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

A recently formed cryptocurrency industry political action committee, known as Fellowship PAC, has started strong with $11 million in initial funding. Of this, $3 million has been allocated for advertising services through Nxum Group, a company co-founded by Bo Hines, who serves as the CEO of Tether US. The super PAC's primary focus is on supporting Republican candidates in congressional and gubernatorial elections. According to filings with the Federal Election Commission, $10 million of the funding came from Cantor Fitzgerald, a New York-based financial services giant, and $1 million from Anchorage Digital, a crypto bank. The initial $3 million spent on advertising has been disbursed to Nxum Group, which was founded by Hines, his father, and another partner. While Fellowship PAC has been associated with Tether since its inception, the majority of its funding originated from Cantor Fitzgerald, which manages the reserves for Tether's stablecoin business. A representative from Tether US did not immediately respond to a request for comment, and a Cantor spokesperson declined to comment on the company's involvement with the super PAC. Fellowship PAC's treasurer is an executive at Cantor. The PAC has allocated $300,000 to support Clay Fuller, the newest 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 revealed that Nxum has received $3 million in disbursements for advertising services. Prior to this, Nxum had a limited track record in serving PACs or campaigns, with its primary claim to fame being a $1 million donation of billboard ads to MAGA Inc. in 2024. Anchorage Digital described its contribution as an investment in the U.S. crypto policy process, stating that it is part of the company's broader approach to advancing regulatory clarity for digital assets in the United States.