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

The Fellowship PAC, a recently formed crypto industry political action committee, has initiated its operations with an $11 million backing and has booked $3 million in advertisement services through Nxum Group, a firm co-founded by Bo Hines, the CEO of Tether US. The super PAC aims to support Republican candidates in Congress and governorship races. According to Federal Election Commission filings, it has gathered $10 million from Cantor Fitzgerald and $1 million from Anchorage Digital, a crypto bank. The initial $3 million expenditure on political advertising has been allocated to Nxum Group. Although Fellowship PAC has been associated with Tether since its inception and has a senior Tether executive as its chairman, 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 did not immediately respond to a comment request, while a Cantor spokesperson declined to comment on their involvement with the super PAC. When Fellowship PAC was first announced, it stated that it would have $100 million at its disposal, rivaling the leading crypto PAC, Fairshake. The PAC's treasurer is an executive at Cantor. So far, the PAC has allocated $300,000 to support Clay Fuller, a new 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 filings also disclosed that Nxum has received $3 million in disbursements for advertising. Before this, Nxum did not have a significant track record of serving PACs or campaigns, with its primary claim to fame being $1 million in billboard ads donated to MAGA Inc. in 2024. When its formation was announced, Fellowship stated that it had $100 million in pledged backing and would champion transparency as it supported pro-crypto candidates. However, this promised level of funding has not yet materialized. Anchorage Digital described 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 broader approach to advancing regulatory clarity for digital assets in the United States.