RESOLVING THE LEDGER
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See the full story · 4 sourcesSouth Dakota Gov. Larry Rhoden fended off a primary challenge from businessman and Bitcoin evangelist Toby Doeden on Tuesday, winning the first gubernatorial primary runoff in state history and advancing to the November general election.
The Associated Press called the race for Rhoden within minutes of final polls closing. He had received 70.5% of the vote compared with Doeden’s 29.5% at the time it was called, with approximately 25% of the expected vote counted.
The election marked the first time South Dakota voters were asked to settle a gubernatorial nomination through a primary runoff. State law requires a runoff between the two leading candidates when no contender for governor, U.S. Senate or U.S. House receives at least 35% of the primary vote.
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The head-to-head contest followed a four-way June primary in which Doeden finished first with 30.6% of the vote and Rhoden placed second with 25.2%, leaving both short of the 35% needed to secure the nomination outright. Rhoden became governor in early 2025 after Kristi Noem left to join the Trump administration, while Doeden entered the race as a businessman and political newcomer.
Doeden also built a public profile as a Bitcoin evangelist. He said he began investing "very, very heavily" in the cryptocurrency around 2020 after devoting roughly 500 hours to researching it, eventually converting nearly all the cash reserves from his companies that he did not expect to need into Bitcoin.
"I will buy bitcoin forever, every single day," Doeden previously said on his podcast, according to the South Dakota Searchlight. "We mine bitcoin, we buy bitcoin."
Doeden also supported legislation that would have allowed the South Dakota Investment Council, which manages public employee pension funds and other state investments, to invest in Bitcoin. He went further by calling for South Dakota to establish a state Bitcoin reserve – a move state investment and budget officials opposed.
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Tuesday’s winner advances to face former Democratic state Sen. Dan Ahlers in November. South Dakota has not had a Democratic governor since Harvey Wollman left office in 1979, and no Democrat has been elected to the office there since Richard Kneip won re-election in 1974. Wollman became governor automatically as lieutenant governor when Kneip resigned.
In the run-up to Tuesday's primary runoff, property taxes were among the defining issues of the campaign. Doeden campaigned on eliminating property taxes, while Rhoden’s campaign portrayed Doeden’s proposal as fiscally reckless, arguing it could leave local governments and schools with a major funding shortfall.
Meanwhile, Rhoden's campaign highlighted other tax relief measures that the governor signed back in March, which Rhoden's campaign website describes as the "largest" property tax cut in the state's history.
During the race, Doeden portrayed Rhoden as part of South Dakota’s entrenched political class, declaring after the June primary that "the career politicians told me" an outsider could not break through against three longtime officeholders.
Rhoden pushed back on the attack, saying Doeden was trying to "make hay" out of calling him a career politician and describing that characterization as "such a warped viewpoint," during an interview with the South Dakota Public Broadcasting network. Rhoden argued that his years in the Legislature gave him practical experience writing laws and then returning home to live under them.
President Donald Trump did not publicly weigh in with an endorsement in the runoff, according to a review by Fox News Digital. Trump thanked Rhoden by name during his July 3 remarks at Mount Rushmore but did not mention the governor’s race. Doeden, meanwhile, campaigned as a "fierce Trump supporter" who said he would help implement the president’s "America First agenda."
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