(Bloomberg) -- Crypto billionaire Samuel Bankman-Fried poured $16 million into super PACs in April, making him one of the top donors to outside groups as the primaries get into full swing, according to the latest filings with the Federal Election Commission.
Bankman-Fried gave $10 million to Protect Our Future, a super PAC that says it’s supporting candidates who can help prevent the next pandemic. The group has spent $19 million to influence elections so far, all in Democratic House races. Its biggest outlay was $10.5 million to back Carrick Flynn, who ran for an open seat in Oregon’s 6th congressional district. Despite the support, he lost the primary to Andrea Salinas, a state lawmaker who could be Oregon’s first Latino woman elected to Congress should she win the seat in November.
Protect Our Future, which is the third biggest spender among super PACs so far, also backed Representative Lucia McBath, a Democrat of Georgia, spending $1.9 million on her behalf, and six other candidates.
The House Majority PAC, the super political action committee of House Democrats, counted the CEO of crypto exchange FTX as its biggest donor in April. Bankman-Fried gave it $6 million of the $9.8 million it raised. The PAC ended April with $59.8 million in the bank after spending $2.8 million.
The super PAC, which has ties to Speaker Nancy Pelosi, plans to spend more than $100 million in a bid to protect the Democrats’ narrow five-seat House majority. Its Republican counterpart, the Congressional Leadership Fund, which is planning its own $125 million ad blitz ahead of the November elections, files quarterly and won’t report its totals until July 15.
Super PACs can raise money in unlimited amounts but can’t coordinate their spending with candidates or parties.
The donations bring Bank-Fried’s total support for super PACs in the current election cycle to $31.5 million, among the top tier of donors. He’s well behind George Soros, who put $125 million into Democracy PAC II, a committee he uses to distributed funds to other groups.
Bankman-Fried has moved into second place ahead of Republican donor Richard Uihlein, who gave $1 million to the super PAC arm of the Club for Growth in April, bringing his total donations to just less than $31.5 million, according to OpenSecrets.
In the 2020 election cycle, Bankman-Fried ranked 47th among donors to outside groups, giving $5.6 million to Future Forward, which supported the campaign of Joe Biden.
A plunge in cryptocurrencies slashed the wealth of some of the industry’s biggest players, including Bankman-Fried, whose net worth dropped by about half to $11.3 billion, according to the Bloomberg Billionaires Index.
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