Gemini co-founders Cameron and Tyler Winklevoss have made an undisclosed investment in American Bitcoin Corp., a mining firm partly owned by US President Donald Trump’s sons Eric and Donald Jr.
Summary
- Cameron and Tyler Winklevoss invested an undisclosed amount in American Bitcoin Corp., partly owned by Eric and Donald Trump Jr.
- The investment was part of a $220 million private placement that included both cash and Bitcoin.
- American Bitcoin plans to go public via a merger with Gryphon Digital Mining in early September.
Speaking to Bloomberg, Hut 8 CEO Asher Genoot said the investment formed part of a private placement by the Miami-based venture, which was “oversubscribed.”
Genoot confirmed that the Winklevoss twins participated using Bitcoin, though he declined to specify the amount. The offering generated roughly $220 million in combined cash and BTC proceeds, which the company plans to use for asset accumulation and mining expansion.
Why is this investment significant?
The investment adds another link in the growing relationship between the Gemini founders and the Trump family.
In recent years, the twins have attended multiple White House events, including a March digital assets summit and a July signing ceremony for the GENIUS Act, which sets a regulatory framework for payment stablecoins. President Trump personally acknowledged their contributions at the latter event.
The twins have also donated millions to Trump’s 2024 campaign and pro-Trump political committees.
Interestingly, this relationship appears to be drawing attention in Washington. In July, Politico reported that the Winklevoss brothers may have influenced the White House’s decision to delay the nomination of Brian Quintenz as chair of the US Commodity Futures Trading Commission.
The Senate Agriculture Committee had scheduled a vote on Quintenz’s nomination before lawmakers left for the August recess. However, the process stalled after a request from the White House.
While the report did not confirm any direct intervention by the twins, it noted their previous public support for Quintenz following President Trump’s announcement of the nomination.
The reasons behind the delay remain unclear, and neither the White House nor the Gemini co-founders have publicly addressed the claims. For now, the nomination is expected to return to the Senate’s agenda when lawmakers reconvene later this year.
American Bitcoin set for Nasdaq listing
American Bitcoin, which is about 20% owned by Eric and Donald Trump Jr., emerged from a restructuring of Hut 8’s mining operations. The Canadian miner transferred its US-based mining sites and equipment into the new venture in exchange for an 80% stake, while the Trump sons retained their ownership through a related entity.
The company has agreed to go public via an all-stock merger with Nasdaq-listed Gryphon Digital Mining, a deal expected to close in early September. Upon listing, Eric Trump’s stake could be worth as much as $367 million, according to Bloomberg.
American Bitcoin’s core strategy focuses on building long-term value through two parallel objectives. The first is to mine Bitcoin at a cost lower than the market rate. The second is to continually increase its direct cryptocurrency holdings.
As of June, American Bitcoin reported a reserve of 215 BTC worth nearly $24 million, stored with Coinbase Custody. The company contracts out its mining operations rather than owning and operating all infrastructure directly, a model that keeps fixed costs low while allowing it to scale quickly.
