Crypto PAC Secures $11 Million in Funding, Partners with Tether US CEO's Ad Firm

A recently launched cryptocurrency industry PAC, Fellowship PAC, has initiated its operations with a substantial $11 million in funding. Notably, it has allocated $3 million for advertising services through Nxum Group, a company co-founded by Bo Hines, the CEO of Tether US. The PAC's primary focus is on supporting Republican candidates in congressional and gubernatorial elections. According to Federal Election Commission filings, the PAC has garnered $10 million from Cantor Fitzgerald and $1 million from Anchorage Digital, a crypto bank. The initial $3 million expenditure on political advertising has been channeled through Nxum Group, which was founded by Hines, his father, and another partner. While Fellowship PAC has been associated with Tether since its inception, the majority of its funding comes 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, and a Cantor spokesperson declined to comment on their involvement with the PAC. The PAC's treasurer is an executive at Cantor, and it has allocated funds to support various Republican candidates, including Clay Fuller, Nate Morris, and Pete Ricketts. The Federal Election Commission filings reveal that Nxum has received $3 million in disbursements for advertising services. Prior to this, Nxum had a limited track record in serving PACs or campaigns, with its primary claim to fame being a $1 million donation of billboard ads to MAGA Inc. in 2024. Anchorage Digital has described its contribution as an investment in the US crypto policy process, aiming to advance regulatory clarity for digital assets. The company stated that its contribution is part of its broader, bipartisan approach to promoting digital asset regulation in the United States.