Tyler and Cameron Winklevoss donated more than $10 million to MAGA Inc., the American super PAC backing President Donald Trump, after selling Bitcoin, according to Bitcoin Magazine.
A Tuesday filing showed that each brother contributed more than $5 million. The pair are the founders of publicly traded crypto exchange Gemini.
The contribution came about one month after the U.S. Commodity Futures Trading Commission asked a judge to vacate the agency’s $5 million penalty against Gemini.
Earlier Bitcoin donation to Trump campaign
Back in 2024, the Winklevoss twins said they donated 30.94 BTC to Trump’s campaign. At the time, that donation was valued at more than $2 million. They said the move would end what they described as the Biden administration’s war on crypto.
Bitcoin Magazine said regulators pushed hard against crypto exchanges, including Gemini, during the Biden administration. Since Trump took office, a number of lawsuits have been scrapped.
MAGA Inc. has raised more than $400 million in fresh cash ahead of November’s midterm elections.
The twins’ place in crypto
The report describes the Winklevoss twins as early Bitcoin backers who later founded Gemini in 2014. It also notes that the brothers have said they played a part in the creation of Facebook.
Crypto industry observers have long speculated that the twins are among the largest Bitcoin holders in the sector. The article says they have repeatedly praised Trump’s pro-Bitcoin and pro-business stance and have argued that his position matters for the future of the U.S. crypto industry.
Tyler Winklevoss, in particular, argued that a political shift was needed to stop more damage to the industry and to restore an environment for innovation and economic growth. In 2024, he said, “President Donald J. Trump is the pro-Bitcoin, pro-crypto, and pro-business choice. This is not even remotely open for debate. Anyone who tells you otherwise is severely misinformed, delusional, or not telling the truth.”
Gemini’s recent results and stock move
In May, Gemini shares rose more than 20% in after-hours trading after the Winklevoss twins announced a $100 million Bitcoin-funded investment in the company. First-quarter earnings released around the same time showed revenue up 42% from a year earlier.
The quarter also included a narrowed net loss of $109 million and a sharp increase in services and credit card revenue. Trading volumes, though, were down from a year earlier after Bitcoin fell from its October peak.
The rally followed several months of strain for Gemini, including layoffs, executive departures, shareholder lawsuits, and a stock price that had fallen more than 89% from its IPO high. The article says part of that pressure was offset by a CFTC derivatives license granted in April.
The story first appeared in Bitcoin Magazine and was written by Mathew Di Salvo.