Crypto firms put $206 million behind the 2026 midterms

Crypto corporations have donated $206 million to super PACs and hybrid PACs through the second quarter of 2026, according to Public Citizen’s analysis of Federal Election Commission (FEC) records. This makes the sector the largest disclosed corporate donor group in the current midterm cycle.

Fairshake network accounting

The central committee of the crypto political network, Fairshake, reported $137.9 million in receipts and $93.9 million in disbursements through August 31, leaving $108.3 million in cash on hand. It transferred $70 million to two affiliated PACs: Defend American Jobs (Republican‑focused, $37 million) and Protect Progress (Democratic‑focused, $33 million, including a $5 million transfer on Aug 7).

Major corporate contributors

• Coinbase – $56.1 million (including a $23 million Bitcoin donation dated Dec 2024)
• Ripple Labs – $48.5 million
• Marc Andreessen and Ben Horowitz – $24 million combined
• Digital Currency Group – $1 million

Spending breakdown by party

Independent expenditures tracked for the Fairshake network total about $70 million across 54 races. The distribution is:

• Supporting Republican candidates – $32.5 million (≈ 47 %)
• Supporting Democratic candidates – $21.3 million (≈ 31 %)
• Opposing Democratic candidates – $15.6 million (≈ 22 %)
• Opposing Republican candidates – $0

Notable race spending

• Alabama Senate candidate Barry Moore – $12.2 million in support
• Kentucky Senate candidate Andy Barr – $7.2 million in support
• Illinois Senate candidate Juliana Stratton – $9.7 million in opposition

Other crypto‑linked political groups

Stand With Crypto has endorsed 38 House candidates and signed up over three million advocates, operating independently of PAC spending. Fellowship PAC raised $11 million (including $10 million from Cantor Fitzgerald) and spent $4.45 million in independent expenditures across 12 races. The Digital Freedom Fund, backed heavily by Winklevoss Capital, reported $22.4 million in receipts and $22 million in disbursements through June 30, but listed zero independent expenditures.

Potential future spending

Fairshake announced a $30 million commitment on Sept 21 to oppose Ohio Democrat Sherrod Brown, with more than $90 million remaining for the general election. Analysts project two scenarios:

• Bull case: Network spends down remaining cash, reaching $160 million–$200 million in independent expenditures before Nov 3.
• Bear case: Most new spending stays in Ohio or is held in reserve, limiting total independent expenditures to $95 million–$120 million.

The ultimate impact of the crypto war chest on election outcomes remains uncertain.