Gemini Transfers $10M in Bitcoin to MAGA Inc. PAC

Gemini Trust Company transferred $10 million in Bitcoin to MAGA Inc., a super PAC supporting President Donald Trump. The PAC’s July filing with the Federal Election Commission lists two separate Bitcoin contributions, each recorded as larger than $5 million and dated June 19.

The transfers were reported about three weeks after the Commodity Futures Trading Commission and Gemini filed a joint motion in May in the U.S. District Court for the Southern District of New York asking the court to reverse a January 2025 settlement. In that settlement Gemini agreed to pay $5 million over allegations it made false or misleading statements. The court has not issued a ruling on the joint motion.

CFTC Chair Michael Selig described the agency under the previous administration as having “politically targeted” the Winklevoss brothers. A CFTC spokesperson in June stated both sides had agreed the $5 million penalty would not be returned to Gemini if the court grants the request to reverse the settlement. In a June letter, Senator Elizabeth Warren called the joint motion and related actions “concerning signs of a CFTC beholden to political pressures and interests of the wealthy insiders, unbound by the rule of law and failing to protect investors and market integrity.”

Brothers Cameron and Tyler Winklevoss run Gemini Trust. Their political activity includes donating $1 million each to President Trump’s 2024 campaign, attending the GENIUS Act signing ceremony in January 2025, supporting a family-linked mining venture called American Bitcoin, and contributing $21 million in Bitcoin to the Digital Freedom Fund PAC to support crypto policy priorities tied to the administration.

MAGA Inc. reported receiving more than $397 million as of June 30. The PAC’s filing lists the two Bitcoin transfers from Gemini Trust Company but does not provide details on how the funds will be spent beyond general authorization for independent expenditures.

The joint motion in the CFTC-Gemini case was filed in May and remains pending in the Southern District of New York. Gemini’s counsel, Avi Perry, did not immediately respond to requests for comment on the Bitcoin transfers or the pending court filing. CFTC Chair Selig is the agency’s sole commissioner following his December 2025 confirmation; the White House had not announced additional nominations as Congress considers the Digital Asset Market Clarity Act, legislation expected to expand the CFTC’s authority over digital assets.