Billionaire Dynasties Collide in High-Stakes Bitcoin Mining Power Play
Two ultra-wealthy clans just merged their fortunes to dominate the next crypto gold rush—because what's better than one billionaire family printing money? Two.
Mining for billions, not Satoshis
Forget pickaxes and hard hats—these oligarchs are deploying industrial-scale ASIC farms where electricity is cheaper than their fourth yachts' fuel bills. The move signals institutional-grade confidence in Bitcoin's long-term value proposition (or at least their ability to out-mine retail participants).
Wall Street's watching—and sweating
Traditional finance titans now face an existential threat: dynastic wealth bypassing their carefully constructed gatekeeping mechanisms. JPMorgan can't exactly short these miners when they're powered by generational treasuries deeper than the Fed's balance sheet.
The ultimate hedge? Controlling the supply. These families aren't betting on Bitcoin—they're becoming the house. And as any good capitalist knows: the house always wins. Unless the SEC intervenes. Or energy prices spike. Or China bans mining again. But hey—that's what ninth-generation trust funds are for.
The investment was part of a $220 million private funding round that Hut 8 CEO Asher Genoot called “oversubscribed.”
The Winklevoss brothers, who founded the Gemini cryptocurrency exchange, paid with Bitcoin rather than cash according to Genoot. The exact investment amount was not disclosed, but the twins have previously donated millions in Bitcoin to Trump’s political campaigns.
This deal marks another connection between the crypto billionaires and the Trump family. The Winklevoss twins donated $2 million to Trump’s 2024 campaign and attended White House events supporting cryptocurrency legislation.
American Bitcoin’s Structure and Goals
American Bitcoin emerged from a March partnership between Hut 8 Corp and American Data Centers, which was owned by the Trump brothers. Hut 8 holds 80% ownership while Eric and Donald Trump Jr. own 20% of the mining company.
Eric Trump serves as chief strategy officer for American Bitcoin. The company focuses on industrial-scale bitcoin mining and building what it calls a “strategic Bitcoin reserve” – essentially stockpiling mined Bitcoin rather than selling it immediately.
The mining firm plans to reinvest all growth capital into new mining equipment to maximize Bitcoin accumulation. This strategy differs from many miners who sell Bitcoin regularly to cover operating costs.
Nasdaq Listing Through Gryphon Merger
American Bitcoin will go public through a merger with Gryphon Digital Mining, a company already trading on Nasdaq under ticker GRYP. After the merger closes, the combined company will operate as American Bitcoin and trade under the new ticker “ABTC.”
The deal structure heavily favors American Bitcoin shareholders. Current Gryphon investors will own just 2% of the merged company, while American Bitcoin stakeholders will control 98%. The transaction requires Gryphon shareholder approval and could close by September 2025.
Eric Trump’s stake in the company could be worth $367 million when American Bitcoin goes public, according to Bloomberg reporting. This valuation assumes successful completion of the merger and favorable Bitcoin market conditions.
Political Connections Deepen
The investment strengthens ties between the Winklevoss twins and TRUMP administration. Beyond campaign donations, the brothers attended Trump’s inauguration and participated in a March White House crypto summit.
They were present when President Trump signed the GENIUS Act, which regulates payment stablecoins. Trump personally acknowledged the twins’ contributions to cryptocurrency during that ceremony.
Recent reports suggest the Winklevoss brothers influenced the WHITE House to reconsider Brian Quintenz’s nomination as head of the Commodity Futures Trading Commission. The Senate delayed voting on his nomination after a White House request.
The crypto industry has donated over $26 million to Trump’s political efforts in 2025. The Winklevoss twins contributed $500,000 each in personal donations, separate from their earlier campaign contributions.
Mining Industry Momentum
Bitcoin mining companies had their strongest month since the April 2024 halving event, which cut mining rewards in half. July proved particularly profitable as Bitcoin reached record prices above $122,800.
Ten of thirteen tracked mining companies outperformed Bitcoin’s price gains during July, according to JPMorgan analysts. This performance boost comes as the industry consolidates around larger, more efficient operations.
The timing benefits American Bitcoin’s expansion plans. The company can leverage Hut 8’s existing infrastructure and energy contracts to scale operations quickly. Hut 8’s expertise in low-cost energy procurement, particularly hydropower in Alberta, provides operational advantages.
American Bitcoin states it can bring new mining sites online within six to seven months, faster than many competitors. This speed could prove valuable as Bitcoin prices remain NEAR record levels.
What Comes Next
The American Bitcoin merger represents cryptocurrency mining’s push toward mainstream financial markets. A successful Nasdaq listing WOULD create one of the largest publicly traded Bitcoin mining companies in the United States.
The venture combines political connections, proven mining infrastructure, and significant capital backing. However, the company still faces regulatory approval processes and volatile Bitcoin market conditions that could affect profitability.
The merger timeline suggests ABTC shares could begin trading by late 2025, giving investors direct exposure to both Bitcoin mining operations and the company’s Bitcoin holdings.
