Gemini Trust Company moved more than $10 million worth of Bitcoin to MAGA Inc., a super PAC backing Donald Trump. This sizable transfer included two separate Bitcoin contributions, each exceeding $5 million, as revealed in a recent Federal Election Commission filing dated June 19.

The timing of these donations is notable. They came just weeks after Gemini and the U.S. Commodity Futures Trading Commission jointly requested a New York federal court to lift continuing provisions of a January 2025 consent order related to their regulatory settlement. Despite this connection in timing, no public statements link the Bitcoin transfers directly to the court proceedings.

According to the FEC filing, MAGA Inc. reported these funds in its June monthly report. By the end of June, the super PAC had accumulated over $397 million in total receipts. The funds from Gemini can be used for independent expenditures supporting Trump’s political efforts.

The Winklevoss twins, founders of Gemini, have a history of politically charged Bitcoin donations. Cameron and Tyler Winklevoss previously contributed $1 million each in Bitcoin to Trump’s 2024 campaign and later donated $21 million in Bitcoin to the Digital Freedom Fund, a PAC promoting crypto-friendly policies within the administration.

Context of Gemini’s Legal Dispute with CFTC

The Commodity Futures Trading Commission sued Gemini in June 2022, accusing the platform of making false or misleading statements during its bid to launch a Bitcoin futures product. The case was settled in January 2025 without Gemini admitting guilt, with a $5 million civil penalty and a permanent injunction imposed.

In May 2026, the CFTC joined Gemini’s request to lift parts of the consent order, citing a reassessment that the complaint should not have been filed under current enforcement policies. The agency mentioned concerns over evidence and whistleblower credibility but confirmed that the $5 million penalty would remain with the government and not be reimbursed to Gemini.

MAGA Inc.’s Bitcoin donation disclosures came at a politically sensitive moment for Gemini, as the company navigates ongoing regulatory scrutiny while maintaining visible support for pro-crypto political groups.

Bitcoin prices reacted mildly following the announcement, showing a slight dip of about 1% amid broader market fluctuations.