The cryptocurrency industry's emerging political action committee, Fellowship PAC, has launched with an impressive $11 million in funding. Notably, it has 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. Its initial funding consists of $10 million from Cantor Fitzgerald and $1 million from Anchorage Digital, a crypto bank. The $3 million spent on advertising has been disbursed to Nxum Group, which was founded by Hines, his father, and another partner. Although Fellowship 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 comment, while a Cantor spokesperson declined to discuss their involvement with the super PAC. Initially, Fellowship announced it would have $100 million at its disposal, rivaling the prominent crypto PAC, Fairshake. The PAC's treasurer is an executive at Cantor.
So far, Fellowship has allocated $300,000 to support Clay Fuller, the newest U.S. House of Representatives member; $850,000 to back Nate Morris for a U.S.
Senate seat in Kentucky; and $350,000 to support incumbent Nebraska Senator Pete Ricketts. Nxum has received $3 million in disbursements for advertising services. Prior to this, Nxum 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.
When Fellowship was announced last year, it claimed to have $100 million in pledged backing and vowed to champion transparency while supporting pro-crypto candidates. However, this level of funding has not yet materialized.
Anchorage Digital, the first crypto-native bank to receive a U.S. federal charter, views its contribution as an investment in the U.S. crypto policy process.
The company stated that it has made a corporate contribution to the Fellowship PAC as part of its bipartisan approach to advancing regulatory clarity for digital assets in the United States.