Tether-Linked Super PAC Makes First Ad Buy from Firm Co-Founded by US CEO

A newly formed super PAC, The Fellowship, has made its first major expenditure, purchasing $300,000 worth of advertising from Nxum Group, a firm co-founded by Bo Hines, who currently serves as the chief executive of Tether's US operations and previously advised President Donald Trump on crypto matters. This development marks the PAC's initial foray into the 2026 congressional midterm elections. The Fellowship had earlier proclaimed itself as a significant force in crypto campaign finance but had not participated in the US midterms until this recent federal disclosure.

Although the PAC has been linked to Tether, the company has declined to confirm this connection. Recently, The Fellowship appointed Jesse Spiro, a Tether US executive, as its chairman. The PAC then quietly filed its first expense report with the Federal Election Commission, revealing the purchase of advertising services for Georgia Republican Clay Fuller through Nxum Group. The company was co-founded by Hines, his father Todd Hines, and another partner.

Despite its claims of transparency, The Fellowship has not responded to inquiries about its formation, funding, or the payment that may benefit Tether's US CEO and his relative. According to Michael Beckel of the political reform organization Issue One, setting up a super PAC and paying for services is not against US campaign finance rules as long as the services are provided at fair market value.

The Fellowship's advertising effort for House of Representatives candidate Fuller is not yet clear, except that the money was given to the advertisement provider for his primary election effort. The funds were transferred as Fuller was winning his special election. However, The Fellowship's disclosures do not show a significant accumulation of contributions to support other candidates, with its current accounts still at zero, despite an earlier announcement that it would be established with pledges of $100 million.

An outside spokesperson for Tether stated that Tether International has no affiliation or oversight over The Fellowship PAC. The representative did not respond to further questions about Tether US, deferring inquiries to the PAC, which also did not respond.

The Fellowship PAC became active again this month when it announced Spiro as its chairman and started listing endorsements for Republican politicians seeking House and Senate seats, as well as a candidate for governor in South Carolina, on its social media feed. The PAC claims to support advocates of emerging digital assets technology. The first recipient of The Fellowship's financial support, Fuller, is an incoming Republican member of the House of Representatives after winning a special election. The money spent by The Fellowship was an independent expenditure, meaning it had to be handled without strategizing with Fuller's campaign.

As a candidate, Fuller has not publicly stated his position on crypto and does not have a grade from Stand With Crypto, an advocacy group that evaluates candidates' views. However, he has the backing of Trump, who praised him on Truth Social.

The firm paid by The Fellowship PAC, Nxum, was co-founded by Bo Hines, who filed ethics disclosures last year as a White House official. It is unclear whether Hines still has financial ties to Nxum. Nxum's primary claim to fame was when it contributed billboard advertising valued at $1 million for MAGA Inc. in support of Trump in 2024.

Less than two months later, the White House hired Hines as executive director of the President's Council of Advisers on Digital Assets. After less than a year, Hines left the president's service to take a role at Tether, which was expanding into the US. The PAC's treasurer, Mitchell Nobel, is an executive at Cantor Fitzgerald, a firm that manages assets for Tether's global operation and was previously run by Trump's secretary of commerce, Howard Lutnick.

When The Fellowship was announced as a new PAC last year, it was presented as a contrast to previous political engagement, emphasizing transparency and trust. It is possible that some or all of the promised $100 million is already in the PAC's coffers, as federal disclosures often lag behind the movement of money. The relatively young Tether US's stablecoin, USAT, has a market cap of about $37 million, suggesting the firm may not have the independent resources to fund a major PAC.

According to Beckel, massive spending by an industry is something lawmakers are taking seriously. The rival crypto super PAC, Fairshake, has expended millions in early contests.

The US midterm elections are already underway, with many primaries past or about to happen. If the US House is taken over by a Democratic majority, the committees will likely shift their agenda to challenge Trump's legislative efforts and investigate the administration's actions. The crypto industry may need friends from both parties, and it's not too late for The Fellowship to make a splash in the congressional field.