A recently-established crypto-focused political action committee, Fellowship PAC, has initiated operations with an $11 million financial injection. It has subsequently allocated $3 million for advertising services through Nxum Group, a firm co-founded by Tether US CEO Bo Hines. The super PAC's primary supporters include Cantor Fitzgerald, which provided $10 million, and Anchorage Digital, contributing $1 million.
According to Federal Election Commission filings, the committee's advertising expenditure has been channeled through Nxum Group. While Tether has been closely associated with Fellowship PAC since its inception, the majority of its funding originated from Cantor Fitzgerald, a prominent financial services company handling Tether's stablecoin reserves. The PAC has directed its support towards Republican candidates in congressional and gubernatorial races, with notable allocations including $300,000 for Clay Fuller, $850,000 for Nate Morris, and $350,000 for Pete Ricketts.
Nxum Group's involvement in handling the PAC's advertising services marks a significant development, given its relatively limited track record in serving PACs and campaigns. The formation of Fellowship PAC was announced last year, with an initial pledge of $100 million in backing and a commitment to promoting transparency in supporting pro-crypto candidates. Anchorage Digital has characterized its contribution as an investment in the U.S.
crypto policy process, emphasizing its commitment to advancing regulatory clarity for digital assets.