Digital currency pioneers Cameron and Tyler Winklevoss, known for their Bitcoin holdings, are reportedly backing a fresh cryptocurrency mining initiative connected to the Trump family, according to a Bloomberg report.
American Bitcoin Corp., established earlier this year, has ties to Eric Trump and Donald Trump Jr.
While the precise amount of the Winklevoss twins’ investment remains undisclosed, Asher Genoot, CEO of Hut 8 Corp., verified that it was part of a recently concluded $220 million private placement.
Hut 8’s recent earnings call indicated that the capital raise, which involved both conventional currency and Bitcoin, was met with strong investor demand.
The billionaire Winklevoss twins are said to have invested in a new crypto-mining venture tied to another set of high-profile brothers, Eric Trump and Donald Trump Jr. https://t.co/uCofs2eMWl
— Bloomberg (@business) August 7, 2025
Cryptocurrency and Politics: A Growing Relationship
This is not the first instance of interaction between the Winklevoss twins and the Trump family. The twins have previously contributed financially to Donald Trump’s presidential campaigns.
Furthermore, they participated in a White House cryptocurrency summit in March and attended the formal signing of recent crypto-related legislation.
Genoot stated that the company’s structure will provide it with necessary resources and financial backing to thrive within the competitive Bitcoin mining sphere.
Trump Family Partners with Hut 8 in New Venture
American Bitcoin Corp. commenced operations in March through a collaboration with Hut 8, which possesses an 80% stake in the enterprise.
American Data Centers, a company supported by Eric Trump and Donald Trump Jr., owns the remaining 20%. Eric Trump also serves as the director responsible for strategic planning.
According to earlier reports from Bloomberg, Eric Trump’s stake could potentially be valued at as much as $367 million following the company’s initial public offering.
The plan involves going public via a stock-based merger with Gryphon Digital Mining Inc., a Nasdaq-listed entity trading under the ticker symbol “ABTC.”
Gryphon’s shareholders commenced voting on the proposed merger this week. If approved, the deal anticipates finalization in early September.
American Bitcoin’s strategy centers on both Bitcoin mining and maintaining a substantial Bitcoin reserve derived from its own mining production.
Reports indicate that the Winklevoss twins, who oversee the Gemini cryptocurrency exchange, made their contribution in Bitcoin. A Gemini spokesperson declined to comment on the investment.
Increasing Competition in the Mining Industry
American Bitcoin’s $220 million fundraise suggests ambitious growth plans. A Hut 8 filing reveals that approximately $10 million worth of newly issued shares were exchanged for Bitcoin rather than cash, illustrating the company’s objective to accumulate the digital asset directly.
Donald Trump Jr. has conveyed that Bitcoin mining, alongside holding the asset, will form a core part of the company’s long-term operational focus.
Featured image from Unsplash, chart from TradingView
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