On August 8, according to Bloomberg, Gemini co-founder and billionaire Winklevoss twins invested in a new cryptocurrency mining enterprise associated with two sons of former President Trump - Eric Trump and Donald Trump Jr. According to Hut 8 CEO Asher Genoot, this investment is part of a private placement for American Bitcoin Corp.
American Bitcoin Corp. was formed by merging Hut 8's mining assets with an investor entity that includes sons of former President Donald Trump. The specific investment amount by the Winklevoss twins was not disclosed. This investment occurred against the backdrop of increasingly close relationships between the Trump family and the Winklevoss brothers. The twins had previously donated to Trump's campaign and attended the White House as guests, participating in a digital asset summit in March and a milestone cryptocurrency legislative signing ceremony last month.
During Thursday's earnings call, Genoot stated that the private placement was "oversubscribed" and revealed that the Winklevoss twins invested using Bit. The company reported that the issuance raised approximately $220 million in total cash and Bit proceeds.
