Crypto Industry Pours $471 Million Into US Midterms, Nearly Double 2024
Summary
- The cryptocurrency industry donated $471 million to U.S. midterm elections, nearly double the amount in 2024.
- Of the total, $302 million, or about 65%, was concentrated on Republican candidates and affiliated groups.
- The biggest donor was Andreessen Horowitz (a16z), which gave $117 million, followed by Coinbase, Ripple, and Crypto.com.
Forecast Trend Report by Period
The cryptocurrency industry poured $471 million into this year’s U.S. midterm elections, according to a new tally.
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 this midterm election cycle. That is nearly double the roughly $250 million contributed in the 2024 election cycle.
Republicans received by far the larger share of support. Of the total, $302 million, or about 65%, went to Republican candidates and affiliated groups. Democrats received $96 million, or about 21%.
The largest donor among companies and organizations was venture capital firm Andreessen Horowitz, or a16z, which contributed $117 million. Coinbase gave $61 million, followed by Ripple with $50 million and Crypto.com with $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. cryptocurrency exchange Gemini, each donated $18 million.
