Democratic presidential candidate Joe Biden speaks in Darby, Pa., this week. Matt Slocum/Associated Press

But Trump’s re-election committees maintain a significant war chest, entering June with $265 million in cash on hand, according to his campaign. While Biden’s campaign has not yet released its cash-on-hand figures, his committees had about $105 million at the end of April, according to filings.

Biden’s campaign, the Democratic National Committee and their affiliated fundraising committees raised $80.8 million in May, in Biden’s first full month as the presumptive Democratic nominee, according to figures released this week by the campaign.

Meanwhile, the Trump campaign, the Republican National Committee and their affiliated fundraising committees raised $74 million, the RNC said Saturday.

Both the Trump and Biden campaigns outpaced the $60 million haul by Barack Obama and his reelection committees raised in May 2012, which was Obama’s best month at that point in the campaign.

President Trump listens during a roundtable with governors on the reopening of America’s small businesses at the White House on Thursday. Alex Brandon/Associated Press

Obama is expected to host a virtual fundraiser for Biden next week, marking the first time that the former president will host an event for his former vice president’s 2020 White House bid.

In May, Biden dramatically expanded his fundraising capability to compete with Trump’s big-money machine, through an agreement signed by Biden Victory Fund, a committee that raises money with the DNC.

Since then, Biden has kept to an aggressive fundraising schedule, appearing at virtual events multiple times a week. High-profile fundraising surrogates began holding events for the joint fundraising committee in May, including former Democratic presidential nominee Hillary Clinton, who collected $2 million during the event late last month.

Clinton has been making appeals to her extensive donor network, bringing some of her most loyal donors onboard, according to those familiar with her fundraising who spoke anonymously to discuss private conversations.

“She’s telling all of her supporters to get behind Biden,” one person said. “She’s telling people, ‘You really worked your heart out for me, but I need you to double it for Biden.'”

Biden’s former Democratic rivals have also raised funds for him. Sen. Elizabeth Warren, D-Mass., headlined a virtual fundraiser this week that raised $6 million for Biden’s campaign, and a fundraiser featuring Sen. Kamala Harris, D-Calif., collected $3.5 million, according to the campaign.

In contrast, Trump and his re-election committees have relied on his robust online fundraising machine to generate donations in May. Trump’s in-person fundraising events halted after coronavirus restrictions went into place in March, and he had not appeared at virtual or in-person fundraising events through May. Trump resumed in-person fundraising this month.

Trump, who has been raising money for his reelection since he became president, has raised $355 million so far in 2020, according to the new figures. In comparison, Obama and his entities had raised about $231 million in the first five months of 2012.

Trump had his best fundraising day on June 14, when the reelection committees raised $14 million online to celebrate the president’s birthday, RNC officials said. The average donation on that day was $46, they said.

“President Trump’s consistent leadership and unprecedented actions during this challenging time has undoubtedly resonated with the American people,” RNC Chairwoman Ronna McDaniel said in a statement. “Support across the country continues to pour in, helping us to build an unparalleled operation that will deliver victories up and down the ballot in November.”

Trump is scheduled to appear at a campaign rally Saturday in Tulsa, his first campaign rally since the onset of the coronavirus pandemic. As supporters filled downtown streets in anticipation of his rally, protesters gathered to express their objections to his decision to hold an indoor event for thousands of people in a city where coronavirus cases are spiking.

More than half of Biden’s donors in May gave for the first time, and the number of online donors tripled since February, the Biden campaign said. More than 1.5 million new donors have contributed to the campaign in the past few weeks, officials said.

“I understand what these dollars mean. When facing uncertainty and recession, you chose to back me. I will never forget that,” Biden wrote in an email to supporters this week announcing his fundraising figures.

“I’m in awe of this sum of money. Just a few months ago, people were ready to write this campaign off,” Biden wrote.