MAGA Inc., a Super PAC focused on President Trump, recently raised $200 million. A large part of this donation came from the crypto industry, and Elon Musk also gave $5 million after publicly disputing with the POTUS.
However, these funds may not help pro-crypto candidates in the 2026 midterms. This Super PAC’s previous incarnation only spent a fraction of its reserves on midterms, focusing instead on one big push in 2024.
Who In Crypto is Supporting MAGA Inc.?
President Trump has been a huge influence on the crypto industry and, therefore, a lightning rod for political donations. Fairshake, a Super PAC directed towards all pro-crypto candidates, has built a war chest of $140 million for the 2026 midterms.
However, the crypto industry has helped Trump’s flagship Super PAC accumulate even more.
According to recent documents, the MAGA Inc. Super PAC has pulled together around $200 million to support Trump. Individual and corporate donors of all stripes have contributed, but the crypto industry is particularly prominent.
There’s a long list of influential figures giving Trump’s PAC this kind of money. The Winklevoss twins, who are active Trump advisors, each gave about half a million, while Gemini donated around $3 million in several small packages.
a16z founder Marc Andreessen contributed $3 million, and sites like Blockchain.com and Bitcoin Magazine also appear.
In a humorous note, Elon Musk gave Trump’s PAC $5 million shortly after their public fight in June. Of course, they would fall out again several times after that, and Musk hasn’t donated any more since.
Altogether, the crypto industry represents a huge chunk of MAGA Inc.’s total resources.
What Does This Mean for the Midterms?
It was reported that this is the group’s all-time record, but that’s a technicality. Make America Great Again Inc., a legally distinct entity run by the same people, raised and spent over $450 million in the 2024 election.
MAGA Inc. was founded immediately afterward. However, this precursor group’s behavior can provide vital clues:
This data reflects a basic truth: MAGA Inc. isn’t a pro-crypto Super PAC; it’s focused on Trump himself. Its predecessor organization raised over $73 million for the 2022 midterms, but spent only a fraction, enabling it to throw even more cash at Trump’s victory in November 2024.
All that is to say, Trump could run for the White House again after his current term. Nayib Bukele amended El Salvador’s constitution to remove term limits, and the US President entertained a similar idea.
If Trump runs for re-election in 2028, he’ll need his Super PAC’s full support. This would greatly upset US political norms, but stranger things have happened.
Midterm races can’t count on this money right now. In other words, down-ballot crypto candidates may need to look elsewhere.
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