Trump campaign raises $21M during Bitcoin 2024 conference

Former President Donald J. Trump, who became the first major candidate to address a cryptocurrency conference on Saturday, reportedly raised $21 million during the Bitcoin 2024 event, according to Bitcoin Magazine CEO David Bailey. 

The money primarily came in from The Bitcoin Conference fundraiser for Trump at the Nashville Music City Center on Saturday following his much-anticipated speech. The event, in part organized by Sen. Bill Hagerty, R-Tenn., was reportedly attended by 100 individuals and represented his “second highest fundraiser ever.”  

Trump has successfully courted the cryptocurrency vote and received backing from some of the industry’s leading personalities after pledging to reform the U.S. regulatory environment seriously. Over the past several months on the campaign trail, he has made several outward overtures to the industry and raised money from some of its leading voices.

According to an RSVP invitation seen by The Block, a “roundtable” on Saturday with the former president cost $844,600 per person, while a photo was at least $60,000. Attendees reportedly included Gemini co-founders Tyler and Cameron Winklevoss as well as celebrities Kid Rock, Jake Paul and Billy Ray Cyrus, according to Fox journalist Eleanor Terrett on X. 

“Came from a combo of industry and whales/OGs,” David Bailey, CEO of Bitcoin Magazine, which ran the event, said on X. 

In addition to the millions brought in during the Nashville event, the campaign had raised $4 million in crypto since beginning to accept digital asset donations in May before the start of the conference — more than $2.15 million of which came from just 19 donors. This appears to be why Trump said on stage he had already raised $25 million in crypto. 

Trump previously reported personally owning between $100,000 and $250,000 in crypto in 2022. His campaign has raised a total of $221 million and currently has $128 million in cash on hand, according to a Federal Election Commission filing. 

Crypto opens its wallets

The news comes as cryptocurrency-focused Fairshake has grown to be the largest super political action committee with a war chest of over $202 million to back pro-crypto politicians. In recent weeks, a number of industry luminaries have come out to endorse and fund the Trump campaign and other supportive politicians from across the aisle. 

After years of hostility from regulators, legislators and the White House, industry participants have begun to see the current U.S. election cycle as existential for the industry. “If Dems win, it's over for crypto in the U.S.,” former Messari CEO Ryan Selkis told The Block in a direct message.

Trump, in particular, has emerged as a surprising champion for the industry, especially given his previous hostilities to crypto. He has since taken a shine to it and, in turn, has been embraced by some of crypto’s biggest names, particularly following his 48-minute address at the Bitcoin 2024 conference where he announced the creation a strategic bitcoin reserve and pledged to fire the crypto-skeptical SEC Chairman Gary Gensler. 

Exchange heads Jesse Powell of Kraken and the Winklevoss brothers of Gemini have each donated at least $1 million to the Trump campaign in recent weeks, though some of those funds were returned for crossing the donor threshold.