Winklevoss twins back Trump sons' Bitcoin mining firm as Gemini pursues IPO: Bloomberg
Quick Take
- Tyler and Cameron Winklevoss, co-founders of the Gemini exchange that is pursuing a public offering, have invested BTC in American Bitcoin Corp., a mining firm co-founded by Donald Trump Jr. and Eric Trump, according to a Bloomberg report.
- American Bitcoin Corp. was spun off from publicly traded mining firm Hut 8, and Eric Trump serves as chief strategy officer.
- American Bitcoin Corp. is expected to be publicly listed on Nasdaq upon approval of its merger with Gryphon Digital Mining in early September 2025.
Tyler and Cameron Winklevoss, the twin brothers who are co-founders of the Gemini cryptocurrency exchange, have invested bitcoin in American Bitcoin Corp., a mining firm linked to President Donald Trump's sons Eric and Donald Jr., according to a Bloomberg report.
American Bitcoin Corp., which is about 20% owned by the Trump sons, was spun off from publicly traded bitcoin miner Hut 8 and is seeking to go public itself through a merger with Gryphon Digital Mining. Gryphon shareholders are currently voting on whether to approve the merger; Hut 8 and the Trumps will retain about 98% ownership in the new entity.
The investment was part of a private placement by American Bitcoin Corp. The offering generated aggregate gross proceeds of about $220 million in cash and BTC and was "oversubscribed," according to Hut 8 CEO Asher Genoot.
The size of the investment was not disclosed in the report, but the Winklevoss brothers have donated millions in bitcoin to President Trump's campaign and pro-Trump super PACs in the past. Gemini is currently looking to go public, filing a draft registration statement with the Securities and Exchange Commission in early June. Gemini could not immediately be reached for comment by The Block.
Bloomberg also previously reported that Eric Trump's stake in the firm could be worth $367 million when American Bitcoin Corp. goes public. The company is expected to be listed on the Nasdaq stock exchange.
Disclaimer: The Block is an independent media outlet that delivers news, research, and data. As of November 2023, Foresight Ventures is a majority investor of The Block. Foresight Ventures invests in other companies in the crypto space. Crypto exchange Bitget is an anchor LP for Foresight Ventures. The Block continues to operate independently to deliver objective, impactful, and timely information about the crypto industry. Here are our current financial disclosures.
© 2025 The Block. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
