Cryptocurrency, also called virtual currency, can be extremely valuable and can create significant wealth for those who own it. That wealth creates new and exciting opportunities, including the ability to support your favorite nonprofits.
Cryptocurrency can make a wonderful charitable gift.
Unfortunately, many nonprofits are not equipped to accept gifts of virtual currency. That’s where we come in.
At the Saint Paul & Minnesota Foundation, we’ve been helping Minnesotans donate cryptocurrency to their favorite causes for several years.
Financial Benefits of a Gift of Virtual Currency
- The donor avoids selling the virtual currency themselves and potentially the taxes associated with the sale.
- Virtual currency is sold tax-free by the Foundation and proceeds are used to support your favorite causes.
- Cryptocurrency can be used to establish gifts that provide income to the donor, such as a charitable gift annuity or charitable remainder trust.
How to Donate Cryptocurrency
Easily donate Bitcoin, Ethereum, Tether or other cryptocurrency to support your favorite causes and give to your fullest potential.
- Talk with a Foundation Gift Planner about your charitable goals. Call 651.224.5463 or email us at firstname.lastname@example.org to get started.
- Our experienced staff will work with you and your advisors to determine if a gift of cryptocurrency is right for you and establish your own donor advised fund (DAF) that can accept gifts of virtual currency.
- Donate the crypto to the Foundation via The Giving Block (see below). If you are a Saint Paul & Minnesota Foundation fundholder, enter your fund name in the Notes section of the transfer. If you are not a fundholder, please contact a gift planner ahead of your donation to open a fund. Otherwise, your contribution will be donated directly to the Foundation.
- Select your crypto type and enter an amount to donate
- Provide your name and address
- Use the QR code to donate your crypto via The Giving Block
- The Foundation sells the virtual currency free of taxes, leaving 100% of the proceeds available to grant to your favorite causes through your fund.
How Cindy Supports Her Favorite Nonprofits with Cryptocurrency
Cindy is a successful software developer. In her career, she has acquired a considerable amount of virtual currency, like bitcoin, through mining and as compensation for developing software for start-up tech companies. This virtual currency has quickly increased in value and is Cindy’s most valuable asset.
Cindy has always wanted to support hard-working students in need of financial aid. After researching gifts of cryptocurrency, she discovered that the Saint Paul & Minnesota Foundation is adept at accepting these gifts to support the donors’ favorite causes.
Cindy contacted a Foundation Gift Planner to talk about how a gift of virtual currency could work for her. She established a donor advised fund using some of her virtual currency, and those gifts now support scholarships at her alma mater.