Winklevoss Twins Back Trump Brothers’ Bitcoin Mining Empire – Bloomberg
Main Idea
The Winklevoss twins have invested in American Bitcoin Corp., a crypto mining venture tied to Eric Trump and Donald Trump Jr., which aims to go public via a merger with Gryphon Digital Mining Inc.
Key Points
1. The Winklevoss twins' investment in American Bitcoin Corp. was part of a $220 million private placement, though the exact amount was not disclosed.
2. American Bitcoin Corp. plans to go public through an all-stock merger with Gryphon Digital Mining Inc., expected to trade under the ticker 'ABTC'.
3. Eric Trump and Donald Trump Jr. control a 20% stake in American Bitcoin Corp. through American Data Centers, with Eric's stake potentially worth up to $367 million upon public listing.
4. The $220 million raised will be used for large-scale Bitcoin mining and building strategic BTC reserves, with $10 million already deployed.
5. Bitcoin mining difficulty recently reached an all-time high of 127.6 trillion but is expected to drop by 3% to around 123.7 trillion.
Description
The Winklevoss twins, Cameron and Tyler, have reportedly invested in American Bitcoin Corp., a new crypto mining company tied to Eric Trump and Donald Trump Jr., according to a report by Bloomberg . The venture, backed by a private placement, combines assets from Hut 8 Corp. and an entity linked to the Trump sons. The exact size of the Winklevoss twins’ investment was not disclosed, but Asher Genoot, CEO of Hut 8, confirmed it was part of a recently closed private placement. JUST IN: BILLIONAIRE...
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