A recently formed cryptocurrency-focused political action committee, Fellowship PAC, has launched with an $11 million investment, allocating $3 million for advertising services through Nxum Group, a company co-founded by Tether US CEO Bo Hines. The super PAC aims to support Republican candidates in congressional and gubernatorial races, with initial funding provided by Cantor Fitzgerald and Anchorage Digital. According to Federal Election Commission filings, the PAC has spent $3 million on advertising for its preferred candidates, with Nxum Group receiving the disbursements.
While Tether has been associated with Fellowship PAC since its inception, the majority of its funding comes from Cantor Fitzgerald, which handles Tether's stablecoin reserves. The PAC has devoted $300,000 to support Clay Fuller, $850,000 to back Nate Morris, and $350,000 to support Pete Ricketts.
Nxum Group has received $3 million in disbursements for advertising, despite having a limited track record in serving PACs or campaigns. Anchorage Digital has stated that its contribution is an investment in the US crypto policy process, aiming to advance regulatory clarity for digital assets.