A recently formed crypto-focused political action committee, Fellowship PAC, has launched with an $11 million investment, allocating $3 million for advertising services through Nxum Group, a firm co-founded by Tether US CEO Bo Hines. According to Federal Election Commission filings, the super PAC has garnered $10 million from Cantor Fitzgerald and $1 million from Anchorage Digital, with the majority of its funding coming from the New York-based financial services giant. The PAC's initial advertising expenditure has been channeled through Nxum Group, which was founded by Hines, his father, and another partner. While Tether has been closely associated with Fellowship PAC since its inception, the company's primary funding source is Cantor Fitzgerald, which manages Tether's stablecoin reserves.
A representative from Tether US did not immediately respond to a request for comment, and a Cantor spokesperson declined to discuss the company's involvement with the super PAC. The PAC has allocated $300,000 to support Clay Fuller, $850,000 to back Nate Morris, and $350,000 to support Pete Ricketts, as per filings with the Federal Election Commission. Nxum Group has received $3 million in disbursements for advertising services, with its primary prior claim to fame being a $1 million donation to MAGA Inc.
in 2024. Anchorage Digital has stated that its contribution to the Fellowship PAC is an investment in the U.S. crypto policy process, aiming to advance regulatory clarity for digital assets.