CoinDesk Report:
Author: Bill Allison, Bloomberg; Translation: Tao Zhu
Donald Trump raised $331 million in the second quarter, giving him more cash on hand than President Joe Biden, a development likely to deepen anxiety within the Democratic campaign team. The amount raised by Trump and the Republican National Committee exceeds the $264 million raised by Biden and the Democratic National Committee this quarter.
Campaign officials stated they now have nearly $285 million in cash on hand, compared to Biden’s reported $240 million—a stunning reversal in the fundraising battle, where the President’s war chest has been overshadowing his opponents for months.
Senior Trump campaign officials Chris LaCivita and Susie Wiles said in a joint statement, “Winning this quarter’s victory has given us a cash advantage.” They sharply criticized “Biden’s rising burn rate without delivering actual results.”
Trump had beaten Biden in April and May, marking his first monthly fundraising victories. However, the Republican presumptive nominee fell short in June, raising $112 million compared to Biden’s $127 million.
Nevertheless, Trump’s cash advantage dealt a blow to Biden, whose campaign faced scrutiny from Democratic allies following a disastrous debate that led to calls for him to step down and another candidate to enter the race.
Biden’s campaign responded angrily to calls from party members, lawmakers, and media figures urging him not to seek reelection. Biden sought to mobilize donors during weekend fundraising events to counter Trump and planned talks with Democratic governors on Wednesday.
His campaign disclosed the June and quarterly fundraising totals on Monday to showcase strength and ease donor anxieties. Officials noted Biden had his best fundraising month to date, managing to accumulate cash despite investments in battleground state media buys and staffing offices.
Biden’s campaign said it raised $38 million in the four days following the debate on June 27. Trump’s campaign reported raising $8 million on the day of the event but did not disclose updated totals.
For Trump, he ramped up appeal to deep-pocketed donors and capitalized on Republican anger over Biden’s May 30 conviction in a Manhattan trial for withholding hush money, erasing Biden’s fundraising edge.
Campaign officials stated Trump raised $52.8 million online within 24 hours of the verdict, making him the first former U.S. president convicted of a felony.
Trump faced weaker financial conditions early in his campaign, with depleted coffers due to legal challenges and a contentious primary that attracted over a dozen challengers.
Some of the party’s biggest donors have opened their checkbooks for Trump. Cryptocurrency billionaires Tyler Winklevoss and Cameron Winklevoss each donated $844,600 worth of Bitcoin to Trump Victory Committee, which fundraises for Trump’s campaign and the Republican Party. Las Vegas Sands Group and Blackstone CEO Stephen Schwarzman donated in May.
