Winklevoss Twins Invest in Trump's Bitcoin Venture

Tyler and Cameron Winklevoss, co-founders of the Gemini cryptocurrency exchange, have made an investment in American Bitcoin Corp., a mining firm connected to President Trump's sons, Eric and Donald Jr., according to Bloomberg. American Bitcoin Corp. is approximately 20% owned by the Trump family and was created as a spin-off from the publicly traded miner Hut 8. The firm aims to go public through a merger with Gryphon Digital Mining, which is currently seeking shareholder approval for the deal. Following the merger, Hut 8 and the Trumps are expected to retain around 98% ownership in the new entity. This investment was part of a private placement initiative by American Bitcoin Corp., which successfully raised approximately $220 million in both cash and Bitcoin, as stated by Hut 8 CEO Asher Genoot. While the exact amount of the Winklevoss investment wasn't disclosed, it's known that they have previously donated millions in Bitcoin to President Trump's campaign and pro-Trump Super PACs. Gemini is in the process of going public, having filed a draft registration with the Securities and Exchange Commission earlier in June. At this moment, Gemini could not be reached for comment. Bloomberg further reported that Eric Trump’s stake in American Bitcoin Corp. could be valued at $367 million upon its public debut, which is anticipated to take place on the Nasdaq. Disclaimer: The Block is an independent media outlet, reporting news and data on the crypto industry. As of November 2023, Foresight Ventures holds a majority stake in The Block, which operates independently in delivering unbiased information.