Ultra-wealthy executives from crypto companies are increasingly pouring money into U.S.
politics; they have spent over $56 million on the current congressional elections, according to a Reuters analysis of federal filings. This figure is part of a broader $175 million in spending by the industry during the current election cycle.
The funds are being directed both to candidates sympathetic to digital assets and to political action committees (PACs)—including super PACs—which can raise unlimited sums. A significant portion of this spending relates to issues beyond the crypto industry, such as technology, energy, taxation, and economic growth. The Reuters analysis focused on individuals who contributed at least $500,000 during the 2025–2026 election cycle, excluding donations made to organizations that do not disclose their donors.
Twins Cameron and Tyler Winklevoss, co-founders of Gemini, have been the largest contributors, each donating nearly $13 million—primarily to MAGA Inc., the main super PAC supporting Donald Trump. They are also the primary backers of the Digital Freedom Fund, which is spending money to oppose Sherrod Brown, the Democratic Senate candidate from Ohio who has expressed skepticism toward cryptocurrencies. Through Winklevoss Capital Fund alone, this committee received $21.3 million.
Ripple Labs co-founder Chris Larsen has spent at least $14.6 million, largely on groups affiliated with the Democratic Party and organizations focused on specific policy issues. This includes $6 million to the Invest in Tomorrow Coalition—a super PAC that supports candidates who advocate for renewable energy—and $4.5 million to the "You Can Push Back" PAC, which focuses on AI safety. Andreessen Horowitz founders Marc Andreessen and Ben Horowitz each donated $3 million to MAGA Inc., while Coinbase CEO Brian Armstrong contributed approximately $1 million, split roughly equally between both parties. Galaxy Digital founder Mike Novogratz donated at least $1.9 million, primarily to Democratic and independent-leaning groups. Paradigm co-founder Matt Huang and Paxos CEO Charles Cascarilla contributed approximately $831,000 and $642,000, respectively, mostly to Republicans. All of the aforementioned entrepreneurs either declined to comment or did not respond to requests for comment from Reuters.
Bitcoin Price Update
While crypto industry leaders pour funds into the election, Bitcoin itself is trading near $80,000. On Tuesday, the price hovered around $80,333, within a daily range of $79,452–$80,841. Over the past week, it has fallen by 3.18%; over the last month, by 4.86%; and over the past year, it has gained nearly 30%, with a 26% increase over the last three months. The current price is approximately 31% below its 52-week high of $116,000. A pullback has been underway since October 21, when the price closed at $84,104; by October 25, it had dropped to $80,148.
Technical signals vary by timeframe. On the one-hour chart, the consensus signal is "strong buy"—the price is above the 5-period to 50-period moving averages, but below the 100-period and 200-period moving averages. On the five-hour and daily charts, the signal is "strong sell," while on the weekly chart, it is "strong buy." The Stochastic RSI and Williams %R indicators suggest the asset is overbought.