Overview
- Perpetuals announced on Tuesday, July 14, 2026, that it has terminated the non-binding letter of intent and will not pursue the planned acquisition of Alt5 Sigma Canada, a unit of AI Financial.
- The company said the exploratory talks included a broader collaboration to distribute AI Financial’s USD1 stablecoin in Europe and to license Perpetuals’ trading engine, but those distribution discussions have stalled.
- CryptoBriefing reported the proposed deal never left the exploratory phase and was structured at up to $15 million, with $5 million in Perpetuals stock up front and $10 million contingent on revenue targets.
- AI Financial’s core trouble traces to August 2025, when ALT5 Sigma raised $750 million and used $717 million to buy World Liberty tokens, sending more than $500 million to the Trump-linked World Liberty venture and leaving public shareholders facing steep losses as the share price fell from above $9 to about $0.53.
- With EU rules under MiCA raising the value of licensed distributors, losing Perpetuals leaves USD1 without a clear European partner and raises the prospect of further attempts to sell or place the payments business while investors continue to weigh the company’s sharply reduced market value.