A recently established crypto industry political action committee, known as Fellowship PAC, has launched with an $11 million investment and has allocated $3 million for advertising services through Nxum Group, a company co-founded by Tether US CEO Bo Hines. The super PAC is concentrating its support on Republican candidates in congressional and gubernatorial elections, having gathered $10 million from Cantor Fitzgerald and $1 million from Anchorage Digital, a crypto bank, according to filings with the Federal Election Commission.
The initial $3 million expenditure on political advertising for favored candidates has been channeled to Nxum Group, which was founded by Hines, his father, and another partner. Although Fellowship has been closely associated with Tether since its inception and has a senior Tether executive as its chairman, the majority of its funding originated from Cantor Fitzgerald, a New York financial services giant that handles Tether's stablecoin reserves. A representative of Tether US did not immediately respond to a request for comment, while a Cantor spokesperson declined to comment on its involvement with the super PAC. When Fellowship was first announced, it declared it would wield $100 million, rivaling the leading crypto PAC, Fairshake.
The PAC's treasurer is an executive at Cantor. So far, the PAC has allocated $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, according to Federal Election Commission filings.
The filings revealed that Nxum has received $3 million in disbursements for advertising, with its primary claim to fame being $1 million in billboard ads donated to MAGA Inc. in 2024, before Hines took a high-profile job at the White House. Upon its formation, Fellowship stated it had $100 million in pledged backing and would champion transparency while supporting pro-crypto candidates, although this level of funding has not yet materialized. Anchorage Digital described its contribution as an investment in the U.S.
crypto policy process, stating it has made a corporate contribution to the Fellowship PAC as part of its broader approach to advancing regulatory clarity for digital assets in the United States.