South Dakota Governor Larry Rhoden successfully defended his position against a primary challenge from Toby Doeden, a businessman and Bitcoin supporter. This victory marked the first gubernatorial primary runoff in the state’s history. The Associated Press announced Rhoden’s win quickly after polls closed, with him securing 70.5% of the vote versus Doeden’s 29.5%, based on about 25% of the reported votes.
This election was historic for South Dakota, as voters were required to participate in a primary runoff for governor. State law mandates such a runoff if no candidate for governor, U.S. Senate, or U.S. House garners at least 35% of the primary vote. Rhoden ascended to the governor’s office at the beginning of 2025, following Kristi Noem’s move to the Trump administration. In contrast, Doeden entered the political arena as a businessman and newcomer.
Toby Doeden is known for his strong advocacy for Bitcoin. He invested heavily in cryptocurrency around 2020, after extensive research. Doeden transformed nearly all of his company’s cash reserves into Bitcoin, according to his online statements. Furthermore, he promoted legislation for the South Dakota Investment Council to invest in Bitcoin and proposed a state Bitcoin reserve, ideas opposed by state investment and budget officials.
Rhoden’s win sets the stage for a November face-off against former Democratic state Senator Dan Ahlers. Historically, South Dakota has not seen a Democratic governor since Harvey Wollman’s term after 1979, who took over when Richard Kneip resigned.
The campaign featured property taxes as a significant issue. Doeden advocated for the removal of property taxes, whereas Rhoden’s team criticized this idea for its potential financial risks for local governments and schools. Rhoden highlighted other tax reliefs he signed in March, claiming them as the state’s largest property tax cuts ever.
Throughout the campaign, Doeden portrayed Rhoden as part of an established political class. He claimed that career politicians doubted an outsider’s ability to compete. Rhoden countered these claims during an interview, stating his legislative experience provided practical insights into lawmaking and its impacts.
Former President Donald Trump did not issue an endorsement in this runoff, though he acknowledged Rhoden in a speech without referencing the governor’s race. Doeden campaigned as a strong Trump supporter, aligning with the ‘America First’ agenda.