Crypto PAC Secures $11 Million in Funding, Allocates $3 Million for Ad Services

A recently established crypto industry political action committee, known as Fellowship PAC, has commenced operations with substantial funding of $11 million. Notably, it has allocated $3 million for advertising services through Nxum Group, a firm co-founded by Tether US CEO Bo Hines. The PAC's primary support is directed towards Republican candidates in congressional and gubernatorial races. According to filings with the Federal Election Commission, the initial funding comprises $10 million from Cantor Fitzgerald and $1 million from Anchorage Digital, a crypto bank. The $3 million allocated for advertising has been disbursed to Nxum Group, which was founded by Hines, his father, and another partner. Although Fellowship PAC has been associated with Tether since its inception, the majority of its funding originates 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 PAC. Fellowship PAC's treasurer is an executive at Cantor, and the committee has pledged to support pro-crypto candidates, with a focus on transparency. The PAC has thus far dedicated $300,000 to support Clay Fuller, $850,000 to back Nate Morris, and $350,000 to support Pete Ricketts, according to FEC filings. Nxum Group's primary claim to fame was a $1 million donation of billboard ads to MAGA Inc. in 2024. Anchorage Digital has stated that its contribution to Fellowship PAC is an investment in the US crypto policy process, aiming to advance regulatory clarity for digital assets. The company's approach is bipartisan, seeking to promote a favorable environment for the crypto industry.