Prince Andrew Arranged Buckingham Palace Tour for Crypto Businessmen in £1.4M Deal

TLDR

• Prince Andrew arranged a private Buckingham Palace tour in June 2019 for two U.S. businessmen from Pegasus Group Holdings, a crypto mining company that agreed to pay his ex-wife Sarah Ferguson up to £1.4 million
• Ferguson earned over £200,000 as a brand ambassador for Pegasus, with her contract including potential bonuses of £1.2 million plus company shares
• The Bitcoin mining project collapsed within a year, purchasing only 615 of 16,000 planned generators and producing just £25,000 worth of Bitcoin before failing
• U.S. investors won a $4.1 million arbitration award against Pegasus after accusing the company of misusing funds
• Buckingham Palace is now taking formal steps to strip Andrew of his remaining titles and Windsor residence amid ongoing scrutiny of his past associations

Prince Andrew organized a private tour of Buckingham Palace for two American cryptocurrency businessmen in June 2019. The visit involved executives from Pegasus Group Holdings, a company that had agreed to pay his ex-wife Sarah Ferguson up to £1.4 million.

Jay Bloom and Michael Evers, co-founders of the Arizona-based Pegasus Group Holdings, were driven through the palace gates in Andrew’s personal car. The Queen was in residence at the time.

The businessmen attended Andrew’s Pitch@Palace event at St James’s Palace later that day. They joined Andrew, Ferguson, and Princess Beatrice for dinner that evening.

Ferguson worked as a brand ambassador for Pegasus Group Holdings. The company claimed it was building a large-scale Bitcoin mining operation powered by solar energy in the Arizona desert.

Documents show Ferguson received more than £200,000 for her promotional work. Her contract included provisions for an additional £1.2 million bonus and company shares.

The agreement required first-class travel and five-star accommodation for Ferguson. It also covered professional styling services but stated she had no responsibility for the company’s technical claims.

The Collapse of Pegasus Group Holdings

The Bitcoin mining venture failed within a year of the palace visit. Court filings revealed the company purchased only 615 of the 16,000 generators it had planned to deploy.

The operation generated approximately £25,000 worth of Bitcoin before collapsing. American investors lost millions in the failed venture.

U.S. investors won a $4.1 million arbitration award after accusing Pegasus of misusing their funds. Bloom is currently appealing this ruling.

The project was marketed as an off-grid data center called “The Hive.” It was supposed to operate on renewable energy in the Arizona desert.

Royal Titles and Military Honors at Risk

Buckingham Palace confirmed on October 30 that King Charles III has begun the process of removing Andrew’s remaining titles. The palace is also working to remove him from his Windsor residence.

The UK defense secretary announced the government is working to strip Andrew’s last military title of vice-admiral. This action comes at the King’s request.

Andrew withdrew from public life after a controversial BBC interview in 2019. He settled a U.S. civil case in 2022 without admitting fault.

Bloom stated he did not meet the late Queen during his palace visit. Evers claims he did meet her.

Buckingham Palace has not responded to requests for comment about the 2019 visit. The revelations raise questions about Andrew’s use of royal privileges for private business dealings.

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