Former US President Donald Trump has amassed over $4 million in cryptocurrency contributions for his re-election campaign from key figures in the crypto industry. The significant support from the sector underscores its backing for Trump. He will address attendees at the Bitcoin Conference, which begins today.
Republican Presidential nominee Donald Trump’s approach to leveraging cryptocurrency donations appears to be yielding substantial results.
Donald Trump’s Crypto Fundraising Gains Momentum
According to a report by CNBC, Trump has secured over $4 million in cryptocurrency donations. As of June 24, these donations were below $100,000. Blockchain analytics firm Breadcrumbs reported that on-chain crypto donations to Trump’s campaign totaled just $59,386 at that time.
A diverse group of contributors has donated Bitcoin (BTC), Ethereum (ETH), Ripple-associated XRP, and the US dollar-pegged stablecoin USDC to Donald Trump’s campaign. Specifically, over $2.15 million in Bitcoin was donated by 19 individuals from 12 states. According to a Federal Election Commission (FEC) filing, donors’ professions varied, including homemakers, U.S. military officers, missionaries, painters, pizza company sales representatives, and a security technician with the State Department.
The FEC filing also revealed donations of various memecoins. Notably, the document spans over 1,000 pages and details contributions to the “Trump 47” joint fundraising committee from April 1 to June 30. During this period, the committee raised about $120 million, with funds regularly allocated to Trump’s campaign. Additionally, the Republican National Committee and other affiliated groups benefited from these contributions.
Cameron and Tyler Winklevoss, the high-profile co-founders of Gemini, also supported Donald Trump’s campaign with Bitcoin contributions. Each brother donated 15.47 BTC, valued at around $1 million at the time. However, the excess amount was returned as their contributions exceeded the legal limit of $844,600. Additionally, BitGO CEO Mike Belshe contributed $50,000 in BTC.
Meanwhile, Kraken CEO and Founder Jesse Powell donated nearly $1 million, primarily in Ethereum, to Trump’s campaign. Powell used this opportunity to criticize the current U.S. administration’s cryptocurrency regulations, specifically targeting Senator Elizabeth Warren and SEC Chairman Gary Gensler. His financial support for Trump is driven by a belief that the former President’s policies would be more favorable for the crypto industry.
Ripple’s Chief Legal Officer, Stuart Alderoty, contributed $300,000 in XRP, while former Messari CEO Ryan Selkis donated $50,000 in USDC to Donald Trump’s campaign.
Trump is also set to speak at the upcoming Bitcoin Conference in Tennessee, where he will deliver a keynote address on the state of the crypto industry.
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