Coinbase to Donate $25 Million to Pro-Crypto Candidates in U.S. Election

Coinbase approves $1 billion share buyback program and commits $25 million to PAC Fairshake to promote crypto-friendly policies. Coinbase is funding $25 million for crypto-friendly candidates in the 2026 midterm elections. $1 billion share buyback After reporting Q3/2024 earnings on October 30, the largest U.S. cryptocurrency exchange Coinbase said its board of directors has officially approved a $1 billion share buyback program. Coinbase stated: "The board of directors formally approved this plan in October 2024, allowing Coinbase to repurchase its outstanding Class A common stock without time limitation. However, the company will be flexible in deciding the timing and amount of shares to be purchased, depending on market conditions to ensure optimal efficiency." At the time of writing, Coinbase's stock price is trading around $211.74, down 3.61% in the past 24 hours. Q3/2024 financial performance Coinbase's Q3/2024 financial report showed a somewhat "gloomy" picture as both revenue and profit declined compared to the previous quarter. Specifically, net revenue reached $1.13 billion (down from $1.38 billion) and adjusted EBITDA reached $449 million (down from $596 million). However, the report still had some notable bright spots. First, Coinbase's net revenue increased significantly to $75 million from $36 million in Q2. In addition, revenue from stablecoins reached $247 million, a slight increase from $240 million in the previous quarter. Coinbase said: "Although we don't generate much fee revenue from this segment, Coinbase still considers stablecoins, especially USDC, as a 'trump card' in our long-term strategy. By promoting stablecoin adoption, Coinbase will make money from USDC through commercial agreements with the issuer." Neutral stance ahead of the election Ahead of the 2024 U.S. presidential election, Coinbase has expressed a positive and neutral stance on the outlook for crypto policy. The company emphasized: "Regardless of the election outcome, we are ready to work with any administration in 2025, as the opportunity for crypto-friendly regulation has never been higher." The Fairshake PAC has currently raised over $200 million to support crypto-friendly candidates in the 2024 U.S. presidential election, with funding from major industry players like Ripple and a16z. Although unable to donate directly to candidates, Fairshake has leveraged advertising to oppose anti-crypto candidates and support those with a positive stance on the industry. In a blog post published on the morning of October 31, Coinbase also committed an additional $25 million to the Fairshake PAC political action committee to support crypto-friendly candidates in the 2026 midterm elections. Coinbase said: "As we approach the 2024 U.S. election, it's clear that crypto has made its mark. With tens of millions of Americans now owning crypto, including many in key swing states, their voice has been heard. Both presidential candidates, as well as politicians across all political parties, have adopted more crypto-friendly positions, a significant shift from previous years." CEO Brian Armstrong emphasized: "We'll get the U.S. election results in 6 days, and no matter how you look at it, it will be the most pro-crypto Congress ever."