Donald Trump’s Super PAC, Maga Inc., has amassed a staggering war chest of nearly $200 million, fueled largely by a wave of donations from the cryptocurrency industry, according to documents filed with the U.S. Federal Election Commission and analyzed by the Financial Times. The haul gives Republicans a dominant financial edge ahead of the 2026 congressional elections and underscores the deepening ties between Trump’s presidency and the digital assets sector.
In the first half of 2025 alone, Maga Inc. raised $177 million and reported $196 million in cash reserves — a towering figure compared to the Democratic-aligned Future Forward PAC, which disclosed having just $2,826 on hand. The fundraising surge positions Maga Inc. as a financial juggernaut, with resources far outstripping those of its political opponents.
A significant portion of this funding — at least $41 million, or roughly 20% — came from crypto companies and industry figures who have benefited from Trump’s policy pivot toward digital assets. Since returning to the White House, Trump has aggressively championed the crypto sector by signing stablecoin legislation, appointing industry-friendly regulators, and dropping high-profile lawsuits against major players such as Coinbase and Kraken.
The Financial Times reports that the crypto sector’s generosity toward Maga Inc. reflects both gratitude and strategic investment. Foris Dax, the company behind Crypto.com, was the largest crypto donor with a $10 million contribution. Tools for Humanity, co-founded by Sam Altman, gave $5 million. Prominent venture capitalists Marc Andreessen and Ben Horowitz donated $3 million each, while other contributions came from industry leaders like the Winklevoss twins (Gemini), Paradigm’s Matt Huang and Fred Ehrsam, and longtime crypto backer Tim Draper.
Jeff Yass, a billionaire and major investor in TikTok, contributed $16 million, including a $15 million donation made the same day Trump indicated he would likely extend the deadline for the platform’s separation from Chinese ownership. Elon Musk, despite a brief public feud with Trump, gave $5 million to the PAC in June — just days before calling for the creation of a new political party.
The administration’s pro-crypto stance has had a visible market impact. Bitcoin has surged to all-time highs and now trades at around $116,000. Shares in companies like Coinbase and Circle have soared, with Circle’s stock doubling since its June IPO. Strategy, a Bitcoin treasury firm, has seen a 150% increase in its stock price.
Beyond campaign donations, crypto firms are spending aggressively on lobbying efforts. The top 10 companies in the space spent at least $8.1 million on federal lobbying in the first half of 2025, more than double the $3.6 million spent during the same period in 2024. Lobbying targets include the White House and Congress, as the industry eyes landmark legislation that could reshape the regulatory landscape for digital assets.
Trump’s personal ties to crypto have also deepened. He has welcomed executives like Coinbase’s Brian Armstrong and Circle’s Jeremy Allaire to the White House, signed an executive order establishing a national crypto reserve, and installed pro-crypto figures like Paul Atkins as chair of the SEC and venture capitalist David Sacks as crypto and AI czar.
In addition, Trump has launched his own crypto ventures. His Trump Media & Technology Group recently acquired $2 billion in Bitcoin, while his $TRUMP memecoin has reportedly netted his team over $350 million. He has also earned an estimated $60 million from World Liberty Financial, a crypto firm run by his sons.
With Maga Inc. flush with cash and the crypto sector deeply embedded in the administration’s economic and political agenda, Trump’s fundraising momentum could reshape the financial and regulatory contours of Washington ahead of the 2026 midterms.
