The Fellowship PAC, a recently established crypto industry super PAC, has started with a substantial $11 million in backing and has already booked $3 million in ad services through Nxum Group, a company founded by Tether US CEO Bo Hines. The super PAC is primarily supporting Republican politicians in congressional and gubernatorial races, with $10 million of its initial funding coming from Cantor Fitzgerald and $1 million from crypto bank Anchorage Digital, according to Federal Election Commission filings. The $3 million spent on political advertising has been allocated to Nxum Group, which was co-founded by Hines, his father, and another partner. Although Fellowship has been closely linked to Tether since its inception, the majority of its funding originated from Cantor Fitzgerald, a New York financial services giant that handles Tether's stablecoin reserves.
A representative from Tether US was unavailable for comment, and a Cantor spokesperson declined to discuss their involvement with the super PAC. The PAC has so far dedicated $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. Nxum has received $3 million in disbursements for advertising services, despite not having a significant track record in serving PACs or campaigns prior to this.
When Fellowship was first announced, it claimed to have $100 million in pledged backing and vowed to promote 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, 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 approach to advancing regulatory clarity for digital assets in the United States.