Crypto PAC Secures $11 Million in Funding, Allocates $3 Million for Ads via Tether US CEO's Firm

A newly launched crypto-focused political action committee, Fellowship PAC, has commenced operations with an $11 million backing and has already allocated $3 million for advertising services through Nxum Group, a firm co-founded by Tether US CEO Bo Hines. According to recent Federal Election Commission filings, the super PAC has garnered $10 million from Cantor Fitzgerald and $1 million from Anchorage Digital, a crypto bank. The initial $3 million expenditure on political advertising for supported candidates has been channeled to Nxum Group, which was established by Hines, his father, and another partner. Although Fellowship PAC has been linked to Tether since its inception and has a senior Tether executive as its chairman, the majority of its funding originated from Cantor Fitzgerald, a New York-based financial services giant that manages Tether's stablecoin reserves. A representative from Tether US did not immediately respond to a request for comment, while a Cantor spokesperson declined to comment on their involvement with the super PAC. Upon its public launch, Fellowship PAC announced plans to utilize $100 million, rivaling the leading crypto PAC, Fairshake. The PAC's treasurer is an executive at Cantor. To date, the PAC has allocated $300,000 to support Clay Fuller, the newest U.S. House of Representatives member; $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 Federal Election Commission filings revealed that Nxum has received $3 million in disbursements for advertising services. Prior to this, Nxum lacked a significant 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. Upon its formation, Fellowship PAC pledged $100 million in backing and vowed to champion transparency while supporting pro-crypto candidates. However, this promised level of funding has yet to materialize. Anchorage Digital, the first crypto-native bank to obtain a U.S. federal charter, described its contribution as an investment in the U.S. crypto policy process, stating that it has made a corporate contribution to the Fellowship PAC as part of its broader, bipartisan approach to advancing regulatory clarity for digital assets in the United States.