Slightly-known crypto fund primarily based within the United Arab Emirates has out of the blue change into the largest publicly identified backer of Donald Trump’s family-run crypto enterprise, injecting $100 million into the previous US president’s private coffers and elevating sharp questions on transparency, ethics, and international affect.
Right here’s a transparent take a look at who Aqua 1 is, what this deal is about, and why it issues, primarily based on reporting by Reuters.
Who’s Aqua 1?
Aqua 1 Basis describes itself as a “Web3-native fund primarily based in UAE with a world outlook,” in response to its sparse web site.
However past these phrases, there may be little or no to see.
Reuters stories that Aqua 1 has no verifiable registration in any of the UAE’s essential monetary hubs. Officers at Abu Dhabi International Market, the Dubai Worldwide Monetary Centre, and Dubai’s Digital Asset Regulatory Authority (VARA) confirmed to Reuters that the agency will not be registered or licensed below their oversight. The UAE Securities and Commodities Authority reportedly didn’t reply to Reuters’ request for remark.
The corporate’s founder, Dave Lee, is equally elusive. Based on Reuters, there is no such thing as a verifiable document of his id or skilled background. The one public hint is an X (previously Twitter) account with a manga-style avatar, imprecise location tags together with São Paulo and Abu Dhabi, and minimal exercise. The account first appeared simply earlier than the Aqua 1–Trump deal was introduced.
Aqua 1’s web site was created solely in Could 2025, in response to area monitoring knowledge reviewed by Reuters, simply weeks earlier than the $100 million buy was made public.
What is that this $100 million deal?
In late June, as reported by Reuters, Aqua 1 introduced it had bought $100 million price of tokens issued by World Liberty Monetary, President Donald Trump’s private crypto enterprise. World Liberty, launched in late 2024, sells tokens below the title $WLFI. Reuters reporting reveals that the Trump household receives 75 per cent of all token sale proceeds, which means this single deal could have funnelled tens of tens of millions of {dollars} immediately into Trump household accounts.
Blockchain knowledge analysed by Reuters signifies that Aqua 1’s pockets made two main transfers totalling $80 million to World Liberty in early June, together with smaller quantities earlier within the 12 months. A lot of the incoming funds to Aqua 1 reportedly got here from an account on the OKX crypto alternate.
Aqua 1’s personal profile on Medium states it has $100 million in belongings below administration, suggesting that World Liberty is its solely present funding, as per Reuters.
Why does it matter?
This deal has triggered a wave of scrutiny, not simply due to the quantity concerned, however as a result of so little is understood about who’s behind it, the place the cash got here from, and why it was invested in Trump’s non-public crypto agency, in response to Reuters. Aqua 1 reportedly has no operational historical past or verified management. Its solely identified exercise is that this large funding in Trump’s enterprise. In response to detailed questions from Reuters, Aqua 1 issued solely a brief, unsigned assertion claiming it’s “led by Dave Lee and a world staff with deep experience” and backed by “mission-aligned companions,” however supplied no names or proof.
This opacity is fuelling considerations about potential international affect. Reuters notes that Trump, now again within the White Home and shaping crypto coverage, is pushing for looser regulation and calling himself the “crypto president.” Critics argue that nameless or offshore entities investing in his non-public companies increase severe moral and nationwide safety questions. In March, UAE officers introduced a $1.4 trillion, 10-year funding plan in america following conferences with Trump, Reuters reporting reveals. Ethics specialists say the overlap between Trump’s political function and private monetary pursuits within the crypto house is turning into more and more tough to disregard.
What do critics and officers say?
Richard Painter, former chief ethics lawyer below President George W. Bush, advised Reuters the secrecy round buyers like Aqua 1 undermines public belief. “We must know who’s sending cash to the president,” he stated. “Everyone assumes the worst.”
The White Home has denied any battle of curiosity. In an emailed response to Reuters, Deputy Press Secretary Anna Kelly stated Trump’s belongings are held in a belief managed by his kids and that he’s centered on advancing US management in crypto innovation. She insisted there are “no conflicts of curiosity.”
World Liberty Monetary and the Trump Group didn’t reply to Reuters’ requests for remark.
The underside line
Because the Trump administration shapes US crypto coverage, a foreign-based fund with no public monitor document has change into the one largest identified investor in his private digital asset platform.
Reuters reporting paints an image of Aqua 1 as a largely opaque entity, unregistered, unaudited, and nameless. Its $100 million funding has not solely enriched Trump’s household but in addition intensified debates over how a lot transparency voters ought to count on from the president’s non-public monetary ventures, particularly when public coverage and personal revenue collide.
