TLDR
- Tyler and Cameron Winklevoss invested an undisclosed amount of Bitcoin in American Bitcoin Corp, a mining company tied to Trump’s sons
- American Bitcoin was formed through a merger with Gryphon Digital Mining and plans to go public on Nasdaq
- The company bought $2 billion worth of Bitcoin earlier this summer as part of its treasury strategy
- This investment strengthens ties between the Winklevoss brothers and the Trump family following their $2 million campaign contribution
- Bitcoin mining companies had their best profit month in July since the April 2024 halving event
The Winklevoss brothers have made a Bitcoin investment in American Bitcoin Corp, a cryptocurrency mining company connected to President Trump’s family. The investment was revealed during a Thursday earnings call by Hut 8 CEO Asher Genoot.
Tyler and Cameron Winklevoss, who co-founded the Gemini cryptocurrency exchange, participated in a private placement for American Bitcoin. The exact amount of their Bitcoin investment remains undisclosed.
American Bitcoin was formed earlier this year when Hut 8’s mining assets were folded into a new entity. The company’s backers include Eric Trump and Donald Trump Jr., making this the latest connection between the Winklevoss twins and the Trump family.
Formation and Public Listing Plans
The mining company emerged through a merger with Gryphon Digital Mining Inc in an all-stock deal. American Bitcoin announced plans for a public listing in May, seeking to go public on the Nasdaq exchange.
The company made headlines earlier this summer when it purchased $2 billion worth of Bitcoin. This acquisition was part of American Bitcoin’s treasury strategy to hold the cryptocurrency directly.
Genoot confirmed the oversubscribed private placement during the earnings call. He stated that the Winklevoss brothers chose to invest with Bitcoin rather than cash, which is uncommon for such transactions.
Strengthening Trump Family Ties
This investment builds on existing relationships between the Winklevoss brothers and the Trump administration. The twins previously contributed $2 million to Trump’s 2024 presidential campaign.
They attended Trump’s inauguration events and participated in a March White House cryptocurrency summit. The brothers were also present at a July 18 signing ceremony for the GENIUS Act, which regulates payment stablecoins.
During that ceremony, President Trump personally acknowledged their contributions to the cryptocurrency industry. The event marked another public display of the relationship between the Gemini founders and the current administration.
Mining Industry Performance
July proved to be a strong month for Bitcoin mining companies. Ten of thirteen tracked miners outperformed Bitcoin’s price appreciation during the month, according to JP Morgan analysts.
This performance came after Bitcoin reached a record price of $122,838 in July. The cryptocurrency has since pulled back slightly but remains near all-time highs.
Regulatory Developments
Gemini filed for an initial public offering with the Securities and Exchange Commission in June. The SEC, now chaired by Trump appointee Paul Atkins, dropped an investigation into Gemini in February over its Earn program.
Recent reports suggest the Winklevoss brothers may have influenced the White House regarding Brian Quintenz’s nomination to chair the Commodity Futures Trading Commission. The Senate vote on his nomination was delayed at the White House’s request.
Bitcoin is currently trading at $117,453, up 2% over the past 24 hours according to CoinGecko data.
