Crypto entrepreneurs Tyler and Cameron Winklevoss have donated over $10 million from the sale of Bitcoin to the US political action committee MAGA Inc., which supports President Donald Trump. Public filings from Tuesday show that each twin, who co-founded the crypto exchange Gemini, contributed more than $5 million to the Super PAC.
Gemini founders increase political engagement
The latest donation follows their previous contribution of 30.94 Bitcoin—worth over $2 million at the time—to President Trump’s campaign earlier in 2024. At the time, they stated that this move aimed to help end what they described as the Biden Administration’s “war on crypto.”
Regulatory scrutiny increased during President Joe Biden’s term, with multiple agencies intensifying enforcement actions against cryptocurrency companies, including Gemini. However, after Trump took office, several lawsuits against these firms, reportedly including Gemini, were dropped.
The US Commodity Futures Trading Commission recently requested a judge to vacate a $5 million penalty imposed on Gemini, further reflecting the shifting regulatory environment.
MAGA Inc. has reportedly raised more than $400 million in new funds ahead of the upcoming November midterm elections, positioning it as a significant force among US Super PACs.
| Donor | Amount (USD) | Recipient |
|---|---|---|
| Tyler Winklevoss | $5 million+ | MAGA Inc. |
| Cameron Winklevoss | $5 million+ | MAGA Inc. |
Mini dictionary: MAGA Inc. is a political action committee that channels financial support in favor of President Donald Trump and related conservative candidates during US elections.
The Winklevoss twins: Early Bitcoin backers and Gemini founders
Tyler and Cameron Winklevoss emerged as prominent figures in the crypto industry after their legal dispute with Facebook’s Mark Zuckerberg. Since founding Gemini in 2014, they have played a key role in expanding cryptocurrency adoption and have often been regarded as major Bitcoin holders.
Throughout the years, the twins have publicly supported Donald Trump’s approach to cryptocurrency policy, stating that his pro-Bitcoin and pro-business agenda is vital for the future of the industry in the US. Tyler Winklevoss in particular stressed the need for a political transition to secure an environment favorable to innovation and economic growth.
Tyler Winklevoss stated in 2024 that President Donald J. Trump is “the pro-Bitcoin, pro-crypto, and pro-business choice,” and argued that this assessment is not open for debate. He further described any alternative viewpoint as misinformed or untruthful.
Observers in the crypto space have long speculated that Tyler and Cameron Winklevoss are among the largest individual holders of Bitcoin.
Gemini’s 2024 performance and market challenges
In May, shares of Gemini rose by more than 20% in after-hours trading following the twins’ announcement of a $100 million Bitcoin-funded investment in the company. The same quarter, Gemini reported a 42% increase in year-over-year revenue and managed to narrow its net loss to $109 million.
Despite these positive developments, Gemini faced difficulties over the past year, including falling trading volumes as Bitcoin prices retreated from their October highs. The company also navigated internal challenges such as staffing reductions, executive departures, legal disputes among shareholders, and a share price decline exceeding 89% from the IPO peak.
Some of these struggles were partially mitigated after Gemini obtained a CFTC derivatives license in April, allowing for expanded trading offerings amid an evolving US regulatory framework.
