Source: Decrypt
Compiled by: Bitpush News
After heavily investing in the 2024 election, American crypto companies are once again doubling down on political spending this year—lavishly donating to Donald Trump's inauguration committee.
Trump's inauguration fund is used to pay for lavish dinners, parties, and parades before and after the new president's inauguration, as well as the official ceremony itself. For companies and entrepreneurs looking to curry favor with the new president and network with government members on Washington's most important night, donating to the inauguration committee is both reasonable and commonplace.
In the lead-up to Trump's inauguration on January 20, many well-known cryptocurrency companies have invested millions to support the new president's first night back in the White House.
According to sources cited by The New York Times, Trump's inauguration committee has raised over $170 million, with some seven-figure donors being put on a waiting list or told they might not receive VIP tickets at all because: tickets are sold out.
Trump's fundraising has already set records for presidential inauguration fundraising in the U.S. According to someone familiar with the fundraising situation, Trump's 2017 inauguration committee raised $107 million, while the current inauguration committee is working to raise close to $200 million.
While public disclosures of donations have yet to be submitted, here are all known cryptocurrency companies to date (as of January 9, 2025).
Ripple
Ripple is one of the major players in the crypto industry's historic political spending plans for 2024, with a company spokesperson confirming to Decrypt that the company will donate $5 million worth of XRP to Trump's inauguration fund. XRP is a cryptocurrency developed with the assistance of Ripple's founders, supporting the company's financial services platform.
Ripple provides blockchain infrastructure for financial institutions, holding a large amount of XRP, which appreciated by over $85 billion in value in the weeks following Trump's re-election on November 5.
Ripple's CEO Brad Garlinghouse and Chief Legal Officer Stuart Alderoty just met with Trump this week.
In the past 24 hours, XRP has outperformed other major crypto assets, currently priced at $2.32.
Robinhood
The popular trading application Robinhood has been actively expanding its cryptocurrency products in recent years, with a company spokesperson confirming to Decrypt that the company donated $2 million to Trump's inauguration committee.
Mary Elizabeth Taylor, Vice President of Global Government and External Affairs at Robinhood, stated in a statement shared with Decrypt: 'Robinhood is excited to welcome a new era of American innovation and sensible regulation that will promote free markets, investor access, and consumer choice. We look forward to working with President Trump and the new administration to drive positive market changes, advocate for our customers, and pursue our mission of democratizing finance for all.'
Coinbase
Coinbase is another cryptocurrency company that played a significant role in the historic political push in 2024, with representatives confirming to Decrypt that the company recently donated $1 million to Trump's inauguration fund.
Just days before Christmas, Coinbase was one of the first cryptocurrency companies to offer such donations.
Kara Calvert, Vice President of U.S. Policy at Coinbase, stated in a statement shared with Decrypt: 'Coinbase is committed to working with both parties in government and Congress to establish clear regulations for cryptocurrencies, and it’s important to engage early. That’s why Coinbase is committed to supporting President Trump’s transition of power before the election and ultimately supporting his inauguration.'
Circle
Circle, the issuer of the leading U.S. stablecoin USDC, announced on Thursday that it donated tokens worth $1 million to support Trump's inauguration.
Circle CEO Jeremy Allaire stated in a post sent to X on Thursday: 'We are excited to build a great American company, and the fact that the committee accepts USDC payments shows how far we have come and the potential and power of the digital dollar.'
Trump eagerly accepts cryptocurrency donations, which dates back to the peak of his presidential campaign, when industry leaders gifted him over $3 million in various tokens.
Kraken
According to company representatives, the U.S. cryptocurrency exchange Kraken has donated $1 million to Trump's inauguration fund.
The founder of the exchange, Jesse Powell, personally donated $845,000 worth of Ether to the elected president's campaign team last summer.
Moonpay
Moonpay is a digital payment platform that simplifies the way retail investors purchase cryptocurrencies. A company spokesperson confirmed to Decrypt that the company recently made a donation to support the elected president's inauguration, but declined to comment on the donation amount.
Ondo Finance
New York-based Ethereum asset management company Ondo Finance donated $1 million to Trump's inauguration at the end of last month.
In February last year, Ondo became the first company to tokenize U.S. government bonds. As one of the largest issuers of tokenized securities on Ethereum, Ondo plays a key role in bringing this emerging asset class of tokenized securities into the mainstream.
Trump's inauguration events will begin on January 17 local time. According to the latest event listing, those who donate $1 million or raise $2 million will be entitled to six tickets to six different events, including the swearing-in ceremony and a 'candlelight dinner' with Trump and his wife Melania on January 19, which is promoted as the 'grand finale' of the weekend.
