Alt5 Sigma Suspends Peter Tassiopoulos, Names Jonathan Hugh CEO
- Alt5 Sigma suspended CEO Peter Tassiopoulos and named CFO Jonathan Hugh Acting CEO.
- Alt5 Sigma shares dropped amid a 60% year-to-date decline and uncertainty over leadership.
- Alt5 Sigma continues its digital asset expansion and WLFI partnership amid leadership changes.
Alt5 Sigma Corporation (NASDAQ: ALTS) announced that its Board of Directors has suspended Chief Executive Officer Peter Tassiopoulos and relieved him of his executive duties, effective October 16, 2025. The suspension went into immediate effect and was implemented with pay.
The company announced that Jonathan Hugh, the current Chief Financial Officer, has assumed the role of Acting Chief Executive Officer while retaining his financial leadership responsibilities.
The company did not disclose the reasons behind Tassiopoulos’s suspension. There is no public timeline for the duration of this interim arrangement. The decision was disclosed in a press release issued as part of a regulatory filing with the U.S. Securities and Exchange Commission (SEC). The company emphasized that its operations would continue under the new leadership structure.
Peter Tassiopoulos was appointed to the CEO position in August 2024. His time in office was marked by strategic milestones at Alt5 Sigma, including its involvement in cryptocurrency infrastructure, digital asset payments, and blockchain integration initiatives.
Alt5 Sigma Stock Falls 60% as Investors Await Earnings Report
Alt5 Sigma’s stock plunged during the days surrounding the announcement. As of the market close on October 23, the stock was down 60% year-to-date. Following the leadership change, the stock fell an additional 9% in after-hours trading, dropping to $1.88. According to data, Alt5 Sigma shares are currently trading 83% below their 52-week high of $10.95.
In August 2025, Alt5 Sigma announced a public offering of 100 million shares at $7.50 per share. More recently, shareholders approved an increase in the number of authorized shares from 200 million to 2 billion. The same vote also authorized the issuance of 119 million shares tied to the exercise of warrants held by World Liberty Financial, Inc.
As part of its overall funding plan, Alt5 Sigma obtained a $500,000 investment from MOG Digitech Holdings Limited. This investment was part of a private placement involving other institutional and crypto-focused investors.
Investors are now looking forward to more information on the company’s financial outlook when it makes its next scheduled earnings release on November 18, 2025.
Related: Eric Trump Removed From Alt5 Sigma Board After Nasdaq Review
Strategic Partnerships and Business Focus
Alt5 Sigma is a fintech company that offers digital asset solutions to institutions and merchants. Its infrastructure includes two main platforms: ALT5 Pay and ALT5 Prime. ALT5 Pay is a company that facilitates cryptocurrency payments for merchants through APIs and plugins. ALT5 Prime is a retail trading platform that allows clients to trade cryptocurrencies directly.
In addition, the company owns 7.28 billion $WLFI tokens, representing about 7.3% of the total supply. These tokens are integrated into the World Liberty Financial ecosystem, which also includes the USD1 stablecoin.
Recently, $WLFI launched a $53 million token buyback and burn initiative aimed at decreasing the supply and increasing token value. Additionally, WLFI signed a Memorandum of Understanding with South Korean crypto exchange Bithumb to grow its presence in the Asian market.
Apart from its main crypto activities, Alt5 Sigma is also working on separating its biotech subsidiary, which focuses on creating non-addictive pain treatments under the Alyea Therapeutics brand.
Earlier this year, Alt5 Sigma attended the iFX EXPO International 2025 in Cyprus, showcasing its real-time stablecoin settlement infrastructure and API-based crypto payment systems.
