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Republican presidential hopeful Rand Paul has ended his bid for the White House.

“It’s been an incredible honor to run a principled campaign for the White House,” Paul said in a statement released Wednesday. “Today, I will end where I began, ready and willing to fight for the cause of Liberty.”

Paul will likely now focus on a reelection bid for his Kentucky Senate seat.

The announcement comes after Paul came out of the Iowa caucuses in fifth place, winning around five percent of the Iowa votes Monday.

Finances may have held a large role in the suspension of the presidential bid, as he ended the fourth quarter with $1.3 million in the bank for his presidential campaign. He raised roughly $2.1 million in the quarter, while spending $2.9 million, according to his Federal Election Commission filing for 2015.

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