A recently launched cryptocurrency industry political action committee, known as Fellowship PAC, has begun its operations with an $11 million investment and has reserved $3 million in advertising services through Nxum Group, a firm co-founded by Bo Hines, the CEO of Tether US. According to filings with the Federal Election Commission, the super PAC has primarily focused its support on Republican candidates running for Congress and a governorship. The initial funding for the PAC came from Cantor Fitzgerald, which provided $10 million, and Anchorage Digital, a cryptocurrency bank, which contributed $1 million.
The $3 million allocated for advertising has been awarded to Nxum Group, a company that was established by Hines, his father, and another business partner. While Fellowship PAC has been closely linked to Tether, with one of its senior executives serving as the PAC's chairman, the majority of its funding originated from Cantor Fitzgerald, a prominent financial services company in New York that handles the reserves for Tether's stablecoin business. A representative from Tether US was unavailable for comment, and a Cantor spokesperson declined to comment on the company's involvement with the super PAC. Upon its public launch, Fellowship PAC announced its intention to utilize $100 million, which would place it on par with the leading crypto PAC, Fairshake.
The PAC's treasurer is an executive at Cantor. The committee has thus far dedicated $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 also revealed 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 on a high-profile role at the White House. Upon its formation, Fellowship stated that it had secured $100 million in pledged backing and would advocate for transparency as it supported pro-crypto candidates.
However, this level of funding has yet to materialize. Anchorage Digital described 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. The company's involvement in the U.S.
crypto policy process is part of its efforts to promote a bipartisan approach to regulating digital assets. Despite the involvement of Tether executives in Fellowship's work, it remains unclear whether Tether or its U.S. arm would be able to make direct contributions to the PAC, as non-U.S.
entities are not permitted to participate directly in U.S. campaign finances.