Cryptocurrency companies have become the biggest political spenders in the United States, pouring $189 million into the 2026 midterm elections — more than they spent during the 2024 election cycle — according to a new report by consumer advocacy group Public Citizen.
The crypto sector accounts for 37% of the $517 million that organizations have reported spending in the 2026 midterms so far, a figure that already exceeds the previous record of $461 million set during the full cycle of 2024.
There are still months before Election Day.
The report, commissioned by Public Citizen researcher Rick Claypool and published June 30, draws on Federal Election Commission data and finds that corporations have now spent nearly one-third of the $1.58 billion in corporate election spending since the Supreme Court’s 2010 Citizens United decision — all in one election cycle.
Major corporate PACs have been founded by crypto
At the center of the increase in costs is a category that the report calls “corporate super PACs” – political committees formed not in line with a party, but to promote the interests of certain industries. The strategy, which was invented by the crypto sector in 2024, is now being replicated across many industries.
The main crypto-aligned vehicle, Fairshake, received $82.6 million in corporate donations this round – 60% of its $135 million total. Coinbase contributed $33 million to Fairshake, while Ripple Labs added $48.5 million. Josh Vlasto, co-leader of the super PAC and former chief of staff to New York Gov. Andrew Cuomo, said the group is developing an “aggressive, targeted strategy” to support crypto-crypto candidates across the country.
Andreessen Horowitz, a venture capital firm that is among Fairshake’s top sponsors in 2024, has shifted its focus to the 2026 cycle.
The company has donated $50 million to Leading the Future, a super PAC focused on AI policy. Leading the Future has raised $75.1 million in total, with corporate donations making up 67% of that figure. Combined with direct donations from co-founders Marc Andreessen and Ben Horowitz, the company’s political history totals $115.5 million.
A third-party focused PAC, Win for America, received $43 million from online betting companies FanDuel and DraftKings, which contributed $19.5 million each. Winning US corporate donations represent 100% of reported funding.
MAGA Inc. and it is very profitable
Beyond industry-specific super PACs, companies have directed significant sums to MAGA Inc., a super PAC originally formed to support Trump-endorsed candidates. MAGA Inc. received $120.6 million in corporate donations this round – 35% of its $342 million total raised.
Crypto.com parent Foris Dax donated $35 million to MAGA Inc., making it the top corporate donor to the committee. Other crypto contributors include Gemini Trust Company ($4.4 million), Blockchain.com ($5 million), and Ondo Finance ($2.1 million).
Tools for Humanity Corporation – which runs OpenAI CEO Sam Altman’s biometric identification startup – has donated $5 million to MAGA Inc. days before Trump’s inauguration. Altman has publicly stated that he would “like to see money out of politics.”
OpenAI president Greg Brockman and his wife Anna gave $25 million to MAGA Inc. and $25 million to Leading the Future, the Wall Street Journal reports that Brockman and OpenAI global affairs manager Chris Lehane co-founded the high-profile PAC.
Undisclosed spending is likely to be higher
The $517 million figure does not include all corporate political activity. Meta Platforms is spending another $65 million through non-federal super PACs to fight state-level AI legislation, and Anthropic has pledged $20 million to an advocacy group focused on AI security — funds not yet disclosed in the FEC disclosure.
Black money organizations, which do not have to disclose their sponsors, add further uncertainty to the value.
