Crypto-linked donors contributed $471 million to 2026 midterms

At least $471 million in federal political contributions came from companies and individuals tied to the cryptocurrency industry during the 2026 U.S. election cycle, nearly twice the $250 million recorded in 2024, according to an analysis of Federal Election Commission records by James Delmore, a blockchain and crypto market analyst for Breadcrumbs.

The analysis covers the 2025–26 cycle and reports figures as of Nov. 6, 2026. Of the $471 million tally, $302 million, or 65%, went to or was spent on Republican-aligned candidates; $96 million, or 21%, went to Democratic-aligned candidates. Contributions and PAC expenditures remain separate totals and must not be added.

Where did the industry’s money go?

More than $250 million in crypto-industry contributions went to PACs and committees without crypto in their names:

• MAGA, Inc. — $94 million: Supports Trump-endorsed Republicans.
• Leading the Future — $50 million: Super PAC supporting AI.
• Lone Star Rising — $18 million: Supports James Talarico (D) for Senate in Texas.
• HMP — $17 million: Supports Democrats in House races.
• Congressional Leadership Fund — $15 million: Aligned with congressional GOP leadership.
• Senate Leadership Fund — $8 million: Aligned with Senate Republican leadership.
• V-PAC: Victors, Not Victims — $6 million: Supports Vivek Ramaswamy for Ohio governor.
• Invest in Tomorrow Coalition — $6 million: Supports Democratic candidates for clean energy.

How much did crypto PACs spend?

Crypto-focused PACs recorded approximately $163 million in spending. Fairshake, classified as bipartisan, transferred most of its funds to affiliates Protect Progress and Defend American Jobs.

• Fairshake — $18.4 million: Bipartisan.
• Protect Progress — $29 million: Democrat-aligned.
• Defend American Jobs — $102 million: Republican-aligned.
• Digital Freedom Fund — $8.3 million: Republican-aligned.
• Fellowship — $4.8 million: Mostly Republican-aligned.
• Jump PAC: Bipartisan; no spending reported.
• First Principles Digital — $900,000: Republican-aligned.

Overall, 82% of crypto PAC spending supported Republicans or opposed Democrats, while 18% supported Democrats or opposed Republicans.

Which races absorbed the biggest bets?

• Ohio Senate — $64 million: Backed Jon Husted and opposed Sherrod Brown, whom the analysis described as anti-crypto; Husted lost.
• Nebraska Senate — $14 million: Backed Pete Ricketts and opposed Dan Osborn; Ricketts won.
• Alabama Senate — $13 million: Backed Barry Moore, who won.
• Illinois primary — $10 million: Opposed Juliana Stratton, who lost.
• Kentucky Senate — $8 million: Backed Andy Barr, who won.

Across 90 candidates supported by crypto super PACs, 73 won, 14 lost and three races remained undetermined, a winning rate above 80%. More than half of the $163 million spent, or $88 million, went to losing candidates. Ohio alone took $64 million, 39% of crypto PAC spending; Nebraska, Alabama and Kentucky together took $34 million spent on winners.

Who supplied the $471 million?

Five entities accounted for $288 million, or about 61% of the full donor tally:

• Andreessen Horowitz/a16z — $117 million
• Coinbase — $61 million
• Ripple — $50 million
• Crypto.com — $39 million
• Winklevoss Capital Fund — $21 million

The five largest individual contributors were Reid Hoffman at $28 million; Cameron Winklevoss and Tyler Winklevoss at $18 million each; Chris Larsen at $17 million; and Ross Stevens at $6 million.

Crypto-native and affiliated entities supplied $346 million in all, while individuals contributed $125.4 million. The detailed breakdown listed $276 million from crypto-native entities, $82 million from crypto-native individuals, $70 million from crypto-affiliated entities and $43 million from crypto-affiliated individuals.

A separate party table listed the largest Republican-aligned donors:

• Foris Dax (Crypto.com), $38 million; Winklevoss Capital Fund, $21 million; Tyler Winklevoss, $17 million; Cameron Winklevoss, $17 million; Andreessen Horowitz/a16z, $10.6 million; Cantor Fitzgerald, $10 million.
• Ross Stevens, $6.3 million; Blockchain.com, $5 million; Solana Institute, $3.6 million; Bijan Tehrani, $3 million; Matt Huang, $2.6 million.

The largest Democratic-aligned donors were Reid Hoffman at $28 million; Chris Larsen at $16.7 million; Ron Conway at $7.5 million; Michael Novogratz at $1.9 million; and Brian Armstrong at $494,000.

Delmore’s compilation uses political-contribution and PAC-spending records for the 2025–26 cycle and counts federal donations only. He defined crypto-native donors as digital-asset businesses and associated individuals, and crypto-affiliated donors as “diversified firms, investors and individuals with substantial crypto ties.” He cautioned: “Donations by an affiliated donor are not necessarily donations made to advance crypto policy.”

PAC fundraising totals can include transfers between committees. Race totals are rounded, and election results remain subject to certification. After the three unresolved races clear certification, the final record should keep the $471 million contribution tally separate from $163 million in PAC expenditures so committee transfers do not overstate direct candidate support.