Cryptocurrency-linked donors contributed at least $471 million to the 2025–26 U.S. election cycle—nearly double the roughly $250 million reported for 2024—according to estimates based on federal donation data as of Nov. 6, 2026.

Andreessen Horowitz/a16z led organizational donors with $117 million, followed by Coinbase at $61 million and Ripple at $50 million; the five largest entities accounted for $288 million, or about 61% of the total.

Among individual donors, Reid Hoffman gave the most at $28 million, while Cameron and Tyler Winklevoss contributed $18 million each.

Republican-aligned candidates and groups received or benefited from $302 million, about 65% of the tally, compared with $96 million, or 21%, for Democratic-aligned recipients.

Crypto-focused PACs separately spent about $163 million, with 82% backing Republicans or opposing Democrats and 18% backing Democrats or opposing Republicans; Defend American Jobs reported $102 million in spending and Protect Progress $29 million.

The $163 million in PAC spending is separate from the $471 million contribution tally and should not be added to it; transfers between PACs may appear in fundraising figures, and election results remain subject to certification.

More than $250 million also went to non-crypto PACs and committees, including $94 million for MAGA, Inc. and $50 million for Leading the Future, a super PAC supporting AI.

The largest setback came in Ohio, where crypto PACs spent $64 million backing Jon Husted and opposing Sherrod Brown, but the effort lost; crypto PAC spending also supported winning campaigns in Nebraska, Alabama and Kentucky.

Overall, crypto-backed candidates won 73 of 90 supported races, lost 14 and had three contests still undecided, while $88.2 million in PAC spending went to losing campaigns.