- Winklevoss twins bet on Trump’s Bitcoin mining venture.
- American Bitcoin will launch on Nasdaq via the Gryphon merger.
- Twins May Shape US Crypto Regulatory Appointments
Cameron and Tyler Winklevoss, who are both billionaires, have made major investments in a Bitcoin mining company that is owned by the family of Donald Trump. This action further entrenches their current relationship with the Trump family and the political scene of cryptocurrency.
The company where the investment is directed is American Bitcoin Corp., which is co-owned by Donald Trump Jr. and Eric Trump. It was formed earlier in the year as a result of a merger with Hut 8 Corp., a mining company based in Miami.
Cofounder of Hut 8, Asher Genoot, confirmed that the Winklevoss twins used Bitcoin instead of cash in this funding round, which was a private one.
How Deep Do The Connections Run?
The investment is not the first connection between the cryptocurrency innovators and the Trump camp. A previous contribution of two million dollars was made by the Winklevoss twins to the presidential campaign of Donald Trump in the year 2024.
They have also been involved in crypto-focused events in the White House, such as a high-profile summit in March and the signing of the GENIUS Act, a bill regulating payment stablecoins, a move the president himself admitted was personal to him.
The crypto exchange Gemini, which is run by the Winklevoss brothers, has recently applied to list itself in the U.S., thanks to a friendly regulatory environment created by Paul Atkins, a Trump appointee who heads the SEC.
This climate was made more accommodating when the SEC abandoned an investigation into the Gemini Earn program earlier this year.
What’s Next for American Bitcoin Corp.?
The American Bitcoin is planning to merge with Gryphon Digital Mining, a company that is listed on the Nasdaq and has the ticker code ABTC. This merger will shortly result in American Bitcoin being a publicly traded subsidiary.
This merger, which is supposed to be completed by early September in case shareholders accept it, will provide American Bitcoin with a size that it can compete effectively.
The business plan involves mining of Bitcoin and assembling a large Bitcoin depot based on production. Donald Trump Jr. has pointed out that mining and possession of Bitcoin is part of their business strategy in the long term.
The latest round of financing of 220 million was oversubscribed, and this indicates the high confidence of the market.
Crypto Influence Reaching Washington?
News has it that the Winklevoss twins might have been involved in the reconsideration of the nomination of Brian Quintenz as head of the Commodity Futures Trading Commission (CFTC), a major regulatory agency of the crypto markets.
This swaying power indicates the increasing power of crypto billionaires to influence the regulatory policies in the U.S.
