Crypto Billionaires Spend $56 Million in 'Congress' Elections
Major crypto billionaires pumped $56 million to support candidates and political committees in the US elections, with diverse interests including technology and energy.
Translated by Qiyas from الجريدة — Original source
A number of wealthy crypto industry magnates who amassed their fortunes in the cryptocurrency sector contributed more than $56 million in the current U.S. election cycle, making them among the most influential donors in the midterm elections, according to an analysis based on federal election disclosures.
The funds were directed toward candidates supportive of cryptocurrencies and super PACs favorable to the industry, contributing to a spending campaign exceeding $175 million by the sector during this cycle.
However, a significant portion of these donations extended beyond digital assets to include issues such as technology, innovation, energy policy, taxes, and economic growth, according to Reuters, as reported by Arabiya Business.
The data shows that several top executives and investors in the sector contributed hundreds of thousands to tens of millions of dollars in support of candidates and groups aligned with their political views.
Cameroon and Tyler Winklevoss, co-founders of the Gemini platform, topped the list of major donors, each contributing approximately $13 million during the current cycle, most of which went to the pro-President Donald Trump MAGA Inc. committee.
They also strongly backed the Digital Liberty Fund, which focuses on supporting pro-cryptocurrency candidates and opposing some critics of the sector.
Chris Larsen, co-founder and executive chairman of Ripple Labs, spent at least $14.6 million, making him the largest spender among figures on the list.
His contributions were concentrated on groups close to Democrats and specific issues, including $6 million for a renewable energy-supporting committee and $4.5 million for a group focused on AI safety.
In contrast, Brian Armstrong, CEO and co-founder of Coinbase, distributed approximately $1 million to candidates and political committees from both the Republican and Democratic parties, reflecting his effort to maintain balanced relationships across the U.S. political spectrum.
Mike Novogratz, founder and chairman of Galaxy Digital and one of the earliest Bitcoin investors, directed more than $1.9 million to groups leaning toward the Democratic Party, including organizations supporting the rise of a new generation of young candidates.
Meanwhile, Chris Dixon, partner at Andreessen Horowitz and founder of the firm’s crypto-focused arm, distributed approximately $867,000 to candidates and committees from both parties, as well as groups associated with the crypto industry.
Matt Huang, co-founder of Paradigm, contributed at least $831,000, most of which went to Republican candidates and committees, while Paxos CEO Charles Cascarilla contributed approximately $642,000, mostly to support Republicans through major party committees.
These figures reflect the growing influence of the cryptocurrency sector in U.S. politics, as spending by its leaders is no longer limited to defending industry interests but has expanded to influence broader issues including energy, technology, AI, and economic policies.
Additionally, caution ahead of this week’s Federal Reserve meeting kept investors largely wary of high-risk assets like cryptocurrencies, while most other coins in the sector saw price declines.
Cryptocurrency markets did not benefit significantly from the drop in oil prices, nor did the overnight rise in stock markets, supported by tech shares, provide notable support for digital currencies.
Bitcoin’s decline during Tuesday’s trading pushed it below the trading range it had maintained over the past month, which was between $80,000 and $87,000.
Strategic announced that it did not buy or sell any Bitcoin, nor did it sell any shares under its market sale program, during the week from October 19 to 25, 2026.
As of October 25, the company held approximately 848,517 Bitcoin, purchased for a total of $64.02 billion, at an average price of about $75,446 per coin, including fees and expenses.
During the week, the company repurchased 2,068,459 shares of its variable-rate, perpetual preferred stock (STC) for $204.9 million, funded from dollar-denominated cash reserves, without repurchasing any other class of securities.
Strategic did not disclose the reasons for halting its purchases of new Bitcoin, but the pause in buying sent negative signals to the markets, especially after the company sold part of its Bitcoin holdings earlier this year.
