A recently formed cryptocurrency-focused political action committee, Fellowship PAC, has launched with substantial financial support, securing $11 million in initial funding. The PAC has allocated $3 million for advertising services through Nxum Group, a firm co-founded by Bo Hines, the CEO of Tether US. According to Federal Election Commission filings, the majority of the PAC's funding, $10 million, comes from Cantor Fitzgerald, while $1 million is contributed by Anchorage Digital, a crypto bank.
The PAC's advertising expenditures are focused on supporting Republican candidates in congressional and gubernatorial races. Notably, Nxum Group, which received the $3 million advertising contract, was founded by Hines, his father, and another partner. Although Fellowship PAC has been associated with Tether since its inception, the bulk of its funding originates from Cantor Fitzgerald, which manages Tether's stablecoin reserves. A representative from Tether US did not immediately respond to a request for comment, while a Cantor spokesperson declined to discuss their involvement with the PAC.
The PAC's treasurer is an executive at Cantor Fitzgerald. To date, Fellowship PAC has dedicated $300,000 to support Clay Fuller, $850,000 to back Nate Morris, and $350,000 to support Pete Ricketts, according to Federal Election Commission filings. The filings also reveal that Nxum Group has received $3 million in disbursements for advertising services.
Prior to this, Nxum Group 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.
Anchorage Digital views its contribution as an investment in the US crypto policy process, stating that it is part of their broader approach to advancing regulatory clarity for digital assets in the United States.