At a Glance
- Solari Capital, led by AJ Scaramucci, has reportedly invested over $100 million in American Bitcoin, a Bitcoin mining firm linked to the Trump family.
- A Coinbase executive noted a significant gap in investor interest between major cryptocurrencies like Bitcoin and Ethereum, and other altcoins, with Solana and XRP showing varied appeal.
- The fast-food chain Steak ‘n Shake is expanding its operations into El Salvador, reinforcing the country’s embrace of Bitcoin.
Scaramucci Family Invests Over $100M in Bitcoin Mining Firm
The Scaramucci family, through AJ Scaramucci’s investment firm Solari Capital, has reportedly invested more than $100 million in American Bitcoin. This firm is linked to the sons of former US President Donald Trump.
The substantial funding from Solari Capital was part of American Bitcoin’s $220 million round, which took place in July. The mining company later went public in September via a reverse merger. Notably, the company had not previously disclosed these specific backers.
AJ Scaramucci confirmed to Fortune that Solari Capital’s contribution exceeded $100 million, although the exact figure was not disclosed. His father, Anthony Scaramucci, also made a smaller personal investment in the company.
Other notable investors in this round included motivational speaker Tony Robbins, Cardano founder Charles Hoskinson, investor Grant Cardone, and entrepreneur Peter Diamandis, according to the report.
Crypto Investor Sentiment Beyond Major Assets
Anthony Bassili, President of Coinbase Asset Management, observed that investors have yet to establish a clear consensus on which cryptocurrencies beyond Bitcoin and Ethereum are worthy of significant attention.
During an interview at The Bridge conference in New York City, Bassili explained that the investment community generally views Bitcoin as the primary asset for a portfolio, followed closely by Ethereum.
He indicated that Solana might be considered the third most appealing asset, but after that, there’s a notable uncertainty regarding the next asset to hold. Bassili described a very wide gap in interest, especially concerning XRP after Solana.
✅ The market eagerly awaits the demonstration of product-market fit for new networks or applications vying for that fourth position in investor portfolios.
Steak ‘n Shake Expands into El Salvador
The American fast-food chain, Steak ‘n Shake, officially announced its expansion into El Salvador on a recent Saturday.
This move follows Steak ‘n Shake’s initial decision in May to accept Bitcoin (BTC) as a payment method at its restaurant locations. The company shared its expansion news via an X post, which was amplified by El Salvador’s Bitcoin Office.
El Salvador is a great country. We were honored to be in Bitcoin country, serving beef tallow fries and handing out grass-fed and Wagyu beef tallow cooking oil. The beginning of a beautiful friendship.
Steak ‘n Shake has gained recognition within the Bitcoin community since adopting BTC payments, highlighting the increasing global merchant adoption of Bitcoin as a transaction method.
Expert Summary
Recent developments in the crypto space include a significant investment by the Scaramucci family’s Solari Capital into American Bitcoin. Concurrently, a Coinbase executive commented on the divided investor sentiment towards altcoins beyond Bitcoin and Ethereum, pointing to Solana and XRP. In parallel, Steak ‘n Shake is expanding into El Salvador, a country known for its Bitcoin adoption.
