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Gemini donates $10 million worth of Bitcoin to MAGA Inc. supporting Trump
The donations were made about three weeks after the CFTC and Gemini jointly filed a motion with the U.S. District Court for the Southern District of New York, seeking to vacate the $5 million settlement agreement reached between the two in January 2025. The settlement resulted from the CFTC’s prior allegations that Gemini may have issued false or misleading statements. MAGA Inc. can use the funds to support Donald Trump’s independent political spending.
Previously, the Winklevoss brothers had each donated $1 million to Donald Trump’s 2024 campaign team and donated Bitcoin worth $21 million to the Digital Freedom Fund PAC to support Donald Trump’s government crypto policy direction. At present, the court has not yet ruled on the CFTC and Gemini’s motion to vacate the settlement. Meanwhile, CFTC Chair Michael Selig remains the agency’s only commissioner. As of June 30, MAGA Inc. has reported receiving more than $397 million in funds.