Two cryptocurrency-linked entrepreneurs have pledged a combined £72 million to Reform UK as the party prepares for the mid-2029 general elections, according to announcements made within two days of each other.
Ben Delo, co-founder of the crypto exchange BitMEX, and Christopher Harborne, who holds a 12% stake in stablecoin firm Tether, each committed £36 million to the political party.
Delo stated that his donation reflects a belief that Reform UK should prioritize policy development over fundraising. He explained that he is providing £1 million per month leading up to the elections, consolidated into a single payment of £36 million.
"Reform is making serious plans for government, which is more than Labour did before it won in 2024," Delo said, emphasizing that developing policies and drafting legislation requires substantial resources.
Harborne said he was motivated to match Delo's contribution by his "competitive spirit" and called on others to make similar donations. In an opinion piece, Harborne stated that he expects nothing in return personally, including no peerage or policy changes, and that his goal is simply to support a party prepared for government.
The donations come as Parliament debates restrictions on cryptocurrency-based political contributions. The Representation of the People Bill reform includes proposals to ban such donations, prompted by the growing number of crypto millionaires in the country.
Parliament passed a proposal that limits the ban to donations made directly using cryptocurrency. Other amendments that would have prohibited donations derived from cryptocurrency proceeds were discussed but not voted on, which affects the legal status of the pledges from Delo and Harborne.
