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Gemini donates $10 million worth of Bitcoin to a pro-Trump super PAC
The donation took place 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 dismiss a $5 million settlement agreement reached between both sides in January 2025. The settlement stemmed from the CFTC’s prior allegations that Gemini allegedly issued false or misleading statements.
MAGA Inc. can use the funds to support Trump’s independent political spending. Previously, the Winklevoss brothers had separately donated $1 million to Trump’s 2024 campaign team and donated $21 million worth of Bitcoin to the Digital Freedom Fund PAC to support Trump’s administration’s direction on crypto policy.
So far, the court has not issued a ruling on the CFTC and Gemini’s motion to dismiss the settlement. Meanwhile, CFTC Chair Michael Selig remains the only commissioner at the agency. As of June 30, MAGA Inc. has reported receiving more than $397 million in funding.