Gemini co-founders Cameron and Tyler Winklevoss have invested an undisclosed sum in American Bitcoin Corp., a mining company partly owned by U.S. President Donald Trump’s sons, Eric and Donald Jr.
Hut 8 CEO Asher Genoot told Bloomberg the investment was part of an “oversubscribed” private placement by the Miami-based firm. He confirmed the twins contributed in Bitcoin but did not reveal the amount. The raise brought in about $220 million in combined cash and BTC, which the company intends to put toward asset acquisitions and expanding its mining operations.
What makes this investment noteworthy?
The investment further deepens the growing ties between the Gemini founders and the Trump family.
In recent years, the Winklevoss twins have attended several White House events, including a March digital assets summit and a July signing ceremony for the GENIUS Act, which establishes a regulatory framework for payment stablecoins. At the latter event, President Trump personally acknowledged their contributions.
The brothers have also donated millions to Trump’s 2024 campaign and affiliated political committees.
Their closeness to the administration has not gone unnoticed in Washington. In July, Politico reported that the twins may have played a role in the White House’s decision to postpone the nomination of Brian Quintenz as chair of the U.S. Commodity Futures Trading Commission.
The Senate Agriculture Committee had planned to vote on Quintenz’s nomination before the August recess, but the process was put on hold following a request from the White House.
Although the report did not confirm any direct involvement by the Winklevoss twins, it highlighted their prior public support for Quintenz after President Trump announced his nomination.
The reasons for the delay remain uncertain, and neither the White House nor the Gemini co-founders have commented on the allegations. The nomination is now expected to come back before the Senate when lawmakers return later this year.
American Bitcoin Poised for Nasdaq Debut
American Bitcoin, roughly 20% owned by Eric and Donald Trump Jr., was formed through a restructuring of Hut 8’s mining operations. The Canadian miner transferred its U.S.-based sites and equipment into the new venture in exchange for an 80% stake, while the Trump sons maintained their share via a related entity.
The company plans to go public through an all-stock merger with Nasdaq-listed Gryphon Digital Mining, a deal expected to close in early September. Bloomberg estimates that upon listing, Eric Trump’s stake could be valued at up to $367 million.
American Bitcoin’s strategy centers on creating long-term value through two main objectives: mining Bitcoin at costs below market rates and steadily expanding its direct cryptocurrency reserves.
As of June, the firm held 215 BTC—worth nearly $24 million—secured with Coinbase Custody. Instead of fully owning and operating its infrastructure, American Bitcoin outsources its mining operations, a model designed to keep fixed costs low while enabling rapid scaling.
