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

The Fellowship PAC, a recently-formed crypto industry political action committee, has launched with an $11 million investment and has already allocated $3 million for advertising services through Nxum Group, a company co-founded by Tether US CEO Bo Hines. According to Federal Election Commission filings, the super PAC has received $10 million from Cantor Fitzgerald and $1 million from Anchorage Digital, with the initial $3 million in ad spending targeting support for Republican congressional and gubernatorial candidates. The PAC's primary funding source, Cantor Fitzgerald, handles Tether's stablecoin reserves, while its chairman is a senior Tether executive. The committee has so far supported Clay Fuller, Nate Morris, and Pete Ricketts with $300,000, $850,000, and $350,000 respectively. Despite its announced $100 million in pledged backing, the PAC's current funding level remains lower than expected. Anchorage Digital views its contribution as an investment in the US crypto policy process, aiming to promote regulatory clarity for digital assets.