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

A recently established crypto-focused super PAC, Fellowship PAC, has launched with an $11 million investment and has allocated $3 million for advertising services through Nxum Group, a company co-founded by Tether US CEO Bo Hines. The super PAC is primarily supporting Republican candidates in congressional and gubernatorial races, with its initial funding consisting of $10 million from Cantor Fitzgerald and $1 million from Anchorage Digital, as per 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 associated with Tether since its inception, the majority of its funding originated 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 discuss their involvement with the super PAC. Fellowship PAC has so far allocated $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, with its primary claim to fame being a $1 million donation of billboard ads to MAGA Inc. in 2024. When Fellowship PAC was announced, it claimed to have $100 million in pledged backing, aiming to promote transparency while 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, emphasizing its commitment to advancing regulatory clarity for digital assets in a bipartisan manner.