Michigan Congressman Shri Thanedar Omits Crypto Holdings in Latest Campaign Finance Report
Washington — Michigan U.S. Representative Shri Thanedar, a two-term Democrat, has not yet disclosed the value of his campaign’s cryptocurrency investments in his most recent Federal Election Commission (FEC) filing covering the first quarter of the year. This omission leaves the public unclear about the full financial status of his reelection campaign as he faces a competitive primary.
When contacted by The Detroit News, Thanedar acknowledged the missing information and indicated that he planned to file an amended report to update his April 15 filing. However, more than a week later, the revision had not been submitted. Thanedar stated that he expects to have the updated report filed by Wednesday.
A millionaire businessman, Thanedar made headlines in 2023 when he converted nearly $4 million in campaign funds into a cryptocurrency exchange-traded fund. While legal under federal election law, campaign finance experts note that such investment strategies are unusual and carry significant financial risk. Since then, Thanedar has reported quarterly gains and losses related to these crypto holdings on his FEC reports, including a $1.87 million loss during the last quarter of 2025. That financial setback allowed Democratic challenger Donavan McKinney, a state representative from Detroit, to outraise Thanedar during that period.
The congressman’s most recent campaign finance report shows about $66,700 in receipts—including $45,000 from individual contributions—approximately $38,000 in expenditures, and closing with $6.4 million in cash on hand as of March 30. Yet, with the incomplete reporting of crypto assets, observers cannot accurately assess his true cash reserves.
Thanedar is expected to face a crowded Democratic primary this August. Besides Rep. McKinney, who reported raising $245,840 in the last quarter and holding roughly $458,670 in the bank, other candidates include Detroit City Councilwoman Mary Waters and John Goci. The Republican field includes Martell Bivings, Raphiel King, and T.P. Nykoriak.
Known for his preference to minimize traditional fundraising efforts, Thanedar has often stated he invests his own money in his campaign, allowing him to focus on his congressional duties rather than extensive donor outreach. Federal regulations do permit political committees to invest campaign funds, provided those funds are returned or transferred back to the campaign before being spent. Thanedar has said he will liquidate his crypto investments when campaign expenses require it. Last quarter, his campaign reported just $17,000 in fundraising-related expenses, reflecting his low emphasis on soliciting donations.
Thanedar represents Michigan’s 13th Congressional District, encompassing parts of Detroit, Downriver communities, and the Grosse Pointes. With the primary approaching, the financial details of his campaign—including the value of his crypto holdings—remain under scrutiny.
Melissa Nann Burke
The Detroit News
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