The crypto industry's emerging political action committee, Fellowship PAC, has launched with significant financial backing, totaling $11 million, and has already committed $3 million to ad services through Nxum Group, a firm co-founded by Tether US CEO Bo Hines. The super PAC is primarily supporting Republican candidates in congressional and gubernatorial races, with initial funding of $10 million from Cantor Fitzgerald and $1 million from Anchorage Digital, as disclosed in recent Federal Election Commission filings.
The $3 million allocated for advertising has been disbursed to Nxum Group, a company founded by Hines, his father, and another partner. Although Fellowship PAC has been closely associated with Tether since its inception and has a senior Tether executive as its chairman, the majority of its funding originates from Cantor Fitzgerald, a New York-based financial services giant that handles Tether's stablecoin reserves.
Cantor's former chief, Howard Lutnick, now serves as Trump's Commerce Secretary. A representative from Tether US did not immediately respond to a request for comment, while a Cantor spokesperson declined to comment on their involvement with the super PAC. Initially, Fellowship PAC announced it would have $100 million at its disposal, rivaling the leading crypto PAC, Fairshake. The PAC's treasurer is an executive at Cantor.
According to Federal Election Commission filings, 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. The filings also disclose that Nxum has received $3 million in disbursements for advertising services.
Prior to this, Nxum had a limited track record in serving PACs or campaigns, with its primary claim to fame being a $1 million donation of billboard ads to MAGA Inc. in 2024, shortly 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 in 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, views 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 broader approach to advancing regulatory clarity for digital assets in the United States.