A recently formed crypto-focused political action committee, Fellowship PAC, has commenced 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 super PAC is primarily supporting Republican candidates in congressional and gubernatorial elections, having received $10 million from Cantor Fitzgerald and $1 million from Anchorage Digital, as per Federal Election Commission filings.
The initial $3 million advertising expenditure has been channeled through Nxum Group, which was founded by Hines, his father, and another partner. Although Fellowship PAC has been closely associated with Tether since its inception, the majority of its funding originated 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 comment on their involvement with the super PAC. Upon its public launch, Fellowship PAC announced a $100 million target, rivaling the prominent crypto PAC Fairshake, with its treasurer being an executive at Cantor.
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 bipartisan approach to advancing regulatory clarity for digital assets in the United States.