A newly launched crypto-focused political action committee, Fellowship PAC, has kicked off with an $11 million investment and has allocated $3 million for advertising services through Nxum Group, a firm co-founded by Bo Hines, the CEO of Tether US. According to filings with the Federal Election Commission, the super PAC has garnered $10 million from Cantor Fitzgerald and $1 million from Anchorage Digital, with its advertising expenditure going to Nxum Group, which was founded by Hines, his father, and another partner.
While Fellowship PAC has been linked to Tether since its inception, the majority of its funding comes from Cantor Fitzgerald, a New York-based financial services giant that handles Tether's stablecoin reserves. The PAC's primary focus is on supporting Republican candidates in congressional and gubernatorial races.
Its initial advertising spend has been dedicated to backing Clay Fuller, Nate Morris, and incumbent Nebraska Senator Pete Ricketts, with Nxum Group receiving $3 million in disbursements for these advertising efforts.