A recently established cryptocurrency industry PAC, known as Fellowship PAC, has commenced operations 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 primarily supporting Republican candidates in congressional and gubernatorial elections, with $10 million in funding provided by Cantor Fitzgerald and $1 million by Anchorage Digital, according to filings with the Federal Election Commission. The initial $3 million expenditure on political advertisements for favored candidates has been channeled through Nxum Group, which was established 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 manages 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 the company's involvement with the super PAC. When Fellowship PAC was first announced, it declared that 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.
The filings revealed that Nxum has received $3 million in disbursements for advertising services. Prior to this, Nxum lacked a significant 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. Upon its formation, Fellowship PAC stated that it had $100 million in pledged backing and would advocate for transparency while supporting pro-crypto candidates.
However, this level of funding has not yet materialized. Anchorage Digital, the first crypto-native bank to receive a U.S. federal charter, viewed 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 bipartisan approach to advancing regulatory clarity for digital assets in the United States.