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FIRST ON FOX: Republican Tim Sheehy says his campaign is in the "strongest position" after continuing to raise millions in the Montana Senate race to unseat Sen. Jon Tester, D-Mont.

Fox News Digital learned that Sheehy's campaign raised $2.45 million in the fourth fundraising quarter of the cycle, including $450,000 in personal contributions. The campaign also noted having nearly $1.3 million cash on hand at the end of the quarter.

The former Navy SEAL, who is competing in a Senate race that could determine control of the chamber this fall, said that his campaign is only accelerating as the election heats up. 

"Thanks to all the America First conservatives supporting my campaign, we’re in the strongest position and the only candidate who can retire Jon Tester in November," Sheehy told Fox News Digital.

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Republican Montana Senate candidate and former Navy SEAL Tim Sheehy.

Republican Montana Senate candidate and former Navy SEAL Tim Sheehy. (Tim Sheehy For Montana)

In the third fundraising quarter, Sheehy raised $2.2 million in donor contributions and an additional $650,000 in personal contributions and loans.

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The Senate candidate suggested that the financial support "shows people are ready to defeat another career politician and send a SEAL to Washington to reboot our economy, defeat inflation, and secure our southern border."

"But, our work is just starting—liberal coastal elites will make this the most expensive race per vote in history because they need Tester to pass their radical agenda," Sheehy added. "Together, we will retire career politician Jon Tester, take back the Senate, and save America."

Incumbent Sen. Jon Tester (D-MT) is running for re-election in Montana.  

Incumbent Sen. Jon Tester (D-MT) is running for re-election in Montana.   (Drew Angerer)

A memo sent to a select number of donors said that Sheehy's military background has resonated with voters on the campaign trail and helped the first-time candidate gain voter ID throughout the state.

The campaign also wrote, in the memo obtained by Fox News Digital, that Sheehy faces potential primary competition from Rep. Matt Rosendale, R-Mont., who is considering a run for the Senate seat.

Republican Montana Rep. Matt Rosendale

Republican Montana Congressman and likely Senate candidate Matt Rosendale. (Bill Clark)

The donor letter pointed to Rosendale voting to oust former Rep. Kevin McCarthy as Speaker of the House in 2023.

Given the Democrats' already slim Senate majority, major spending is expected on the race from both sides of the aisle, with Sheehy telling Fox in October that he anticipated the Senate race could exceed the $250 million mark.

Tester's campaign told Fox News Digital that he raised over $5.5 million in the fourth quarter of 2023 for his re-election bid, receiving nearly 15,000 donations from Montanans.

Montana Democrat Sen. Jon Tester is running for re-election in 2024.

Montana Democrat Sen. Jon Tester is running for re-election in 2024. (Drew Angerer)

"The strength of this campaign comes from the grassroots support of Montanans across the state, and they continue to show they are ready to fight to keep Jon Tester in the United States Senate," Montana for Tester campaign manager Shelbi Dantic said in a press release shared with Fox. 

"As a third generation dirt farmer from Big Sandy, Jon understands the Montana way of life better than anyone and will always protect our Montana values," the campaign wrote. "We’re excited to kick off 2024 with momentum at our backs and incredible, statewide energy to re-elect Jon."

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The stakes were recently heightened last month after the Cook Report, an "independent, non-partisan" election forecaster, shifted the race from "Lean Democrat" to "Toss-Up."