Bitcoin Billionaires Invest in New Mining Venture Linked to Trump Family
In a recent report by Bloomberg, it was revealed that bitcoin billionaires Cameron and Tyler Winklevoss have invested in a new mining enterprise closely connected to the Trump family. The venture, known as American Bitcoin Corp., was established earlier this year and has direct associations with Eric Trump and Donald Trump Jr.
The exact amount contributed by the Winklevoss twins remains undisclosed. However, Asher Genut, CEO of Hut 8 Corp., confirmed that their investment was part of a private placement totaling $220 million, which concluded recently. This fundraising effort, involving both cash and bitcoins, was notably oversubscribed, as highlighted in the latest earnings announcement by Hut 8.
Increasing Interconnection Between Politics and Cryptocurrency
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This is not the first instance where the paths of the Winklevoss twins and the Trump family have crossed. Previously, the twins contributed to President Donald Trump’s campaign. They also attended a cryptocurrency summit held at the White House in March and were present at the signing of recent cryptocurrency legislation.
Genut emphasized that the company’s structure provides the necessary scale and capital to compete effectively within the bitcoin mining industry.
The Trump Family Business Partners with Hut 8
American Bitcoin Corp. launched its operations in March through a partnership with Hut 8, which holds an 80% stake in the company. The remaining 20% is owned by American Data Centers, a firm supported by Eric Trump and Donald Trump Jr. Eric Trump also serves as the Director of Strategic Planning for the company.
Currently, BTCUSD is trading at $116,951, as per TradingView. Previous Bloomberg reports suggest that the company’s valuation might reach $367 million upon going public. The company aims to go public through a merger with Gryphon Digital Mining Inc., listed on Nasdaq under the ticker “ABTC.” This week, Gryphon shareholders began voting on the deal, with the collaboration expected to conclude by early September if approved.
American Bitcoin states that its focus will be on both mining and retaining BTC, thereby building a long-term reserve from its mining operations. The Winklevoss twins, who manage the cryptocurrency exchange Gemini, contributed their share in bitcoins, according to reports. A Gemini spokesperson declined to comment on the investment.
Bitcoin Mining Sector Faces Intensified Competition
The $220 million raised by American Bitcoin underscores its ambitious expansion plans. Hut 8’s documents reveal that approximately $10 million worth of recently issued shares were sold for bitcoins instead of cash, reflecting the company’s goal of directly accumulating the asset.
Donald Trump Jr. stated that mining, along with retaining bitcoins, will be central to the company’s long-term strategy.
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