CoinDesk Report:
Author: Bill Allison, Bloomberg; Translation: Tao Zhu
Donald Trump raised $331 million in the second quarter, surpassing President Joe Biden in cash on hand, potentially deepening anxiety within the Democratic campaign team. The amount raised by Trump and the Republican National Committee exceeded the $264 million raised by Biden and the Democratic National Committee this quarter.
Campaign officials reported holding nearly $285 million in cash currently, compared to Biden’s reported $240 million—a stunning reversal in the fundraising battle that has seen the president’s war chest consistently outpace his rivals in recent months.
Senior Trump campaign officials Chris LaCivita and Susie Wiles said in a joint statement, “Winning this quarter has given us a cash advantage.” They sharply criticized “Biden’s rising burn rate, which has yielded no actual results.”
Trump defeated Biden in April and May, marking his first monthly fundraising victories. However, the Republican presumptive nominee fell short of expectations 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 colleagues following a disastrous debate prompting calls for his resignation and another candidate to enter the race.
Biden’s campaign reacted angrily to calls from party members, lawmakers, and media figures urging him not to seek reelection. Biden sought to rally donors at weekend fundraising events to defeat Trump and planned discussions with Democratic governors on Wednesday.
His campaign released fundraising totals for June and the quarter on Monday to showcase strength and assuage donor concerns. Officials noted Biden had his best fundraising month to date, accumulating cash even as his reelection team invested in battleground state media buys and staffed 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 same day but did not disclose the latest total.
For Trump, he intensified efforts to attract wealthy donors and capitalized on Republican anger over Biden’s May 30 conviction in a Manhattan trial for withholding sealed fees, 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 in history.
Trump’s early campaign finances were weaker, depleted by legal challenges and a controversial primary with over a dozen challengers.
Some of the party’s largest donors have opened their checkbooks for Trump. Cryptocurrency billionaires Tyler Winklevoss and Cameron Winklevoss each donated $844,600 worth of Bitcoin to the 47 Committee, which funds Trump’s campaign and the Republican Party. Las Vegas Sands Group and Blackstone CEO Steve Schwarzman donated in May.