South Dakota Governor’s Primary Victory
On Tuesday, South Dakota Governor Larry Rhoden successfully overcame a primary challenge from businessman and Bitcoin advocate Toby Dowden. This marks the first gubernatorial primary runoff in the state’s history, allowing Rhoden to advance to the general election in November.
The Associated Press reported Rhoden’s candidacy shortly after the voting deadline, revealing that he garnered approximately 70.5% of the total votes against Dowden’s 29.5% in the face of an expected count of around 25% for the latter.
This election was unique, as South Dakota voters participated in a primary runoff to determine the gubernatorial nominee. In accordance with state law, a runoff is necessitated between the top two candidates if none receive at least 35% of the primary vote.
The contest emerged after a crowded primary in June, where Dowden led with 30.6% of the votes, while Rhoden followed with 25.2%. Neither candidate achieved the required 35% threshold. Dowden had assumed the role of governor in early 2025 following Kristi Noem’s resignation to join the Trump administration, entering the race as an entrepreneur and political novice.
Known for his strong stance on Bitcoin, Dowden mentioned that he began investing heavily in cryptocurrencies around 2020, dedicating nearly 500 hours to research. He converted most of his company’s cash reserves—initially intended for other needs—into Bitcoin.
“I’m going to buy Bitcoin every day forever,” he has stated on a podcast, according to South Dakota Searchlight. “We mine Bitcoin and we buy Bitcoin.”
Moreover, Dowden introduced legislation intended to allow the South Dakota Investment Council to invest in Bitcoin, advocating for a state Bitcoin reserve, a proposal that met resistance from state investment and budget officials.
The primary winner will now face former Democratic state Senator Dan Ahlers in November. It’s noteworthy that South Dakota hasn’t had a Democratic governor since Harvey Wollman resigned in 1979, and the last was Richard Kneipp, who left office after resigning in 1974.
Property taxes surfaced as a pivotal issue during the lead-up to the primary. Dowden proposed eliminating property taxes, which Rhoden’s campaign labeled as financially reckless, asserting it could jeopardize funding for local governments and schools. In response, Rhoden’s campaign underscored the significance of his previous tax cuts, calling them the “largest” property tax reductions in the state’s history.
Throughout the campaign, Dowden characterized Rhoden as a member of South Dakota’s political establishment. Following the June primary, he claimed, “career politicians said an outsider could not win against three long-time officeholders.”
In a rebuttal, Rhoden addressed these claims in an interview with the South Dakota Public Broadcasting Network, arguing that Dowden’s “career politician” label misrepresented him. He cited his congressional experience as invaluable for law creation and living by those laws.
While President Donald Trump has yet to publicly endorse Rhoden for the runoff, he did thank him by name during a speech at Mount Rushmore on July 3. Dowden, eager to position himself as a loyal Trump supporter, has committed to promoting the former president’s “America First” policies.
