A recently established cryptocurrency-focused political action committee, the Fellowship PAC, has begun its operations with an $11 million backing, booking $3 million in ad services through Nxum Group, a company co-founded by Tether US CEO Bo Hines. The super PAC is concentrating its support on Republican candidates running for Congress and a governorship.
According to Federal Election Commission filings, the initial funding comprises $10 million from Cantor Fitzgerald and $1 million from Anchorage Digital, a crypto bank. The $3 million spent on political advertising for favored candidates has been allocated to Nxum Group, which was founded by Hines, his father, and another partner. Although Fellowship has been 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 handles Tether's stablecoin reserves.
A representative from 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. Fellowship has devoted $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 disclosed that Nxum has received $3 million in disbursements for advertising, with the company having a limited track record in serving PACs or campaigns prior to this. When Fellowship was first announced, it stated that it had $100 million in pledged backing and would advocate for transparency while supporting pro-crypto candidates, although this level of funding has not yet materialized.
Anchorage Digital described its contribution as an investment in the U.S. crypto policy process, emphasizing its commitment to advancing regulatory clarity for digital assets in the United States.