Gemini co-founders Cameron and Tyler Winklevoss have made an undisclosed Bitcoin investment in American Bitcoin Corp., a mining venture partially owned by Eric Trump and Donald Trump Jr., Bloomberg reported. The investment was part of an oversubscribed private placement that raised approximately $220 million in combined cash and crypto. The funds will be used for asset accumulation and mining expansion.
This move deepens the ties between the Winklevoss twins and the Trump family. In recent months, the crypto entrepreneurs have attended White House events, including the March digital assets summit and the July signing of the GENIUS Act, which establishes a regulatory framework for stablecoins. President Trump acknowledged their contributions at both events. In addition, the twins have donated millions to Trump’s 2024 reelection campaign and aligned PACs.
The growing relationship has sparked attention in Washington. According to Politico, the Winklevoss brothers may have played a role in the delayed Senate vote on Brian Quintenz’s nomination as chair of the Commodity Futures Trading Commission. While no direct interference was confirmed, the report pointed to their past support of Quintenz, who was nominated by Trump. The White House has yet to comment on the delay, which halted just before Congress adjourned for its summer recess.
American Bitcoin eyes Nasdaq listing as strategic ties deepen
American Bitcoin, formed through a restructuring of Canadian firm Hut 8’s U.S. mining assets, is preparing for a public debut. It will list on Nasdaq via a stock-based merger with Gryphon Digital Mining, expected to close in early September. According to Bloomberg, Eric Trump’s 20% stake could be worth up to $367 million post-merger.
The firm’s strategy centers on mining Bitcoin below market cost and increasing its BTC reserves. As of June, American Bitcoin held 215 BTC worth nearly $24 million, stored with Coinbase Custody. Rather than owning infrastructure, the company outsources mining operations to maintain flexibility and reduce fixed costs.
This strategic alignment between crypto’s elite and Trump’s inner circle may further cement Bitcoin’s position in Washington’s economic agenda ahead of the 2024 election.