Here's how crypto-linked PACs are spending in Tuesday's primaries

Quick Take

  • Super PACs linked to some of crypto’s biggest names are spending in primary races in Arizona, Michigan and Missouri this week.
  • FTX CEO Sam Bankman-Fried’s PAC reported spending $1.1 million to boost Michigan Democrat Adam Hollier in a House primary, while the crypto arm of a well-known Republican group is spending millions to boost Arizona Republican Blake Masters’ bid for the Senate. 

Super PACs linked to some of crypto’s biggest names are spending some serious cash in primary elections this week. The outside groups have reported boosting candidates in Arizona, Michigan and Missouri ahead of Tuesday’s primaries. 

Here’s a roundup of where crypto executives are putting their political dollars. 


FTX CEO Sam Bankman-Fried has poured $27 million into Protect Our Future PAC, his pandemic-readiness political arm. The super PAC has reported spending $1.1 million for Michigan Democrat Adam Hollier. The state Senator is running in a wide-open primary in the deep blue district, meaning the winner will likely win the November general election.

Hollier is no stranger to crypto: He co-sponsored legislation to establish a blockchain and cryptocurrency commission in his role as a state lawmaker. 

Further, Protect Our Future isn’t the only PAC with crypto ties to wade into the Michigan primary.

Web3 Forward PAC, an outside group funded by another crypto PAC, has reported spending $412,000 to support Hollier. Web3 Forward is funded primarily by GMI PAC, which was launched at the beginning of the election cycle by crypto executives from Multicoin Capital, Messari, FTX and Blockchain Capital, among others. 


Crypto-linked PACs are boosting a trio of Arizona Republicans ahead of Tuesday’s primary.

The crypto arm of one of the largest Republican super PACs in the country has spent more than $2 million on Arizona’s contentious Senate primary. Crypto Freedom PAC, a spinoff of the conservative Club for Growth, reported spending $213,000 to boost Peter Thiel ally Blake Masters for Senate. The PAC has spent even more — $1.9 million — to attack primary opponent Jim Lamon. In turn, Lamon has made crypto a campaign issue. 

“A Crypto PAC is spending $1M attacking me to put Fake Blake in the Senate,” Lamon wrote on Twitter in June. “He will put SS at risk by having the treasury buy Bitcoin, all the while making a fortune for himself and his friends. Follow the money.”

Masters reported owning between $1 million and $5 million in bitcoin on a candidate financial disclosure last fall, along with smaller amounts of ether, dogecoin and other digital assets. 

Also in Arizona, FTX Digital Markets co-CEO Ryan Salame’s super PAC has spent more than $1 million for a pair of Republicans.

The PAC has spent $500,000 to boost Rep. David Schweikert, a co-chair of the Congressional Blockchain Caucus, and another $639,000 on texts, phone calls, mail and digital and TV ads promoting Navy veteran Eli Crane. The PAC’s pro-Schweikert TV spot calls the congressman a “taxpayer superhero.” Salame’s American Dream Federal Action PAC says it is focused on broad issues like national and economic security, not just digital assets.


Crypto Innovation PAC has spent nearly a quarter million dollars in the Missouri Senate primary.

The group, which is funded by GMI PAC, is backing Eric Schmitt in the crowded and contentious Senate race. Salame’s American Dream Federal Action PAC is also playing in a Missouri primary. The group has spent $503,000 to support Republican Mark Alford, putting  TV ads on the air in the Show-Me State.

Disclaimer: The former CEO and majority shareholder of The Block has disclosed a series of loans from former FTX and Alameda founder Sam Bankman-Fried.

© 2023 The Block. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.