Scaramucci's $220M Bet on Trump-Linked Bitcoin Miner: Why Politics Don't Matter in Crypto

Scaramucci's Bold Investment Move

Anthony Scaramucci, who briefly served as White House communications director under President Donald Trump, has since become a vocal critic of the former president. Despite this, he and his son, AJ Scaramucci, have invested in American Bitcoin, a Bitcoin mining company co-founded by Trump's son Eric and backed by Donald Trump Jr.

Solari Capital, an investment firm founded by AJ Scaramucci, led a $220 million funding round in July for the Trump family firm. AJ revealed that Solari Capital contributed over $100 million, while Anthony made a smaller personal investment. Other notable participants included life coach Tony Robbins, Cardano founder Charles Hoskinson, investor Grant Cardone, and serial founder Peter Diamandis.

This funding occurred before American Bitcoin went public via a reverse merger in September, though investors were not initially disclosed.

Bitcoin Transcends Political Divides

AJ Scaramucci emphasized that despite political disagreements between his father and Donald Trump, "Bitcoin transcends politics." This sentiment highlights how cryptocurrency can bridge ideological gaps.

Anthony Scaramucci gained national attention in 2017 with his short-lived White House role but was fired after a controversial rant. Since then, he has opposed Trump and supported Democratic candidates like Joe Biden and Kamala Harris. However, his long-standing advocacy for crypto and Bitcoin aligns with Trump's later support for the industry during the 2024 campaign.

Anthony noted, "There may be a blue and a red team, but there's also an orange team, and that's Bitcoin," referring to the cryptocurrency's iconic color.

Personal Connections and Business Strategy

The deal was sourced by AJ Scaramucci, who was roommates with Matt Prusak, now president of American Bitcoin, during their time at Stanford University's business school. AJ described Prusak as one of his closest friends and seized the opportunity when American Bitcoin spun off from Hut 8, another Bitcoin miner.

AJ believed American Bitcoin could compete in the crowded market of public companies that offer Bitcoin exposure through stock investments, such as Michael Saylor's MicroStrategy. The company generates Bitcoin through mining—solving complex puzzles to earn tokens—and also purchases additional cryptocurrency on the market.

Asher Genoot, chairman of American Bitcoin, commented that the Scaramuccis' investment shows they "really believe in what American Bitcoin is doing" and were willing to set aside personal issues for a promising venture.