Major crypto industry entities, including billionaires and corporations like Elon Musk, Andreessen Horowitz, Coinbase, and Ripple Labs, have already begun pouring millions into pro-Republican PACs in anticipation of the midterm elections.
This wave of political spending intensifies the crypto lobbying seen previously, but with a critical shift: the money is no longer split between parties. Recent campaign financing shows the crypto industry has now decisively aligned its agenda with the Republican Party.
Crypto’s Millions Now Flow To The GOP For Midterms
Crypto companies and high-profile billionaires are pouring money into political action committees (PACs) dedicated to supporting Republicans.
SponsoredMajor donors are demonstrating a clear partisan shift by heavily favoring Donald Trump and his preferred Senate and House candidates, a significant change from the last election cycle’s more bipartisan campaign fund distribution.
An investigation by BeInCrypto revealed that prominent figures and corporations within the crypto industry, including Elon Musk, Marc Andreessen, Coinbase, and Ripple Labs, have collectively donated millions of dollars to Super PACs supporting either Trump’s re-election or the establishment of a Republican majority in Congress.
These donations are a strategic investment by the crypto industry to reduce future legislative and regulatory obstacles. This strategy of heavily funding favorable candidates is an escalating tactic used by tech moguls to advance their policy agenda in Congress.
The latest fundraising haul coincides with key contested seats across the United States as the May primary elections approach. Since Trump has already delivered his campaign promises to the crypto industry, related super PACs have less need to spread their donations across the political spectrum.
Mapping the War Chests
In every election cycle, donors can contribute unlimited amounts of money to Independent Expenditure-Only Committees, commonly known as Super PACs. Crypto lobbyists are closely eyeing four specific Super PACs seeking to advance their agendas.
Among them is Fairshake, a well-known issue-based committee established to support candidates focusing on policies favorable to the cryptocurrency industry.
Meanwhile, MAGA Inc., which surfaced in 2022, is the principal Super PAC supporting Trump’s political campaigns. It raises unlimited sums, which it then uses for advertising, rallies, and other independent political communications.
Sponsored SponsoredFor influence in Congress, the Senate Leadership Fund is a Republican-aligned Super PAC with the primary goal of expanding the Republican majority in the US Senate.
The Congressional Leadership Fund serves a parallel purpose, aiming to elect Republicans to the US House of Representatives and secure a majority.
Who’s Funding the Trump Agenda?
MAGA Inc. has attracted the highest overall amount of money and the largest number of donors from the crypto industry. At the time of writing, the Super PAC has raised nearly $177 million, which are likely going into the warchest for the midterm elections.
Despite his various disagreements with Trump throughout the last few months, Musk is currently the PAC’s most generous contributor, donating $5 million toward the May 2026 primaries.
Other crypto moguls, such as Ben Horowitz and Marc Andreessen, each donated $2.5 million, while the Winklevoss twins each donated around $1 million.
The super PAC has also received million-dollar donations from prominent crypto firms. Foris DAX, Inc., the operating entity behind Crypto.com, leads the list, having contributed $10 million. Blockchain.com Inc. follows with a $5 million donation. Meanwhile, crypto exchange Gemini donated $2.9 million, while Ondo Finance contributed $2.1 million.
SponsoredOther high-profile contributors included Bitcoin treasury holding company MicroStrategy, which donated $1 million, and crypto mining firm Marathon Digital Holdings, which donated the same amount.
Developers behind key blockchain ecosystems also donated. Ava Labs, the infrastructure development company behind the Avalanche blockchain, contributed $1 million.
Meanwhile, Cardano’s Input Output Global donated the same amount. HBAR Inc., the company behind the Hedera Network, donated $750,000. To a much smaller extent, the Solana Institute donated $10,000.
Other notable contributions included a $1 million donation from Bitgo, $1.2 million from crypto-native investment firm Paradigm Operations, and $1.1 million from Matt Huang, the firm’s co-founder and managing partner. Blockchain Game Partners donated just under $600,000.
Coinbase and Ripple Dominate Fairshake’s Receipts
While MAGA Inc. received the most widespread crypto donations, Fairshake attracted the highest total volume from a few individual corporations.
The super PAC’s receipts totaled over $49.3 million. The most significant contribution came from Coinbase, which donated over $33.2 million, followed by Ripple Labs, which disbursed $23 million.
These corporate contributions mirror the 2024 federal election cycle pattern, where Coinbase and Ripple also made the most voluminous donations to Fairshake. Meanwhile, the Solana Institute limited its contributions to $10,000.
Some of these companies also donated substantially to Super PACs dedicated to electing Republicans to Congress.
Strategic Congressional Contributions
Although the amounts were lower compared to other groups, influential crypto-industry companies and individuals donated to the Congressional and Senate Leadership Funds.
The Super PAC focused on the House received the larger share, raising over $32.7 million, while the Senate-focused PAC raised slightly more than $23 million from these donors.
The Solana Institute was the largest donor among this group, contributing $1 million to the Senate Leadership Fund and $1,010,000 to the Congressional Leadership Fund. Coinbase and the Circle Internet Group, the issuer of the USDC stablecoin, each gave $500,000 to both Super PACs.
Musk made a substantial donation of $5 million to each committee. The Winklevoss twins had a more asymmetric approach: they each gave $500,000 to the Senate PAC but limited their contributions to the House PAC to only $5,000 each.
Meanwhile, venture capital firm Andreessen Horowitz (a16z) donated $150,000 to the Congressional Leadership Fund. In parallel, the firm’s co-founders, Ben Horowitz and Marc Andreessen, each donated $125,000 to the Senate Leadership Fund.
