Key facts
- Reform UK raised $12.5 million in Q1 2026, a sixfold increase from the previous year.
- Christopher Harborne, a stakeholder in Tether, donated $4 million to Reform UK.
- Ben Delo, co-founder of BitMEX, donated $5.4 million to Reform UK.
- Nigel Farage has advocated for reducing crypto capital gains tax from 24% to 10%.
- Reform UK was the first British political party to accept Bitcoin donations.
Reform UK has seen a dramatic increase in its fundraising, collecting $12.5 million in the first quarter of 2026, a sixfold rise compared to the same period last year. This surge was largely driven by two major donors from the cryptocurrency sector: Christopher Harborne, who has a stake in stablecoin issuer Tether, contributed $4 million, and Ben Delo, co-founder of the crypto exchange BitMEX, made his first-ever donation of $5.4 million to the party. These combined contributions of $9.4 million significantly outpaced the fundraising efforts of the Labour and Conservative parties, which each raised approximately $5.4 million in the same quarter. Nigel Farage, the leader of Reform UK, has been vocal in his support for the crypto industry, having previously made Reform UK the first British political party to accept Bitcoin donations. He has also proposed reducing the capital gains tax on crypto assets from 24% to 10% and suggested the Bank of England build a Bitcoin reserve. The article notes that this influx of industry money into politics mirrors trends seen in the US, where crypto-backed PACs have supported sympathetic candidates. Additionally, Christopher Harborne is currently under scrutiny for a separate $6.7 million personal gift to Nigel Farage, which is being investigated by parliamentary standards for proper declaration.