Crypto PAC Secures $11 Million in Funding, Partners with Tether US CEO's Advertising Firm

A recently launched cryptocurrency industry political action committee, Fellowship PAC, has commenced operations 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 elections, with $10 million in funding provided by Cantor Fitzgerald and $1 million from Anchorage Digital, a crypto bank, according to filings with the Federal Election Commission. The initial $3 million expenditure on political advertising 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 and has a senior Tether executive as its chairman, the majority of its funding originates from Cantor Fitzgerald, a New York-based financial services giant that handles Tether's stablecoin reserves. A representative of Tether US did not immediately respond to a request for comment, while a Cantor spokesperson declined to comment on the company's involvement with the super PAC. Fellowship PAC has so far allocated $300,000 to support Clay Fuller, a new 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 of 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, the first crypto-native bank to receive 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 bipartisan approach to advancing regulatory clarity for digital assets in the United States.