Crypto donors gave a record $471m to the 2026 US midterms, Delmore finds

Key points

• Crypto-linked contributions reached at least $471m in the 2026 cycle, against $250m in 2024, per the analysis of FEC records.
• Republicans received $302m (65%) of the $471m and Democrats $96m (21%), with more than $250m going to non-crypto PACs and committees.
• Crypto PACs spent about $163m, and $88m of it went to losing candidates, including $64m in Ohio against Sherrod Brown.

Crypto-linked donors gave a record $471m to the 2026 US midterms, nearly double the $250m spent in 2024, according to an analysis of Federal Election Commission records by James Delmore, a blockchain and crypto market analyst at Breadcrumbs. The figures cover the 2025-26 cycle and were reported as of 6 November 2026.

Republicans took the overwhelming majority: $302m, or 65% of the total, went to or was spent on Republican-aligned candidates, against $96m (21%) for Democratic-aligned candidates. Most of the rest went to the crypto PAC Fairshake, which transferred funds to its affiliates Protect Progress and Defend American Jobs.

Those crypto-focused PACs spent about $163m, 82% of it supporting Republicans or opposing Democrats. Of 90 candidates backed by crypto super PACs, 73 won seats in Congress and 14 lost, with three races still to be determined. Yet more than half the PAC money, $88m, went to losing campaigns, including $64m in the Ohio Senate race against the anti-crypto candidate Sherrod Brown.

The top five donors account for $288m, about 61% of the tally. Crypto-native and crypto-affiliated businesses and entities gave about $346m, and individuals in the sector $125m. Delmore presents the $471m as a contribution tally, separate from PAC spending, and notes that results remain subject to certification.

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