A newly formed cryptocurrency-focused political action committee, Fellowship PAC, has launched with an impressive $11 million in financial support. It has already allocated $3 million for advertising services through Nxum Group, a company co-founded by Tether US CEO Bo Hines. The super PAC is primarily supporting Republican candidates in congressional and gubernatorial races, with initial funding provided by Cantor Fitzgerald and Anchorage Digital.
According to Federal Election Commission filings, $10 million came from Cantor Fitzgerald and $1 million from Anchorage Digital. The PAC's advertising expenditure has been channeled through Nxum Group, which was founded by Hines, his father, and another partner.
Although Fellowship PAC has been linked to Tether since its inception, the majority of its funding originated from Cantor Fitzgerald, a New York-based financial services giant that manages Tether's stablecoin reserves. A representative from Tether US was unavailable for comment, while a Cantor spokesperson declined to discuss their involvement with the super PAC. Fellowship PAC's initial commitment was $100 million, rivaling the prominent crypto PAC, Fairshake. The PAC's treasurer is an executive at Cantor, and it has so far dedicated $300,000 to support Clay Fuller, $850,000 to back Nate Morris, and $350,000 to support incumbent Nebraska Senator Pete Ricketts.
Nxum Group has received $3 million in disbursements for advertising services, despite having a limited track record in serving PACs or campaigns prior to this engagement. Anchorage Digital has described its contribution as an investment in the U.S. crypto policy process, aiming to promote regulatory clarity for digital assets in the United States.