ALT5 Sigma CEO defends $1B crypto treasury amid valuation gap

The newly appointed CEO of ALT5 Sigma Corporation, a fintech company operating institutional-grade global payments, trading, and settlement infrastructure, Tony Isaac, has addressed investor worries regarding the valuation disconnect of its crypto reserve and its business’s market cap. 

The letter issued to stockholders by the recently appointed CEO, Tony Isaac, began with Isaac highlighting his return to the role. “As I return to the CEO role at ALT5,” the letter started. “I am focused on immediate execution and transparent communication to unlock the substantial value embedded in our business.” 

Isaac also referenced the recent selection of the company’s infrastructure by AlphaTON Capital and PagoPay for a Mastercard crypto-spend program as validation of their technology with real commercial partnerships. 

However, there is no dodging the question that the firm has a market cap of about $150 million, and it operates a billion-dollar crypto reserve, which worries investors. 

ALT5 Sigma CEO defends WLFI treasury

Tony Isaac called ALT5’s relationship with World Liberty Financial Inc. a significant opportunity. 

“This relationship has the potential to position us within an emerging digital financial ecosystem and could provide long-term strategic advantages,” his letter reads. 

To that end, the company is exploring opportunities for the integration of the Trump-linked USD1 stablecoin into their payments platform and working to leverage their network.

Isaac believes the company’s $WLFI treasury strategy represents a natural evolution of its payments business, rather than a deviation from it. The company currently holds approximately 7.3 billion $WLFI tokens, valued at roughly $1 billion at current prices. 

Addressing the valuation disconnect

“I believe the Company’s current equity market value of $155.5 million1 implies that the market is assigning a valuation well below the underlying value of our $WLFI token holdings and attributing limited value to ALT5’s operating payments and settlement business,” Isaac wrote, addressing the elephant in the room. “Closing this gap remains a core focus, driven by disciplined execution, continued operational progress, and transparent communication with stockholders.” 

Typically, digital asset treasury firms tend to strike a balance between their crypto holdings and the overall health of their business. Even Michael Saylor’s Strategy, the OG crypto reserve firm, has had to balance its commitments to investors, regulators, and its Bitcoin accumulation business. 

Isaac’s twist on the situation is that this is an opportunity to buy the firm’s stock at a discount, especially because of the potential of the company’s scaled payments platform. 

He claims that in the next couple of months, the company will prove itself in the areas of focus and deliver measurable results. 

Who’s the new CEO at ALT5 Sigma? 

Tony Isaac has been an executive at the company since 2015, when he was a director and appointed as CEO in 2016.  

He reportedly stepped down sometime in 2024, around the time the company was rebranding and making a strategic pivot to focus on fintech. He was subsequently replaced by Peter Tassiopoulos. 

The reason for his stepping down back then was not communicated in the public filings. 

However, ALT5 Sigma Corporation publicly revealed the suspension of Tassiopoulos on October 22, 2025, via an SEC filing, claiming he was suspended by the board on the 16th of the month, with pay, after which he was removed from the role of CEO. 

At the time of suspension, no reason was given in the SEC filing or subsequent announcements.

Tassiopoulos was replaced by CFO Jonathan Hugh, who became acting CEO before he was dismissed from both roles in November without “cause.” Four days later, the COO, Ron Pitters, was informed that his contract would not be renewed for that role, even though he remains a board member. 

That rapid turnover means ALT5 is on its third CEO in six weeks, and Tony Isaac, who now serves as CEO, will continue in his other roles and did not get a new contract or compensation package for the added responsibility, according to the filing.

The company has also named veteran accountant Steven Plumb as its new CFO. The board also dissolved a special committee that had been looking into undisclosed internal matters. Findings from that probe had been shared with the board, the filing claimed.

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