Gemini Invests in Bitcoin (BTC) Mining Firm Owned by Trump’s Sons

On the 7th (local time), The Block, a digital asset (cryptocurrency) specialized media outlet, reported—citing Bloomberg—that Tyler and Cameron Winklevoss, co-founders of the crypto exchange Gemini, invested in American Bitcoin Corp., a Bitcoin (BTC) mining company in which Eric Trump and Donald Trump Jr., sons of former U.S. President Donald Trump, hold a stake.

According to the media, American Bitcoin Corp. is a company spun off from the listed mining company Hut 8 and is currently pursuing a Nasdaq listing through a merger with Gryphon Digital Mining.

Trump’s sons reportedly own around 20% of the company, and after the merger, Hut 8 and the Trump family are expected to own over 98% of the newly established entity.

This investment was made as part of a private placement conducted by American Bitcoin Corp., which reportedly brought in a total of $220 million in cash and Bitcoin investments.

Asher Genoot, CEO of Hut 8, stated that the offering was oversubscribed. The specific amount of the investment was not disclosed.

Meanwhile, Gemini is currently pursuing an IPO and submitted a confidential listing application to the U.S. Securities and Exchange Commission (SEC) in early June.