Winklevoss Twins Bankroll Trump Family's Cryptocurrency Mining Business Venture
Winklevoss Twins Invest in Trump-Linked Bitcoin Mining Company
The Winklevoss twins, Tyler and Cameron, have made a significant investment in American Bitcoin Corp, a Bitcoin mining company co-founded by Donald Trump Jr. and Eric Trump [1][2][3][4]. The exact size of the Winklevoss stake has not been publicly revealed, but the investment was part of an oversubscribed private placement raising over $220 million in a mix of cash and Bitcoin.
American Bitcoin was formed through a merger involving Hut 8 Corp. and is backed substantially by the Trump family. It plans to go public on Nasdaq and has already acquired $2 billion worth of Bitcoin as part of its treasury strategy [1][3].
This investment strengthens the financial and political ties between the Winklevoss twins and the Trump family, following their prior $2 million campaign contribution and participation in White House crypto-related events [1][4][5].
Regulatory Impact
The alliance between the Winklevoss twins and American Bitcoin brings together major crypto industry expertise with significant political influence. This partnership could potentially shape U.S. cryptocurrency regulation discussions, with attention to sustainability and mainstream adoption [2][4].
Sources close to the operation suggest the twins’ investment may also focus on promoting sustainable mining practices, which could influence upcoming regulatory standards on environmental impact in crypto mining [2]. The involvement of such high-profile investors is expected to elevate the political and regulatory attention toward the cryptocurrency mining sector, potentially accelerating policymaking that balances innovation, market growth, and environmental responsibility [4].
Gemini and the SEC
Meanwhile, Tyler Winklevoss claimed that JPMorgan had blocked Gemini over public criticism, indicating ongoing tensions between traditional financial institutions and cryptocurrency ventures. On a more positive note, the Securities and Exchange Commission (SEC), now chaired by Trump appointee Paul Atkins, dropped an investigation into Gemini regarding allegations of offering unregistered securities through its Earn program [6].
Quintenz's Nomination
The Senate Agriculture Committee delayed a vote on Brian Quintenz's nomination for the CFTC position following a request from the White House. However, the Senate is expected to consider Quintenz's nomination after returning from the August recess [7]. The Gemini co-founders publicly supported Quintenz after Trump announced his nomination, but reports suggest the Winklevoss twins may have influenced the delay of his CFTC chair nomination [8].
The GENIUS Act
In a separate development, the Gemini co-founders participated in a White House crypto summit and attended the July 18 signing ceremony for the GENIUS Act. The GENIUS Act provides a key piece of regulatory framework for the cryptocurrency industry, particularly for stablecoin issuers [9].
Sources:
- Bloomberg
- CoinDesk
- Reuters
- Decrypt
- Cointelegraph
- CoinDesk
- CoinDesk
- CoinDesk
- CoinDesk
The Winklevoss twins' investment in American Bitcoin Corp, a Bitcoin mining company linked to the Trump family, could potentially influence U.S. cryptocurrency regulation discussions, due to the alliance between major crypto industry expertise and significant political influence [2][4].
This investment may also focus on promoting sustainable mining practices, influencing upcoming regulatory standards on environmental impact in crypto mining, and elevating the political and regulatory attention towards the cryptocurrency mining sector [2].
