A recently launched crypto-focused super PAC, Fellowship PAC, has begun its operations with an $11 million investment and has allocated $3 million for advertising services through Nxum Group, a company co-founded by Tether US CEO Bo Hines. The PAC's primary support comes from Cantor Fitzgerald, which contributed $10 million, and Anchorage Digital, a crypto bank that donated $1 million, according to Federal Election Commission filings.
The super PAC aims to back Republican candidates in congressional and gubernatorial elections, with its initial ad spending going to Nxum Group. While Tether has been linked to Fellowship PAC since its inception, the majority of its funding originates from Cantor Fitzgerald, which handles Tether's stablecoin reserves.
A representative from Tether US did not respond to requests for comment, and a Cantor spokesperson declined to discuss their involvement with the super PAC.