A recently formed crypto industry political action committee, known as Fellowship PAC, has begun its operations with an $11 million investment and has reserved $3 million in advertising services with Nxum Group, a company 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 by Anchorage Digital, a crypto bank, according to recent Federal Election Commission filings. The initial $3 million expenditure on political advertising for favored candidates has been allocated 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-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 prominent crypto PAC Fairshake, with its treasurer being an executive at Cantor. Thus far, the PAC has 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 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 stated it had $100 million in pledged backing and would advocate for transparency while supporting pro-crypto candidates, although this level of funding has yet to materialize.
Anchorage Digital, the first crypto-native bank to receive a U.S. federal charter, considered its contribution 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 approach to advancing regulatory clarity for digital assets in the United States.