A recently launched cryptocurrency industry political action committee, known as Fellowship PAC, has initiated operations with substantial backing of $11 million. It has allocated $3 million 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, with $10 million in funding provided by Cantor Fitzgerald and $1 million by Anchorage Digital, a crypto bank. The initial $3 million expenditure on political advertising has been channeled through Nxum Group, which was founded by Hines, his father, and another partner. Although Fellowship PAC has been 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 handles Tether's stablecoin reserves.
A spokesperson for Tether US did not immediately respond to a request for comment, while a representative for Cantor declined to comment on their involvement with the super PAC. Upon its public launch, Fellowship PAC announced plans to utilize $100 million, a amount rivaling the leading crypto PAC, Fairshake. The PAC's treasurer is an executive at Cantor Fitzgerald.
The committee has thus far 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, Nxum Group has received $3 million in disbursements for advertising services. Prior to this, Nxum Group did not have 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 it had $100 million in pledged backing and would advocate for transparency while supporting pro-crypto candidates. 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, emphasizing a bipartisan approach to advancing regulatory clarity for digital assets in the United States.