Trump-tied public crypto company buys startup from one-time ‘cannabis king’ who serves as current advisor in deal worth up to $43 million
AI Financial, a publicly traded crypto company linked to the Trump family, has acquired Block Street, a startup owned by its advisor Matthew Morgan, in a deal worth up to $43 million. Morgan, formerly known as the 'cannabis king' for his role in building marijuana businesses, is now the global head of vision at AI Financial and helped facilitate the company's pivot into crypto. The acquisition has raised questions about potential conflicts of interest, as Block Street is not yet generating revenue and Morgan previously held a leadership role in the company before becoming an advisor.
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AI Financial, a publicly traded crypto firm tied to President Donald Trump’s family, has purchased a startup owned by one of the company’s own advisors. According to filings with the Securities and Exchange Commission, the Las Vegas-based company struck a deal last Monday worth up to $43 million to buy the crypto infrastructure business Block Street.Recommended Video Corporate records show Block Street was only incorporated in Nevada in late October. Matthew Morgan, the advisor to AI Financial, who is also the CEO and biggest shareholder of Block Street, said he founded the company about 16 months ago. Formerly called Alt5 Sigma, AI Financial rebranded on Wednesday and is a public company whose business has swung between biotech, fintech, and now crypto.
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