Crypto PAC tops $46 million against Sherrod Brown in Ohio

Fairshake Ohio Senate spending has become the crypto industry's most expensive bet of the 2026 midterms. Defend American Jobs, the Fairshake affiliate that works in Republican races, reported cumulative Ohio expenditures of $46,672,296.18 in a filing submitted Oct. 15, covering ads against former Democratic Sen. Sherrod Brown and media supporting Republican Sen. Jon Husted, crypto.news reported.

What happened

That total is $16.67 million, or 55.6%, above the $30 million Fairshake committed to the race on Sept. 21. The latest filing shows a $5.2 million media buy opposing Brown, followed days later by a roughly $1.95 million buy plus production costs, Decrypt said. Nearly $11 million in purchases went through Main Street Media Group.

A second super PAC is adding to the pile. Digital Freedom Fund, backed by the Winklevoss twins who founded Gemini, disclosed $5,940,397.25 of Ohio spending in an Oct. 11 disclosure, including about $2.97 million of direct mail. Together, the two committees have spent about $52.6 million on the contest.

Its newest report shows two direct-mail payments, for printing and postage, to Minute Mail Consulting Group: $990,066.19 supporting Husted and $1,980,132.39 opposing Brown. Defend American Jobs reported $24,450 in production payments to Dockside Strategies. Both groups are independent expenditure-only committees, which may not give money directly to campaigns.

Defend American Jobs has also reported $6.72 million against Nebraska independent Dan Osborn. Its filings are listed on the Federal Election Commission committee page, which classes it as an independent expenditure-only committee.

Why it matters

Brown chaired the Senate Banking Committee and stalled market-structure legislation before losing in 2024, a race in which Fairshake spent about $40 million to help defeat him. Fairshake Ohio Senate spending this cycle has already exceeded that, a sign of how much the industry fears his return to the committee after the Clarity Act stalled in the Senate.

Fairshake, funded largely by Coinbase, Ripple and Andreessen Horowitz, had roughly $120 million on hand at the start of September and is on track to deploy over $100 million in congressional races this cycle, Decrypt reported. On Oct. 5 it said it would back 32 House incumbents from both parties.

Six of them got an initial $1 million apiece: Democrats Janelle Bynum, Derek Tran and Steven Horsford, and Republicans Bryan Steil, French Hill and Bill Huizenga. Every one of the 32 backed the Clarity Act in the July 2025 House vote. Husted, the candidate the Fairshake affiliate is promoting, was appointed in January 2025 to replace JD Vance.

The betting still leans toward Brown. The winner will serve the rest of JD Vance's term through January 2029, and traders have poured cash into midterm prediction markets, where state races now come with live odds next to the ballot.

What's next

The special election is on Nov. 3. Further pre-election FEC reports will show whether Defend American Jobs keeps spending at this pace in the final weeks, and whether Digital Freedom Fund steps up after its mail campaign.

Polymarket priced a Democratic win in Ohio at about 67% as of 08:30 MSK on Oct. 18. If Brown wins despite record Fairshake Ohio Senate spending, it would be the clearest test yet of the limits of crypto money in a high-profile race.

The call

Polymarket prices "Will the Democrats win the Ohio Senate race in 2026?" at about 67% Yes as of 08:30 MSK on Oct. 18; the market resolves on the winner of the Nov. 3 special election. We call Yes: the Democratic candidate, Sherrod Brown, will win the 2026 Ohio Senate race. Brown remains the market favorite even after more than $52 million of crypto-funded opposition, which suggests traders see the spending as already priced in. This is a dated record call, not investment advice.