TLDR
Winklevoss twins have invested an undisclosed amount in American Bitcoin, a mining company co-founded by Donald Trump Jr. and Eric Trump
The investment strengthens growing ties between the Gemini co-founders and the Trump family
American Bitcoin plans to go public through a merger with Gryphon Digital Mining
The Winklevoss brothers contributed $2 million to Trump’s 2024 campaign and attended White House crypto events
Reports suggest the twins may have influenced the delay of Brian Quintenz’s CFTC chair nomination
The Winklevoss twins, co-founders of cryptocurrency exchange Gemini, have made a strategic investment in American Bitcoin, a mining company with direct ties to the Trump family. This move marks another step in the evolving relationship between the crypto entrepreneurs and the current presidential administration.
According to a Bloomberg report, Cameron and Tyler Winklevoss invested an unspecified amount in American Bitcoin, which was co-founded by Donald Trump Jr., Eric Trump, and other partners. The investment information was confirmed by Hut 8 CEO Asher Genoot, though the exact financial terms remain private.
American Bitcoin announced plans in May to become a publicly traded company through a merger with Gryphon Digital Mining. This deal would create a new entry in the competitive Bitcoin mining sector with high-profile backers.
The investment represents the latest development in the growing relationship between the Winklevoss twins and the Trump family. The brothers previously contributed $2 million to Donald Trump’s successful 2024 presidential campaign.
Their involvement with the administration has extended beyond financial support. The Gemini co-founders participated in a March White House crypto summit and attended the July 18 signing ceremony for the GENIUS Act, legislation designed to regulate payment stablecoins.
Political Connections Yield Results
The relationship appears to have yielded favorable outcomes for Gemini. In February, 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.
Gemini announced in June that it had filed for an initial public offering (IPO) in the United States through the SEC. This move would transform the privately held exchange into a publicly traded company, potentially increasing its market presence and capital resources.
The twins’ political connections may extend beyond the White House. According to a Politico report, the Winklevoss brothers may have pressured the administration to reconsider the nomination of Brian Quintenz as chair of the Commodity Futures Trading Commission (CFTC).
The Senate Agriculture Committee had scheduled a vote on Quintenz’s nomination before the August recess. However, the vote was delayed following a request from the White House.
Expanding Influence in Crypto Regulation
Interestingly, the Gemini co-founders had previously expressed public support for Quintenz after Trump announced his nomination for the CFTC position. The Senate will likely consider his nomination after returning from the August recess.
The investment in American Bitcoin and potential influence over regulatory appointments highlight the increasing political engagement of cryptocurrency industry leaders. The Winklevoss twins have been at the forefront of this trend.
Their attendance at Trump’s inauguration events further cemented their public alignment with the administration. During the GENIUS Act signing ceremony, President Trump personally acknowledged their contributions, underscoring their growing influence.
At the signing ceremony, the brothers stood alongside other crypto industry figures as the legislation was enacted. The GENIUS Act represents a key piece of regulatory framework for the cryptocurrency industry, particularly for stablecoin issuers.
When asked for comment about the investment amount, a Gemini spokesperson had not responded at the time of publication. The private nature of the deal has kept specific details from public view.
The twins have faced challenges in other areas of their business relationships. As reported previously, Tyler Winklevoss claimed that JPMorgan had blocked Gemini over public criticism, indicating ongoing tensions between traditional financial institutions and cryptocurrency ventures.
The Senate’s delayed consideration of Quintenz’s nomination raises questions about the extent of industry influence on regulatory appointments. The outcome of this nomination process could have lasting impacts on cryptocurrency regulation in the United States.
The investment in American Bitcoin represents just one element of the Winklevoss twins’ expanding portfolio and influence in both the cryptocurrency sector and political sphere. Their dual approach of business investment and political engagement continues to shape their position in the industry.
