According to the latest Bloomberg report, U.S. President Trump raised $236 million in the first half of 2025 through the support of the crypto industry and tech giants, bringing his total campaign funds raised to $274 million.
This financial advantage will directly help the Republican Party compete for congressional (Senate and House of Representatives) seats in the midterm elections; the Democratic Party, on the other hand, only raised $69 million during the same period, a significant difference.
Encryption and tech giants become major donors
The Trump camp's super political action committee "MAGA Inc." has become the core channel for this round of fundraising, successfully raising $177 million in the first half of 2025 alone. This accounts for 75% of the team's total fundraising amount, setting a new fundraising record for American political action committees in half a year.
The crypto industry made significant contributions to this fundraising effort, with Crypto.com's parent company Foris DAX donating $10 million, Blockchain.com donating $5 million, and Gemini exchange founders the Winklevoss brothers jointly donating over $2 million.
The technology field is also not to be outdone, with a16z co-founders Marc Andreessen and Ben Horowitz each donating $3 million, while Tesla CEO Musk, despite policy differences with Trump, still donated $5 million in political contributions to MAGA Inc.
High-value fundraising dinners target specific industries
In addition, the Trump team also precisely absorbed funds through a series of high-threshold fundraising events, including four million-dollar dinners and a $1.5 million admission fee event for crypto and AI investors.
During this period, oil tycoon Kelcy Warren and his company Energy Transfer LP donated a total of $25 million, and Susquehanna International Group founder Jeff Yass generously donated $16 million, highlighting the political inclination of energy and financial capital.
Where the Funds Go and the Political Game
Despite the staggering fundraising scale, the Trump team's expenditures were equally enormous. In the first half of the year alone, legal fees related to dealing with his criminal lawsuits and civil fraud cases amounted to $6 million.
Analysts point out that these funds will mainly be used to support Republican candidates in key states in order to break the "curse" of the ruling party usually losing in the midterm elections.
On the Democratic side, due to the lack of a core fundraising leader, the super political action committee (PAC) "Future Forward" received only $1 million in donations, resulting in huge pressure on campaign funds.
This fundraising craze not only reflects the crypto industry's urgent desire to seek policy shelter, but also highlights Trump's absolute control over Republican resources.
As the new tariffs approach on August 7, how this funding will affect the election will also become a key window to observe the American political ecology.
Conclusion:
Trump's record-breaking fundraising success not only demonstrates the strong endorsement of his policy stance by the crypto and technology industries, but also reveals structural changes in the American political funding landscape.
In addition, emerging industries are reshaping the balance of power in Washington through massive political donations. This new form of "money politics" may profoundly affect the future policy direction of the United States, especially on key issues such as cryptocurrency regulation and technology antitrust.
However, what remains to be vigilant in the future is that as the marriage of capital and politics becomes increasingly close, policy-making may become a game for capital, and the public interest may face the risk of being marginalized. Whether this dance between the crypto industry and political power will ultimately promote innovation or distort the rules remains to be tested by time.
Finally, what do you think of the crypto industry influencing policy-making through political donations? Some tech giants, such as Musk, publicly criticize Trump's policies while making huge donations. What does this contradictory behavior reflect? If the cryptocurrency industry benefits from the new government team's policy bias after the midterm elections, who will benefit first?