A newly launched crypto-focused political action committee, Fellowship PAC, has commenced operations with an impressive $11 million in funding and 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 elections, with $10 million in funding provided by Cantor Fitzgerald and $1 million by crypto bank Anchorage Digital, according to recent Federal Election Commission filings. The initial $3 million expenditure on political advertising has been channeled through Nxum Group, which was founded by Hines, his father, and another partner. While Fellowship PAC has been closely linked to Tether since its inception, the majority of its funding originates from Cantor Fitzgerald, a prominent New York-based financial services firm that handles Tether's stablecoin reserves.
A representative from Tether US was unavailable for comment, and a Cantor spokesperson declined to comment on their involvement with the super PAC. The PAC has allocated $300,000 to support Clay Fuller, the newest member of the U.S. House of Representatives; $850,000 to back Nate Morris for a U.S. Senate seat in Kentucky; and $350,000 to support incumbent Nebraska Senator Pete Ricketts, according to Federal Election Commission filings.
The filings also revealed that 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 PAC 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 yet to materialize.
Anchorage Digital, the first crypto-native bank to receive a U.S. federal charter, described its contribution as an investment in the U.S. crypto policy process, stating that it has made a corporate contribution to the Fellowship PAC as part of its efforts to advance regulatory clarity for digital assets in the United States.