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

The Fellowship PAC, a recently formed cryptocurrency industry political action committee, has launched with an initial $11 million in funding. Notably, $3 million has been allocated for advertising services through Nxum Group, a company co-founded by Tether US CEO Bo Hines. The super PAC's primary objective is to support Republican candidates in Congressional and gubernatorial races. Its funding comprises $10 million from financial services giant Cantor Fitzgerald and $1 million from Anchorage Digital, a crypto bank. The Nxum Group, founded by Hines and his partners, will handle the PAC's advertising efforts. While Tether has been closely associated with the Fellowship PAC, the majority of its funding originates from Cantor Fitzgerald, which manages Tether's stablecoin reserves. A representative from Tether US was unavailable for comment, and Cantor Fitzgerald declined to discuss their involvement with the super PAC. The Fellowship PAC has so far devoted $300,000 to support Clay Fuller, $850,000 to back Nate Morris, and $350,000 to support Senator Pete Ricketts. Nxum Group has received $3 million in disbursements for advertising services, marking a significant engagement for the company. Anchorage Digital views its contribution as an investment in the U.S. crypto policy process, aiming to advance regulatory clarity for digital assets.