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

A recently launched cryptocurrency industry political action committee, Fellowship PAC, has commenced operations with substantial financial support, having secured $11 million in funding. The committee has allocated $3 million for advertising services through Nxum Group, a company co-founded by Bo Hines, the CEO of Tether US. The super PAC is primarily focusing on supporting Republican candidates in congressional and gubernatorial elections. According to filings with the Federal Election Commission, the committee has received $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. Although Fellowship PAC has been closely 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 of Tether US was unavailable for comment, while a Cantor spokesperson declined to comment on the company's involvement with the super PAC. The committee has thus far allocated $300,000 to support Clay Fuller, a newly elected member of the U.S. House of Representatives; $850,000 to back Nate Morris for a U.S. Senate seat in Kentucky; and $350,000 to support incumbent Nebraska Senator Pete Ricketts. The Federal Election Commission filings reveal that Nxum has received $3 million in disbursements for advertising services. Prior to this, Nxum lacked a significant 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. Upon its formation, Fellowship PAC announced that it had secured $100 million in pledged backing and would champion transparency in supporting pro-crypto candidates. However, this level of funding has not yet materialized. Anchorage Digital, the first crypto-native bank to receive a U.S. federal charter, views its contribution as an investment in the U.S. crypto policy process, stating that it has made a corporate contribution to the Fellowship PAC as part of its efforts to advance regulatory clarity for digital assets in the United States.