Anthony Scaramucci briefly served because the White Home’s communications director in President Donald Trump’s first administration, however quickly after grew to become a outstanding critic of the commander- in-chief. Nonetheless, that hasn’t stopped the SkyBridge Capital founder and his son, AJ Scaramucci, from backing American Bitcoin, the Bitcoin miner that counts the President’s sons Eric as a cofounder and Donald Jr. as an investor. Solari Capital, an investment firm based by AJ Scaramucci, led a July $220 million funding spherical in the Trump family firm, the Scaramuccis instructed Fortune.
American Bitcoin raised the cash earlier than it went public by way of a reverse merger in September, nevertheless it by no means disclosed the buyers. Solari Capital put over $100 million into the corporate, AJ stated, declining to title a particular quantity. Anthony additionally put in a small verify of his personal and declined to say how a lot. Different contributors in the spherical included the life coach Tony Robbins, the Cardano founder Charles Hoskinson, longtime investor Grant Cardone, and the serial founder Peter Diamandis.
“Has my Dad and Don Sr. [Donald Trump], have that they had their justifiable share of backwards and forwards? After all they’ve,” AJ instructed Fortune, “however Bitcoin transcends politics.”
Bitcoin believers
Anthony Scaramucci soared to nationwide prominence in 2017 when President Trump tapped him to lead the White Home’s communications efforts. Scaramucci was fired after just a few days on the job, nevertheless, following a report of a foul-mouthed rant towards different Trump staffers.
Since then, Scaramucci has come out in power towards Trump and supported Joe Biden and Kamala Harris in their presidential campaigns in 2020 and 2024, respectively. However, the Wall Avenue financier has additionally been a longtime crypto advocate and Bitcoin believer, one thing the 2 households started to share in frequent after Trump got here out in assist of the crypto trade throughout his 2024 marketing campaign for reelection.
“There could also be a blue and a purple crew, however there’s additionally an orange crew, and that’s Bitcoin,” Anthony, referring to the colour most related to the cryptocurrency, instructed Fortune.
AJ sourced the deal for Solari Capital. The youthful Scaramucci was roommates with Matt Prusak, now the president of American Bitcoin, when the 2 attended Stanford College’s enterprise faculty. “Matt is certainly one of my closest private buddies,” AJ stated.
When Prusak instructed him they have been spinning off American Bitcoin from Hut 8, one other Bitcoin miner, AJ jumped on the chance. He stated he thought the corporate may compete in the saturated market of public firms, like Michael Saylor’s Technique, that purchase Bitcoin and pitch their shares as a manner for buyers to get entry to the world’s largest cryptocurrency by way of the inventory market.
American Bitcoin generates its personal cryptocurrency by way of mining, or fixing complicated mathematical puzzles in return for parts of the token. It then holds that cryptocurrency in addition to buys extra of it in the marketplace.
“The Scaramuccis actually consider in what American Bitcoin is doing, and so they have been keen to put type of their private points apart and say, ‘Look, we predict it is a nice firm,’” Asher Genoot, chairman of American Bitcoin, instructed Fortune.
