In June, Aqua1 bought $100mn-worth of the World Liberty Financial governance token (WLFI), a cryptocurrency backed by the Trump and Witkoff families. The token’s value has fallen about 25 per cent since October 10, when WLF’s “co-founder emeritus” Donald Trump, also US president, threatened to slap huge extra tariffs on China. Three months later, AFI launched Palm Promax Investments (PPI) — “a strategic joint venture” between Palm Global and Abu Dhabi conglomerate Promax United LLC to develop a stablecoin behemoth that would make even Tether blush. PPI’s vision is built upon two primary objectives, the creation of the world’s leading digital fixed-income platform and the establishment of the world’s most globally recognized stablecoin digital asset.
Both initiatives are anchored by the tokenization of over $1.5 trillion in AA and AAA-rated Real-World Assets and backed by sovereign partnerships in more than fifteen nations. Underpinned by Promax UAE’s unparalleled access to Real-World Assets and powered by Palm Global’s highly scalable AI driven DeFi ecosystem, Palm Promax has launched with an initial injection of approximately $350 billion in U.S. gold-based assets onto the joint venture’s balance sheet. Under the terms of its proposed merger with Palm Global, AFI said in July that it would exchange more than a billion of its shares for a 30 per cent stake in PPI. This includes Palm Global’s stake in PPI’s claimed $350bn (!!!) pile of gold-based things.
Palm Global’s Knez and Dubai royal Sheikh Mohammed Bin Maktoum Bin Juma Al Maktoum have meanwhile been lined up to join AFI’s board, and its Big Four auditor EY has been swapped for US-based CBIZ because of the latter’s specialised expertise in digital asset tokenisation and stablecoin infrastructure. In late October, not long after Aqua1’s investment, AFI announced and celebrated another coup — the president’s office of Burkina Faso having apparently agreed to a joint venture “involving the adoption of PPI’s gold and mineral backed stablecoin” as the country’s digital currency of choice. In a historic move, the Government of Burkina Faso will pledge up to $8 trillion in gold and mineral-based assets — including vast in-ground reserves that have long remained unrecognized by global financial systems. Although its merger with Palm Global isn’t yet complete, AFI said in late November that its “restructuring” over the past year had already “eliminated all corporate debt” and positioned it to deliver “more than $30mn in profit” for the fiscal year ending January 2026.
AFI raised that figure to $40mn earlier this month. AFI was trading at around $1.70 at pixel time on Tuesday. Aqua1’s $20mn convertible note investment was priced at a conversion rate of $2.50 per share. Its commitment to AFI’s vision “to create a healthier world — one seed, one field, and one bite at a time” while also tokenising Burkina Faso’s gold reserves presumably remains undimmed.
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