Crypto PAC Secures $11 Million in Funding, Books $3 Million in Ads with Tether US CEO-Founded Firm

A recently launched crypto industry political action committee, Fellowship PAC, has started strong 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. The super PAC is concentrating its efforts on supporting Republican candidates in congressional and gubernatorial races, with $10 million coming from Cantor Fitzgerald and $1 million from crypto bank Anchorage Digital, according to recent Federal Election Commission filings. The initial $3 million expenditure on political advertising for favored 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 originates from Cantor Fitzgerald, a New York financial services giant that handles Tether's stablecoin reserves. A representative from Tether US did not immediately respond to a request for comment, while a Cantor spokesperson declined to discuss their involvement with the super PAC. Fellowship PAC has so far committed $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. Before 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 has made a corporate contribution to the Fellowship PAC as part of its efforts to advance regulatory clarity for digital assets in the United States.