Source: Decrypt
Compiled by: BitpushNews
After investing heavily in the 2024 election, U.S. crypto companies are doubling down on their political spending again this year - pouring billions of dollars into Donald Trump's inaugural committee.
Trump's inaugural fund pays for lavish dinners, parties and parades before and after a new president's inauguration, as well as the official ceremony itself. Donating to the inaugural committee is both logical and commonplace for companies and entrepreneurs looking to curry favor with the new president and mingle with members of the administration on Washington's most important night.
Ahead of Trump’s inauguration on January 20, many prominent cryptocurrency companies have invested millions of dollars to support the new president’s first night back in the White House.
According to the New York Times, citing people familiar with the matter, Trump's inaugural committee has raised more than $170 million, and some seven-figure donors have been put on waiting lists or told that they may not get VIP tickets at all because: the tickets are sold out.
Trump's fundraising has already set a record for U.S. presidential inaugurations. Trump's 2017 inaugural committee raised $107 million, and the current inaugural committee is working to raise closer to $200 million, according to a person familiar with the fundraising.
While public disclosures regarding donations have not yet been filed, here is an overview of all crypto companies known to date (January 9, 2025).
Ripple
Ripple, one of the main sponsors of the crypto industry's historic political spending plan for 2024, will give $5 million worth of XRP to Trump's inauguration fund, a spokesperson for the company confirmed to Decrypt. XRP is a cryptocurrency that Ripple's founder helped develop and it powers the company's financial services platform.
Ripple, which provides blockchain infrastructure for financial institutions, holds a large amount of XRP. In the weeks following Trump’s re-election on November 5, the value of XRP held by the company increased by more than $85 billion.
Ripple CEO Brad Garlinghouse and Chief Legal Officer Stuart Alderoty just met with Trump this week.
XRP has outperformed other major crypto assets over the past 24 hours and is currently priced at $2.32.
Robinhood
Robinhood, a popular trading app that has aggressively expanded its cryptocurrency offerings in recent years, donated $2 million to Trump’s inaugural committee, a company spokesperson confirmed to Decrypt.
“Robinhood is excited to usher in a new era of innovation and sensible regulation in the United States that will promote free markets, investor access, and consumer choice,” Mary Elizabeth Taylor, Robinhood’s vice president of global government and external affairs, said in a statement shared with Decrypt. “We look forward to working with President Trump and the new administration to drive positive change in the markets, advocate for our customers, and pursue our mission of democratizing financial access for all.”
Coinbase
Coinbase is another cryptocurrency company that has played a major role in the industry’s historic political push in 2024, with a representative for the company confirming to Decrypt that the company recently donated $1 million to Trump’s inauguration fund.
Coinbase was one of the first cryptocurrency companies to offer such a donation just days before Christmas.
“Coinbase is committed to working with both sides of the administration and Congress to develop clear regulations for cryptocurrency, and it’s important to get involved early,” Kara Calvert, Coinbase’s vice president of U.S. policy, said in a statement shared with Decrypt. “That’s why Coinbase is pledging to support President Trump’s transition of power ahead of the election and, ultimately, his inauguration.”
Circle
Circle, the issuer of the top U.S. native stablecoin USDC, announced on Thursday that it would donate $1 million worth of tokens to support Trump's inauguration.
“We’re excited to be building a great American company, and the fact that the Commission is accepting USDC for payment shows how far we’ve come, and the potential and power of a digital dollar,” Circle CEO Jeremy Allaire said in a post to X on Thursday.
Trump has eagerly embraced cryptocurrency donations, dating back to the height of his presidential campaign, when industry leaders gifted him more than $3 million worth of various tokens.
Kraken
American cryptocurrency exchange Kraken has donated $1 million to Trump’s inauguration fund, according to a representative of the company.
The exchange’s founder, Jesse Powell, personally donated $845,000 worth of ether to the president-elect’s campaign last summer.
Moonpay
Moonpay, a digital payments platform that simplifies how retail investors buy cryptocurrencies, recently donated to support the president-elect’s inauguration, a spokesperson for the company confirmed to Decrypt. The spokesperson declined to comment on the amount of the donation.
Ondo Finance
New York-based Ethereum asset manager Ondo Finance donated $1 million to Trump’s inauguration late last month.
Last February, Ondo became the first company to tokenize a U.S. Treasury bond. As one of the largest issuers of tokenized securities on Ethereum, Ondo plays a key role in driving this emerging asset class toward the mainstream.
Trump's inauguration activities will begin on January 17 local time. According to the latest event list, those who donate $1 million or raise $2 million will be entitled to six tickets to six different events, including the swearing-in ceremony and a "candlelight dinner" with Trump and his wife Melania on January 19, which is promoted as the "finale event" of the weekend.
