Ramaswamy’s Ohio Campaign Softens Its Crypto Focus

Vivek Ramaswamy’s campaign for governor of Ohio has given cryptocurrency less attention than his 2024 presidential campaign. He had not publicly addressed Ohio’s new cryptocurrency payment policy as of Sept. 17, weeks before the election.

During his 2024 campaign for the Republican presidential nomination, Ramaswamy frequently promoted Bitcoin, cryptocurrency mining and opposition to central bank digital currencies. He also spoke at industry events and outlined digital-asset policies in speeches and social media posts.

After launching his Ohio campaign in February 2025, Ramaswamy continued that focus for several months. He spoke at the Bitcoin for America conference in March and Bitcoin 2025 in May. His campaign website continued to accept cryptocurrency donations, and he backed the Ohio Strategic Cryptocurrency Reserve Act, which would allow the state to create a strategic Bitcoin reserve.

On Sept. 17, Ohio Secretary of State Frank LaRose announced that the state would accept cryptocurrency payments for some fees and services. Ramaswamy had not commented publicly on the announcement as of the time of publication.

Crypto-linked donors have supported Ramaswamy’s campaign and its affiliated political action committee, V-PAC: Victors, Not Victims. Chase Herro, Zak Folkman and Zachary Witkoff, co-founders of Donald Trump’s crypto company World Liberty Financial, each gave the maximum permitted contribution of $16,615.

Other donors connected to the industry gave larger amounts to the PAC. Jeff Yass, co-founder of Susquehanna International Group, donated $20 million. Ross Stevens, founder of NYDIG, gave $6 million, and Elon Musk gave $5 million. The Bitcoin Voter Project contributed $5,000.

Ramaswamy retains a financial interest in Strive, the asset manager he co-founded in 2022. The company reported holding 23,156 Bitcoin, worth about $2 billion, on Aug. 28. An August filing with the U.S. Securities and Exchange Commission showed that Ramaswamy owned 5,693,897 Strive shares, valued at more than $170 million as of Sept. 26. He separately reported holding more than $1,000 in Bitcoin and Ether through a Coinbase wallet as of April.

Data centers have become a separate issue in the Ohio governor’s race because of their electricity use and links to cryptocurrency mining. Ohio had 166 data centers as of April, more than any other state, according to the Pew Research Center. The state is also home to mining companies including Cipher Mining, Bitdeer and BIT Mining.

Polling found that most Ohio residents did not support data centers in their communities. In August, Ramaswamy proposed that data centers built in Ohio communities cover residents’ electricity costs and reduce property taxes. Democratic candidate Amy Acton proposed requiring data centers and their investors to cover gas, water and electricity costs.

A May 2024 survey by the Digital Currency Group found that 79% of Ohio respondents had never held cryptocurrency, while 77% reported negative views of digital assets. Crypto-aligned groups spent more than $40 million during the 2024 Ohio Senate race, which Republican Bernie Moreno won against Democratic incumbent Sherrod Brown.

Brown is running again for the Senate against Republican Jon Husted. The Fairshake political action committee has pledged an initial $30 million to oppose Brown and had reported $11 million in advertising purchases.

The governor’s race remained close in polling. An average published Sept. 22 showed Acton ahead of Ramaswamy by one percentage point. Betting contracts on Kalshi and Polymarket also favored Acton, with Kalshi assigning her a 66% chance of winning at the time.