Michigan Congressman Shri Thanedar Omits Crypto Holdings from Latest Campaign Finance Report
By Melissa Nann Burke, The Detroit News
Washington — Two-term Michigan U.S. Representative Shri Thanedar has yet to file a complete campaign finance report that fully discloses the value of his congressional campaign’s cryptocurrency investments for the first quarter of the year.
When questioned about the omission, Thanedar told The Detroit News via text last week that he intended to file an amendment to update his April 15 report with the Federal Election Commission (FEC). However, more than a week later, the amended report has not been submitted. Thanedar indicated on Friday that he is expecting to file the revised report by Wednesday.
Unusual Cryptocurrency Investment Strategy
Thanedar, a millionaire businessman, first made headlines in 2023 when he took nearly $4 million in cash from his campaign fund and invested it in a cryptocurrency exchange-traded fund (ETF). While such an investment is legal under federal election law, campaign finance experts describe the move as unusual and financially risky.
Since then, each quarterly FEC report from Thanedar’s campaign has included updates on the gains and losses from these crypto holdings. Notably, in the fourth quarter of 2025, his campaign reported a significant loss of $1.87 million related to these investments. That financial setback contributed to Thanedar being outraised during that period by his Democratic primary challenger, state Representative Donavan McKinney of Detroit.
Latest Report Raises Questions
Thanedar’s most recent FEC filing, submitted last week, lists approximately $66,700 in receipts, including $45,000 from individual contributions. It also shows about $38,000 in expenditures and a cash balance of $6.4 million as of March 30. However, without the amended filing accounting for the current value of his campaign’s crypto investments, the public cannot accurately assess the actual cash reserves available to his campaign.
Primary Challengers Gear Up
Thanedar is scheduled to face multiple Democratic challengers in the August primary. Among them is Rep. Donavan McKinney, who reported receiving $245,840 during the last quarter and having around $458,670 on hand. Other candidates who filed by the April 16 deadline include Detroit City Councilwoman Mary Waters and John Goci, both Democrats. The Republican field includes Martell Bivings, Raphiel King, and T.P. Nykoriak.
Fundraising Philosophy and Legal Context
Thanedar has publicly stated that he dedicates minimal time to fundraising, preferring instead to invest his personal funds in his campaign. This approach, he says, allows him to concentrate more fully on his congressional duties. Under federal election regulations, campaigns are permitted to invest funds in other accounts, provided those funds are transferred back before being spent on campaign expenses.
Thanedar has emphasized that he plans to liquidate his crypto investments as needed to finance his reelection efforts. His campaign reported modest fundraising expenses of approximately $17,000 last quarter, reflecting his fundraising strategy.
District Overview
Thanedar represents Michigan’s 13th Congressional District, which includes parts of Detroit, surrounding Downriver communities, and the Grosse Pointes.
For further information, contact Melissa Nann Burke at [email protected].
The Detroit News
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