Tyler and Cameron Winklevoss have donated more than $10 million worth of Bitcoin to the pro-Trump super PAC MAGA Inc., according to federal filings. Each twin contributed over $5 million, roughly one month after the Commodity Futures Trading Commission asked a judge to vacate a $5 million penalty against their exchange, Gemini. The donation adds to the twins' growing political spending ahead of the November midterm elections.
The donation
The contributions were made in Bitcoin, the latest in a series of political moves by the Winklevoss twins. In 2024, they donated 30.94 Bitcoin — then worth over $2 million — to Trump's campaign, citing opposition to the Biden administration's crypto policies. MAGA Inc. has now raised more than $400 million total for the midterms. The twins have publicly praised Trump's pro-Bitcoin and pro-business stance.
Regulatory backdrop
The timing is notable. The CFTC's request to vacate the $5 million penalty came about a month before the donation. Under the Biden administration, regulators cracked down on crypto exchanges including Gemini. Since Trump took office, several lawsuits against crypto firms have been dropped. The twins have been early Bitcoin backers and founded Gemini in 2014.
Gemini's turnaround
Gemini has had a rough few years — layoffs, executive departures, shareholder lawsuits, and a stock price that fell more than 89% from its IPO high. But things are looking up. In May, Gemini shares rose over 20% after the twins announced a $100 million Bitcoin-funded investment in the company, alongside Q1 earnings showing 42% year-over-year revenue growth. The exchange also narrowed its net loss to $109 million and grew services and credit card revenue. Trading volumes, however, fell from a year earlier. A CFTC derivatives license in April gave the exchange a new line of business.
The midterms are in November. MAGA Inc. is sitting on a war chest of over $400 million. The Winklevoss twins have signaled they're not done writing checks. Whether the CFTC's penalty vacatur goes through — and what that means for Gemini's regulatory standing — remains an open question.
