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

The crypto industry's newly formed Fellowship PAC has launched with an impressive $11 million in initial funding, with $3 million already allocated for advertising services through Nxum Group, a company co-founded by Tether US CEO Bo Hines. The super PAC aims to support Republican candidates in congressional and gubernatorial races, having received $10 million from Cantor Fitzgerald and $1 million from crypto bank Anchorage Digital, according to recent Federal Election Commission filings. The PAC's advertising expenditure 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 has come 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 spokeswoman declined to comment on the company's involvement with the super PAC. The PAC has so far committed $300,000 to support Clay Fuller, $850,000 to back Nate Morris, and $350,000 to support Pete Ricketts, according to Federal Election Commission filings. Nxum Group has received $3 million in disbursements for advertising services, marking a significant milestone for the company, which had previously donated $1 million in billboard ads to MAGA Inc. in 2024. Anchorage Digital has described its contribution to the Fellowship PAC as an investment in the US crypto policy process, emphasizing its commitment to advancing regulatory clarity for digital assets in a bipartisan manner.