Mechanism Capital founder doubles Bitcoin position with a $200M long
Andrew Kang, founder of Mechanism Capital, has increased his Bitcoin investment with a $200 million long position, as indicated by onchain data. A crypto address linked to Kang made a $100 million long bet on Bitcoin, anticipating a profit or loss of $6.8 million. This move followed a post by Donald Trump on Truth Social, encouraging purchases of Bitcoin, coinciding with the announcement of a 90-day pause on global tariffs, which had negatively impacted financial markets. Kang believes this combination could reverse Bitcoin's recent downtrend. Senate Democrats have requested the SEC to investigate potential insider trading related to Trump's tariff announcement. Bitcoin experienced volatility, swinging over 2% in 24 hours due to tariff confusion, hitting a low of $83,197 before recovering to around $85,000.
