Nigel Farage’s Reform UK received 7 million British pounds ($9.4 million) from two crypto billionaires this year, with total funds raised surpassing all other political parties.

According to the Electoral Commission, the party received a $4 million donation from Christopher Harborne, who has a stake in stablecoin issuer Tether, and a $5.4 million donation from Ben Delo, co-founder of cryptocurrency exchange BitMEX. data released on Thursday.

The Labor Party and the Conservative Party each received about $5.4 million in the first quarter of the year.

Reform UK has presented itself as a pro-crypto party. It was the first British political party to accept donations in Bitcoin (BTC), and Farage proposed reducing capital gains tax on cryptocurrencies from 24% to 10%. He also called on the Bank of England to create a Bitcoin reserve.

The cryptocurrency industry spends a lot of money on politics trying to influence politics. In the US, cryptocurrency-backed political action committees (PACs) have recently spent millions to effectively support candidates who won primary elections ahead of the country’s November midterm elections.

Nigel Farage speaks at the Bitcoin 2025 conference in Las Vegas. Source: Gage Skidmore

Delo is the first donor to the right-wing populist party, and the latest donations bring Harborne’s total to $20 million last year.

Harborne separately made a $6.7 million personal gift to Farage, which is subject to investigation by a parliamentary inquiry into whether it should have been recorded.

Related: British politician Nigel Farage bought a house worth $1.8 million after a gift of cryptocurrency worth $6.7 million

Farage said he did not have to declare the money because it was donated before he became an MP and was used to cover personal security costs. He later claimed the gift was intended to be used to successfully campaign for Britain to leave the EU.

Fundraising for Reform increased sixfold in the first quarter compared to the same time last year when he received $2 million.

Total funding for all parties this quarter also more than doubled compared to the previous year.

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