will chair the new entity, which counts Pantera, GSR, and FalconX among more than 80 investors.
• House of Doge, which is billed as "the official corporate arm of the Dogecoin Foundation," said it will team up with ETF issuer 21Shares to run the new Dogecoin treasury.

In the next 24 hours

• Eurozone PPI figures are released at 5 a.m. ET on Wednesday. U.S. mortgage data are due at 7 a.m.
• ECB President Christine Lagarde will speak at 3:30 a.m. U.S. FOMC member Neel Kashkari follows at 1:30 p.m.
• IOTA is set for a token unlock.

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Disclaimer: This article was produced with the assistance of OpenAI’s ChatGPT 3.5/4 and reviewed and edited by our editorial team.

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