After jumping above the $49,000 level on Wednesday, the price of cryptocurrencies fell back early Friday after the Fed decided to speed up its withdrawal.
John Warren, a multimillionaire businessman who ran for governor in South Carolina, forced Gov. Henry McMaster, who is running in the GOP, has been mining bitcoins while leaving the door open for a return to politics.
Warren made his investment in GEM Mining on Wednesday.
Warren told The Associated Press that he and four other founding partners decided to start the venture last year, as the Bitcoin marketplace began to booming.
Warren told AP that we saw huge opportunities with our connections to mining. He said the Greenville - based company will be the largest of its kind in South Carolina, and he hopes it will be among the top few in the country.
Warren said that GEM has raised more than $200 million in institutional capital from banks, hedge funds, endowments and pension funds to operate more than 32,000 machines to mineBitcoin.
Over 9,000 of the machines are currently operational and have mined more than 400 bitcoins in the past nine months. Since February, GEM said its November revenue was $7.8 million.
This is the first business venture for Warren since he sold Lima One Capital in 2019 to a specialty mortgage firm he founded.
WisdomTree hopes that a small tweak will win the approval of the Securities Exchange Commission.
The company, which filed with regulators in March, said it is voluntarily applying certain provisions of the 1940 Act to the trust in order to provide investors with the protections and transparency of the 40 act, including daily disclosures. According to the company, the US Bank is the custodian, a first for a filer.
Sources familiar with the process said that the SEC is likely to review the revised application in the new year.