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

A newly formed crypto-focused political action committee, Fellowship PAC, has launched with an impressive $11 million in initial funding. The PAC 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 majority of the PAC's funding, $10 million, came from Cantor Fitzgerald, while $1 million was provided by Anchorage Digital, a crypto bank. The PAC's initial advertising expenditures have been focused on supporting Republican candidates in congressional and gubernatorial races. Despite its reported association with Tether, the PAC's primary funding source is Cantor Fitzgerald, a New York-based financial services giant that handles Tether's stablecoin reserves. A spokesperson for Tether US was unavailable for comment, while a representative for Cantor declined to discuss their involvement with the PAC. The Fellowship PAC has dedicated $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 PAC's advertising partner, Nxum, has received $3 million in disbursements, marking a significant development in its relatively short history. Anchorage Digital characterized its contribution as an investment in the U.S. crypto policy process, emphasizing its commitment to advancing regulatory clarity for digital assets.