The co-founders of the cryptocurrency exchange Gemini, brothers Tyler and Cameron Winklevoss, invested in American Bitcoin Corp., a Bitcoin mining company with family ties to former President Donald Trump, according to a Bloomberg report. The company is partially controlled by Trump's sons, Eric and Donald Jr., who hold about 20% of the shares.

American Bitcoin Corp. was spun off from the publicly traded miner Hut 8 and plans to become a public company through a merger with Gryphon Digital Mining. Currently, Gryphon's shareholders are voting on the approval of the merger, which will result in Hut 8 and the Trumps retaining 98% of the new entity.

Investment Details

The Winklevoss brothers' investment was part of a private offering from American Bitcoin Corp., which raised approximately $220 million in cash and Bitcoin. Hut 8's CEO, Asher Genoot, stated that the offering was "oversubscribed." Although the exact amount of the Winklevoss investment was not disclosed, they are known to be significant donors to Trump's campaign.

Gemini, the brothers' exchange, is in the process of going public, having submitted a draft registration statement to the Securities and Exchange Commission (SEC) in June. Gemini did not immediately respond to The Block's request for comment.

Bloomberg also reported that Eric Trump's stake in the company could be worth up to $367 million after the merger, with the new company being listed on the Nasdaq.