A recently established cryptocurrency industry political action committee, known as Fellowship PAC, has begun its operations with an $11 million investment, with $3 million already allocated for advertising services through Nxum Group, a company co-founded by Bo Hines, the CEO of Tether US. The super PAC is primarily supporting Republican candidates in congressional and gubernatorial elections, having garnered $10 million from Cantor Fitzgerald and $1 million from the crypto bank Anchorage Digital, according to filings with the Federal Election Commission. The initial $3 million expenditure on political advertising for its preferred candidates has been channeled to Nxum Group, which was established by Hines, his father, and another partner.
While 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 originated from Cantor Fitzgerald, a New York-based financial services giant that manages the reserves for Tether's stablecoin business. A representative from Tether US did not immediately respond to a request for comment, and a Cantor spokesperson declined to comment on their involvement with the super PAC. Upon its launch, Fellowship PAC announced plans to utilize $100 million, a figure that would rival the leading crypto PAC, Fairshake.
The PAC's treasurer is an executive at Cantor. To date, the PAC has committed $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 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, shortly before Hines took on a high-profile role at the White House.
Upon its formation, Fellowship stated it had $100 million in pledged support and would advocate for transparency while backing pro-crypto candidates. However, this level of funding has yet to materialize. Anchorage Digital, the first crypto-native bank to receive a U.S. federal charter, characterized its contribution as an investment in the U.S.
crypto policy process. In a statement, the company said, 'Anchorage Digital has made a corporate contribution to the Fellowship PAC as part of our broader, bipartisan approach to advancing regulatory clarity for digital assets in the United States.' Despite the involvement of Tether executives in Fellowship's activities, it remains unclear whether Tether or its U.S.
arm, Tether US, would be able to make direct contributions to the PAC, as non-U.S. entities are not permitted to engage directly in U.S. campaign finances.