Winklevoss Twins Invest Bitcoin in Trump-Linked Mining Venture

Summary: Cryptocurrency pioneers Cameron and Tyler Winklevoss have invested in a new Bitcoin mining company closely tied to the Trump family. The venture, American Bitcoin Corp., includes involvement from Eric Trump and Donald Trump Jr., and aims to become a significant player in the Bitcoin mining sector.

Background: Crypto and Politics Intersect

The Winklevoss twins, co-founders of crypto exchange Gemini, have invested in American Bitcoin Corp., a company launched earlier this year with direct ties to Eric Trump and Donald Trump Jr. While the exact amount of their Bitcoin contribution has not been disclosed, the company recently closed a $220 million private placement round, reportedly oversubscribed, according to Hut 8 Corp. CEO Asher Genoot.

This is not the first interaction between the twins and the Trump family. The Winklevoss twins have previously supported former President Donald Trump’s campaign and participated in a White House crypto summit in March. They were also present for the signing of key crypto legislation earlier this year.

Operational Structure and Business Alliances

American Bitcoin Corp. operates as a partnership between Hut 8 and American Data Centers, an entity backed by Eric Trump and Donald Trump Jr. Hut 8 holds an 80% stake, while the remaining 20% is controlled by the Trump-affiliated data firm. Eric Trump also serves as the company’s strategic planning director.

The firm plans to go public through a stock merger with publicly-traded Gryphon Digital Mining Inc., set to trade under the ticker “ABTC.” Shareholder voting began this week, with the merger expected to close by early September if approved. According to Bloomberg, Eric Trump’s stake could be worth up to $367 million post-listing.

American Bitcoin Corp. aims to both mine and hold Bitcoin, accumulating a reserve directly from its operations. The Winklevoss contribution reportedly came in the form of Bitcoin, aligning with the firm’s long-term accumulation strategy. Gemini declined to comment on the matter.

Strategic Positioning in a Competitive Mining Market

The company’s $220 million capital injection highlights its ambitions amidst a tightening mining landscape. Hut 8 SEC filings reveal that roughly $10 million of shares were exchanged for Bitcoin, emphasizing American Bitcoin’s intent to retain the cryptocurrency as a strategic asset.

Donald Trump Jr. confirmed that both mining and long-term Bitcoin holding would be central pillars of the company’s strategy. The firm aims to secure scale, capital, and infrastructure to compete effectively within the U.S. Bitcoin mining industry.

Featured image from Unsplash, chart from TradingView