Crypto PAC Secures $11 Million in Funding, Partners with Tether US CEO-Founded Firm for Ad Services

A recently formed cryptocurrency-focused political action committee, Fellowship PAC, has initiated its operations with substantial financial support, having secured $11 million in funding. Notably, $3 million has been allocated for advertising services through Nxum Group, a company founded by Tether US CEO Bo Hines. The super PAC's primary objective is to provide support to Republican candidates in congressional and gubernatorial elections. According to the Federal Election Commission filings, the PAC has received $10 million from Cantor Fitzgerald and $1 million from Anchorage Digital, a crypto bank. The initial advertising expenditure of $3 million has been channeled through Nxum Group, which was co-founded by Hines, his father, and another partner. Although Fellowship PAC has been associated with Tether since its inception, the majority of its funding originated from Cantor Fitzgerald, a New York-based financial services giant that handles Tether's stablecoin reserves. A representative from Tether US was unavailable for comment, while a Cantor spokesperson declined to comment on their involvement with the super PAC. The PAC has so far allocated $300,000 to support Clay Fuller, $850,000 to back Nate Morris, and $350,000 to support Pete Ricketts, as per the Federal Election Commission filings. Nxum Group has received $3 million in disbursements for advertising services, despite having a limited track record in serving PACs or campaigns. Anchorage Digital has described its contribution as an investment in the U.S. crypto policy process, emphasizing its commitment to advancing regulatory clarity for digital assets. The company stated that it has made a corporate contribution to the Fellowship PAC as part of its bipartisan approach to promoting regulatory clarity in the United States.