The billionaire Bitcoin twins, Cameron and Tyler Winklevoss, have recently invested in a new mining venture with direct ties to the Trump family, as reported by Bloomberg.
American Bitcoin Corp., a company associated with Eric Trump and Donald Trump Jr., was established earlier this year and has received undisclosed funding from the twins.
While the exact amount of their investment remains confidential, Hut 8 Corp. CEO Asher Genut confirmed that their contribution was part of a recent private placement totaling $220 million. This funding round, comprising both cash and bitcoins, exceeded the subscription amount during Hut 8’s latest earnings announcement.
Growing Intersections of Politics and Cryptocurrency
This isn’t the first time the paths of the Winklevoss twins and the Trump family have crossed. Previously, the twins made donations to President Donald Trump’s re-election campaign.
They also attended a cryptocurrency summit at the White House in March and participated in the signing of recent cryptocurrency legislation.
Genut stated that the company’s structure will provide the scale and capital necessary to compete in the Bitcoin mining industry.
Trump Family Business Collaborates with Hut 8
American Bitcoin Corp. commenced operations in March through a partnership with Hut 8, which owns 80% of the company. The remaining 20% is owned by American Data Centers, a firm supported by Eric Trump and Donald Trump Jr., with Eric serving as the company’s strategic planning director.
According to earlier Bloomberg reports, its valuation could reach $367 million post its stock market debut.
The company plans to go public by merging all shares with Gryphon Digital Mining Inc., listed on Nasdaq under the ticker “ABTC”. Shareholders of Gryphon have begun voting on the deal this week, with the collaboration expected to conclude by early September upon approval.
American Bitcoin aims to focus on both mining and holding BTC, creating a long-term reserve from its own production. The Winklevoss twins, who manage the Gemini cryptocurrency exchange, reportedly contributed their share in bitcoins. A Gemini representative declined to comment on the investments.
Mining Sector Faces Increased Competition
American Bitcoin’s $220 million fundraising signifies aggressive expansion plans. Hut 8 documents reveal that around $10 million in recently issued shares were sold for bitcoins, reflecting the company’s goal of directly accumulating the asset.
Donald Trump Jr. stated that mining, alongside Bitcoin retention, will play a central role in the company’s long-term strategy.
Bitcoin Hyper: Project Raises Over $8 Million in Presale and Prepares for Launch After Listing
Bitcoin Hyper ($HYPER) is the first native Layer 2 for Bitcoin, built on the Solana Virtual Machine (SVM). The project is designed to complement the BTC ecosystem with fast and cost-effective smart contracts, dApps, and the ability to create meme-coins.
By combining Bitcoin’s security with Solana’s performance, it unlocks new powerful utility possibilities – all through seamless BTC integration.
The project has undergone an audit by Consult and is developed with scalability, simplicity, and trust in mind. Investor interest is growing, with presale funds surpassing $8.3 million, with only a small amount left to allocate.
HYPER tokens are currently available for just $0.012625, but this price may increase in the next 3 days. You can purchase coins on the official Bitcoin Hyper website using cryptocurrency or a bank card.
