MAGA Inc., a super PAC centered around President Trump, recently raised $200 million. A significant portion of these donations came from the cryptocurrency industry, with Elon Musk donating $5 million after a public dispute with POTUS.
However, these funds may not benefit pro-crypto candidates in the 2026 midterm elections. The previous version of this super PAC used only a portion of its budget for midterm elections, instead focusing on building momentum for 2024.
Who Supports MAGA Inc. in Cryptocurrency?
President Trump has significantly influenced the cryptocurrency industry, and thus became the center of political donations. Fairshake, a super PAC targeting all pro-crypto candidates, has raised $140 million in war funds for the 2026 midterm elections.
The cryptocurrency industry has helped Trump's main super PAC raise even more funds.
According to a recent document, the MAGA Inc. super PAC has raised approximately $200 million to support Trump. Various individual and corporate donors have contributed, with the cryptocurrency industry particularly standing out.
Many influential figures have donated such amounts to Trump's PAC. The Winklevoss twins, who are active Trump advisors, each donated around $500,000, and Gemini contributed approximately $3 million through various small packages.
a16z founder Mark Andreessen donated $3 million, and sites like Blockchain.com and Bitcoin Magazine have also appeared.
Interestingly, Elon Musk donated $5 million to Trump's PAC after publicly fighting in June. Of course, they fought several times afterward, and Musk has not donated since.
Ultimately, the cryptocurrency industry accounts for a large part of MAGA Inc.'s total resources.
What Does This Mean for the Midterm Elections?
According to reports, this is the group's highest record ever, but this is a technical matter. The legally distinct organization run by the same people, Make America Great Again Inc., raised and used over $450 million for the 2024 election.
MAGA Inc. was established immediately. However, the actions of this predecessor group provide important clues:
This data reflects a basic truth: MAGA Inc. is not a pro-crypto super PAC and is focused on Trump himself. The predecessor organization raised over $73 million for the 2022 midterm elections but used only a portion to invest more funds in Trump's victory in November 2024.
All of this means that Trump may run for the White House again after his current term. Naive Bukele amended El Salvador's constitution to remove term limits, and the U.S. President has considered similar ideas.
If Trump runs for re-election in 2028, he will need the full support of his super PAC. This would significantly shake American political norms, but stranger things have happened.
The midterm race cannot rely on this money now. In other words, lower-tier candidates may need to look elsewhere.
