FORTUNE · 2026-11-04 16:48 UTC

Crypto PACs spent $170 million on the midterms—and came up nearly dry

Crypto PACs spent over $170 million of their $260 million war chest on the midterms, with major losses for their preferred candidates across multiple states. High-profile crypto-backed Republicans lost in Ohio, Wisconsin, Texas, Michigan, and Iowa, while Democrats they opposed won those races. The sector had some wins in Nebraska and Kentucky, but the midterm results significantly damaged crypto PACs' track record after their successful 2024 spending.

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