Crypto Industry Pours $471 Million Into US Midterms, Nearly Double 2024
Summary
- The cryptocurrency industry donated $471 million to this year’s U.S. midterm elections, about twice the level seen in 2024.
- Of the total, $302 million, or about 65%, went to Republicans, while $96 million was directed to Democrats.
- By company, a16z, Coinbase, Ripple, and Crypto.com made major donations, while Reid Hoffman and the Winklevoss brothers led individual giving.
Forecast Trend Report by Period
The cryptocurrency industry has poured $471 million into this year’s U.S. midterm elections, nearly double the amount donated in 2024.
Bitcoin.com reported on November 11 that James Delmore, a market analyst at blockchain analytics platform Breadcrumbs, estimated from Federal Election Commission data that crypto-related companies and individuals donated at least $471 million during the current midterm election cycle. That compares with about $250 million in election donations in 2024.
Republicans received the overwhelming share of the money. Specifically, $302 million, or about 65% of total donations, went to Republican candidates and affiliated groups. Democrats received $96 million, or about 21%.
Among companies and organizations, venture capital firm Andreessen Horowitz, or a16z, was the largest donor at $117 million. Coinbase followed with $61 million, ahead of Ripple at $50 million and Crypto.com at $39 million.
Among individual donors, LinkedIn co-founder Reid Hoffman gave the most at $28 million. Cameron and Tyler Winklevoss, the brothers who founded U.S. crypto exchange Gemini, each donated $18 million.
JOON HYOUNG LEE
gilson@bloomingbit.ioCrypto Journalist based in Seoul