Multicoin Capital to match up to $1m in SOL donations for crypto-friendly Senate candidates

Multicoin Capital to match up to $1m in SOL donations for crypto-friendly Senate candidates
Multicoin Capital is matching donations up to $1 million in SOL tokens. Credit: Darren Joseph
  • Multicoin Capital to back crypto-friendly Senate candidates through super PAC.
  • Sentinel Action Fund is supporting four Republican candidates.
  • Matching donations can be made in SOL tokens.

Multicoin Capital, a venture-capital fund with close ties to Solana, said Friday it plans to donate as much as $1 million in SOL tokens to super PAC Sentinel Action Fund to back four crypto-friendly US Senate candidates.

The VC is looking to support Republican candidates Sam Brown in Nevada, David McCormick in Pennsylvania, Bernie Moreno in Ohio, and Tim Sheehy in Montana with matching donations of SOL up to $1 million over the next 10 days, according to SAF’s website.

Multicoin Managing Partner Kyle Samani said in a string of posts on X that the company was matching the donations because political engagement matters, and by contributing they were giving Sentinel the tools to increase the number of pro-crypto senators.

“We need elected leaders who will defend the rights of the millions of Americans with crypto assets,” he added.

Multicoin Capital saw the value of its assets increase almost 180% with a rise in the broader crypto market, to $3.81 billion in 2023 from about $1.36 billion in 2022, according to filings with the Securities and Exchange Commission, DL News reported earlier.

The president of SAF is Jessica Anderson, formerly executive director of Heritage Action for America, a conservative advocacy organisation related to the Heritage Foundation think-tank.

Sentinel says it is the leading conservative Super PAC committed to turning out absentee, early vote, and “day of” voters; it launched a vote-by-mail program in Pennsylvania earlier this year.

The Sentinel Action Fund and partner organisation Right Vote reported in April that they had raised more than $17.5 million for the 2024 election cycle.

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