A recently formed cryptocurrency-focused political action committee, Fellowship PAC, has initiated its operations with an $11 million investment and has allocated $3 million for advertising 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 elections. According to Federal Election Commission filings, the committee has received $10 million from Cantor Fitzgerald and $1 million from Anchorage Digital, a crypto bank. The initial advertising expenditure of $3 million 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, the majority of its funding originates 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 discuss their involvement with the super PAC. The committee has so far allocated $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.
Nxum Group has received $3 million in disbursements for advertising services, despite having a limited track record in serving PACs or campaigns. Anchorage Digital views its contribution as an investment in the US crypto policy process, aiming to advance regulatory clarity for digital assets.