Maga Inc., Donald Trump’s Super Pac, has amassed almost $200mn thanks to a big injection of cash from the crypto industry, giving the president an enormous war chest ahead of the 2026 congressional elections.
The group’s fundraising success underscored the Republican party’s financial advantage with Trump in the White House.
In the first half of 2025, Maga Inc. collected $177mn and held $196mn in cash, according to documents filed to the US Federal Election Commission and released late on Thursday. Super political action committees can raise unlimited sums from donors.
By contrast, Future Forward, the Democratic Super Pac that raised hundreds of millions of dollars for the 2024 presidential election, held just $2,826 in cash.
Maga Inc. advisers did not respond to requests for comment.
Tech titans were among the big donors to Trump’s Super Pac. Billionaire Jeff Yass, a longtime investor in TikTok, gave $16mn, including $15mn on March 6, the day the US president said that he would “probably” further extend the deadline for the social media platform to separate ownership from China.
Elon Musk, the billionaire Tesla, X, and xAI chief, gave $5mn on June 27, after his public falling out with Trump and just days before he called for the formation of a new political party in the US.
But crypto companies that have benefited from the president’s staunch support of the digital assets industry have given the biggest boost to Maga Inc.’s coffers, contributing at least $41mn, or about 20 per cent of all donations, according to Financial Times analysis.
Trump has championed digital assets, signing into law stablecoin legislation, appointing friendly regulators and dropping high-profile lawsuits against companies such as Coinbase and Kraken. Trump has also pardoned Silk Road creator Ross Ulbricht and BITMEX cryptocurrency exchange employees, moves celebrated by the industry.
The administration is also considering landmark “market structure” legislation determining the regulation of digital assets, which could further increase the institutional money flowing into the industry.
Shares in crypto companies have soared over the past year. The stock prices of crypto exchange Coinbase and bitcoin treasury company Strategy have jumped by around 50 per cent and 150 per cent. After its IPO in June, shares in Circle, the issuer of the USDC stablecoin, have surged over 100 per cent. Bitcoin has hit several record highs since Trump returned to the White House and is now trading around $116,000.
The largest donation to Maga Inc. from the crypto sector was $10mn from Foris Dax, the company that operates Crypto.com. Tools for Humanity, a crypto and human identification company co-founded by Sam Altman, gave $5mn. Venture capitalists Marc Andreessen and Ben Horowitz each contributed $3mn.
Other donors included Gemini co-founders Tyler and Cameron Winklevoss, Paradigm co-founders Matt Huang and Fred Ehrsam and billionaire Bitcoin proponent Tim Draper.
Crypto companies have also increased their spending on Washington lobbyists this year.
In the first half of 2025, 10 of the top companies in the industry — Coinbase, Kraken, Paradigm, Binance, Ripple, Tether, Circle, Jump, Crypto.com, and Andreessen Horowitz — spent at least $8.1mn to influence the White House and Congress, according to separate federal lobbying disclosures released in July. That’s up from just $3.6mn in the first half of 2024.
Crypto’s revival under Trump marks a dramatic change in fortune from the Biden era, when the Securities and Exchange Commission sued a number of companies.
Since taking office, Trump has welcomed crypto chief executives including Brian Armstrong of Coinbase and Jeremy Allaire of Circle at the White House. He has also signed an executive order to create a national crypto reserve, and appointed crypto-friendly Paul Atkins to be chair of the SEC, as well as venture capitalist David Sacks to be White House crypto and AI tsar.
The president has even launched his own crypto projects. His Trump Media & Technology Group recently announced it had acquired about $2bn in bitcoin. He released his own $TRUMP memecoin, netting his team at least $350mn, and promoted World Liberty Financial, a crypto company run by his sons, from which he has earned about $60mn in income.
