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Election 2024

Cryptocurrency CEO Donated Second-Largest Amount to Joe Biden's Campaign

Sam Bankman-Fried, the CEO of cryptocurrency derivatives platform FTX, made the second-largest donation to Joe Biden's presidential campaign.

By Sebastian Sinclair
AccessTimeIconNov 5, 2020 at 9:08 a.m. UTC
Updated Aug 19, 2021 at 5:29 a.m. UTC
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Sam Bankman-Fried, the CEO of cryptocurrency derivatives platform FTX, made the second-largest donation to former Vice President Joe Biden's presidential campaign, according to details revealed in The Wall Street Journal on Oct. 28.

  • The Hong Kong-based CEO gifted Biden's campaign a total of $5.2 million, behind only former New York Mayor Michael Bloomberg's $56 million donation.
  • Biden received $79.5 million from his top 100 donors, compared to Trump's $75 million.
  • While vote counting is still underway, the edge in donations may have proven effective in pushing Biden first over the finish line, although at press time it's still too early to say who has won for sure.
  • Bankman-Fried is a member of the wealthiest Democratic super PAC, Future Forward, which includes Facebook co-founder Dustin Moskovitz and former Google CEO Eric Schmidt.
  • The fund also includes Kathryn Murdoch, daughter-in-law of media mogul Rupert Murdoch, and Patty Quillin, wife of Netflix co-founder Reed Hastings, according to a report by the New York Times.
  • Future Forward was on pace to spend more than $108 million on television ads in support of Joe Biden in October, hoping to turn the tide among last-minute swing voters.
  • Other CEOs who donated larger amounts to Biden's campaign include Seth Klarman ($3 million) and Michael Sacks (around $1.7 million). Both are hedge fund managers.
  • CoinDesk reached out to Sam Bankman-Fried, who declined to be interviewed for this article.
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    • See also: FTX Raises ‘TRUMP’ Futures Margins as Price Suggests Lower Expectations of Election Win

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