The newly established Fellowship PAC has commenced its operations with an $11 million financial backing and has booked $3 million worth of ad services through Nxum Group, a company founded by Tether US CEO Bo Hines. According to Federal Election Commission filings, the super PAC has garnered $10 million from Cantor Fitzgerald and $1 million from Anchorage Digital, with the primary objective of supporting Republican politicians in congressional and gubernatorial races.
The initial $3 million expenditure on political advertising has been allocated to Nxum Group, which was co-founded by Hines, his father, and another partner. While Fellowship PAC has been closely associated with Tether since its inception, the majority of its funding has been provided by Cantor Fitzgerald, a New York-based financial services giant that handles the reserves for Tether's stablecoin business. A representative of Tether US did not respond to requests for comment, and a Cantor spokesperson declined to comment on the company's involvement with the super PAC.
The PAC has 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, with its primary claim to fame being a $1 million donation of billboard ads to MAGA Inc. in 2024. Anchorage Digital has described its contribution as an investment in the US crypto policy process, stating that it has made a corporate contribution to the Fellowship PAC as part of its broader approach to advancing regulatory clarity for digital assets in the United States.