Crypto PAC Secures $11 Million in Funding, Partners with Firm Co-Founded by Tether US CEO

A newly formed crypto-focused political action committee, Fellowship PAC, has launched with $11 million in funding and has 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 PAC has received $10 million from Cantor Fitzgerald and $1 million from Anchorage Digital, a crypto bank. The initial $3 million in ad spending has been dedicated to supporting Republican candidates in congressional and gubernatorial races. While Tether has been closely associated with the PAC, the majority of its funding comes from Cantor Fitzgerald, which handles Tether's stablecoin reserves. A representative from Tether US did not immediately respond to a request for comment, and a Cantor spokesperson declined to comment on their involvement. The PAC has so far allocated $300,000 to support Clay Fuller, $850,000 to back Nate Morris, and $350,000 to support Pete Ricketts. Nxum Group has received $3 million in disbursements for advertising, despite having a limited track record in serving PACs or campaigns. When Fellowship PAC was announced, it claimed to have $100 million in pledged backing and aimed to promote transparency while supporting pro-crypto candidates. Anchorage Digital views its contribution as an investment in the US crypto policy process, stating it is part of their bipartisan approach to advancing regulatory clarity for digital assets.