A16z backs crypto super PACs with $25M donation

Venture capital firm Andreessen Horowitz (a16z) has donated $25 million to crypto-focused super political action committees (PAC), a16z crypto founder and managing partner Chris Dixon said Thursday.

A16z founders Marc Andreessen and Ben Horowitz in 2023 donated a combined $19 million to super PAC Fairshake under their own names. The pair gave an additional $1.5 million in 2023 to both associated super PACs Defend American Jobs and Protect Progress.

Dixon announced the latest donation on X Thursday, saying that the firm has now given $47 million in campaign contributions.

Newsletter

Subscribe to Blockworks Daily

“As an industry, we need to keep up the momentum and show that the US can lead in creating the next wave of blockchain innovation,” Dixon said.

The announcement comes on the heels of Ripple, which on Wednesday said it would be donating $25 million to Fairshake. In December 2023, Ripple donated $20 million to the super PAC.

Crypto exchange Coinbase was Fairshake’s largest contributor in 2023, donating a total of $46.5 million under the company’s name, according to Federal Election Commission (FEC) filings.

Many Fairshake-backed candidates have seen early success in this election cycle, with several advancing through primaries this spring.

Read more from our opinion section: The internet is broken. What if we can fix it?: On Chris Dixon’s ‘Read Write Own’

Between January 2023 and April 2024, Fairshake spent more than $11 million on federal election campaigns, most notably shelling out $10 million to oppose California Democrat Katie Porter’s bid for a US Senate seat. Porter lost in the March primary to Rep. Adam Schiff, D-CA, who will face Republican Steve Garvey in November.

Fairshake has also supported Congressional crypto advocates who are trying to keep their seats in November, including Reps. Tom Emmer, R-Minn., Josh Gottheimer, D-N.J., and Dusty Johnson, R-S.D.

Fairshake still has more than $52 million in cash on hand, not including the latest donations from Ripple and a16z, FEC filings show.

Get the news in your inbox. Explore Blockworks newsletters:

Blockworks Daily: The newsletter that helps thousands of investors understand crypto and the markets, by Byron Gilliam.
Empire: Start your morning with the top news and analysis to inform your day in crypto.
Forward Guidance: Reporting and analysis on the growing intersection of crypto and macroeconomics, policy and finance.
0xResearch: Alpha directly in your inbox. Market highlights, data, degen trade ideas, governance updates, token performance and more.
Lightspeed: Built for Solana investors, developers and community members. The latest from one of crypto’s hottest networks.
The Drop: For crypto collectors and traders, covering apps, games, memes and more.
Supply Shock: Tracking Bitcoin’s rise from internet plaything worth less than a penny to global phenomenon disrupting money as we know it.