An analysis of federal filings shows wealthy executives with fortunes connected to cryptocurrency have collectively spent more than $56 million so far during the current US election cycle. The executives have supported crypto-friendly candidates and crypto super political action committees, which may raise and spend unlimited amounts. Federal filings place the crypto industry's overall spending this cycle at $175 million. However, a substantial share of the executives' spending supports broader priorities, including technology, innovation, energy policy, taxation and economic growth.
The figures cover executives who contributed at least $500,000 during the 2025-2026 cycle, based on the latest available Federal Election Commission filings. The totals cover donations to candidates, party committees and PACs, including certain contributions through affiliated entities. The totals exclude donations to political nonprofits that are not required to identify donors. The analysis omits routine transfers from joint fundraising committees to prevent counting contributions twice. Every individual named either declined to comment or failed to respond to requests for comment.
Gemini Space Station co-founders Cameron and Tyler Winklevoss have each contributed nearly $13 million this cycle, primarily to MAGA Inc, the main super PAC backing President Donald Trump. The twins are also the leading financial supporters of the Digital Freedom Fund, a super PAC spending against crypto skeptic Sherrod Brown, a Democratic Senate candidate in Ohio. Winklevoss Capital Fund, the twins' venture capital operation and family office, contributed $21.3 million to the Digital Freedom Fund this cycle.
Coinbase CEO and co-founder Brian Armstrong, a prominent crypto advocate, has contributed about $1 million to federal candidates, party committees and PACs, divided approximately equally between both parties. Armstrong also gave five-figure amounts to several congressional candidates from both parties.
Chris Larsen, co-founder and executive chairman of blockchain payments company Ripple Labs, has spent at least $14.6 million this cycle, mainly supporting Democratic-aligned groups and policy-focused organizations. Larsen donated $6 million to Invest in Tomorrow Coalition, a super PAC supporting candidates who favor renewable energy. Larsen also gave $4.5 million to You Can Push Back PAC, which concentrates on artificial intelligence safety.
Marc Andreessen and Ben Horowitz are co-founders and general partners of Andreessen Horowitz, a venture capital firm with major investments in crypto companies, including Coinbase, and AI businesses. Andreessen contributed $3 million to MAGA Inc. Andreessen made approximately $719,000 in additional donations, mainly to Republican-leaning party committees, leadership PACs and candidates. Horowitz also gave $3 million to MAGA Inc. Horowitz contributed nearly $1 million to party committees and candidates, including almost $215,000 to the National Republican Senatorial Committee.
Galaxy Digital CEO and founder Mike Novogratz, an early bitcoin investor and advocate, has donated at least $1.9 million this cycle, mostly to Democratic-leaning and independent expenditure groups. Novogratz gave about $780,000 to Next Generation Action PAC, which works to elect younger Democratic candidates. Novogratz also contributed $250,000 to the Democratic-aligned The Bench PAC.
Andreessen Horowitz general partner Chris Dixon founded a16z crypto, the firm's venture investment operation dedicated to cryptocurrency and blockchain. Dixon has donated approximately $867,000 to Republican and Democratic campaign committees, candidates, leadership PACs and crypto-related organizations.
Matt Huang, co-founder and managing partner of crypto- and AI-focused investment firm Paradigm, has contributed at least $831,000, mainly to Republican candidates and committees. Charles Cascarilla, CEO and co-founder of stablecoin and blockchain infrastructure company Paxos, has contributed about $642,000, predominantly supporting Republican candidates through major party committees and other PACs.
Crypto Executives Spend Over $56M on US Midterm Elections
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Summary
Crypto analysis reveals that top crypto executives have spent over $56 million in the 2025-2026 US election cycle, according to federal filings. Funds went to pro-crypto candidates and PACs, focusing on tech, energy, and economic growth. Winklevoss twins each gave $13 million, while Coinbase’s Brian Armstrong donated $1 million. Fear and greed index data shows growing political engagement from the crypto sector. Other major donors include Ripple’s Chris Larsen and Andreessen Horowitz’s Marc Andreessen and Ben Horowitz.
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