AI Financial, formerly known as Alt5 Sigma, wants the market to know that it's more than just its World Liberty Financial (WLFI) token holdings, and calling it a WLFI treasury company isn't the right way to describe it.

“AiFi continues to operate an active fintech and digital payments business while executing on a broader long-term strategy across digital assets, settlement infrastructure, tokenization, and next-generation financial technologies,” a company spokesperson told CoinDesk in an email. “Characterizing the company solely as a ‘treasury company’ does not accurately reflect the breadth of AiFi’s operating business.”

AI Financial operates ALT5 Pay, its crypto payments platform, and ALT5 Prime, its over-the-counter digital asset trading business. Since quarter-end, it has also announced the acquisition of tokenization and ICO infrastructure firm Block Street, signed a commercial agreement with SuperQ Quantum, and outlined broader expansion into digital financial infrastructure.

The response from the spokesperson comes after AI Financial’s latest SEC filing painted a starkly different picture of its current financial profile.

The Nasdaq-listed company disclosed in this filing that it held 7.28 billion WLFI tokens, worth $706.4 million at the end of March, down from an acquisition cost of roughly $1.46 billion. By comparison, its operating fintech business generated just $4.7 million in quarterly revenue.

AI Financial also warned in this filing that recurring losses and a $5.5 million working capital deficit raise “substantial doubt” about the company’s ability to continue as a going concern within one year after the financial statements were issued.

Complicating the picture further, the company’s WLFI holdings remain contractually locked, limiting its ability to convert its largest asset into cash. AI Financial ended the quarter with just $10.5 million in cash.

AI Financial’s relationship with WLFI goes far beyond ownership. World Liberty CEO Zach Witkoff serves as the company's chairman. Co-founder Zachary Folkman sits on its board; WLFI has lent it $15 million, secured by WLFI tokens, and WLFI holds rights equivalent to roughly 46% of its fully diluted equity.

But the question is, can investors see past WLFI when looking at AI Financial as a whole?

AI Financial may be building a broader fintech and digital infrastructure platform, but its SEC filing suggests WLFI remains the asset defining its financial story.

Unlike a typical digital asset treasury company holding bitcoin or another liquid asset, AI Financial’s relationship with WLFI is more complex: the issuer of its core treasury asset also has deep governance, lending and equity ties to the company itself.