A recently established crypto-focused 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's primary objective is to support Republican candidates in various congressional and gubernatorial races. According to Federal Election Commission filings, Cantor Fitzgerald contributed $10 million, while Anchorage Digital provided $1 million.
The initial $3 million advertising expenditure was 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 prominent financial services firm that handles Tether's stablecoin reserves. A representative from Tether US was unavailable for comment, and a Cantor spokesperson declined to discuss their involvement with the super PAC.
Upon its public launch, Fellowship PAC announced a goal of $100 million in funding, rivaling the prominent crypto PAC, Fairshake. The PAC's treasurer is an executive at Cantor, and so far, it has allocated $300,000 to support Clay Fuller, $850,000 to back Nate Morris, and $350,000 to support incumbent Nebraska Senator Pete Ricketts. Nxum Group has received $3 million in disbursements for advertising services, despite having a limited track record in serving PACs or campaigns prior to this engagement.
The formation of Fellowship PAC was announced last year, with a pledge of $100 million in backing and a commitment 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, views its contribution as an investment in the U.S. crypto policy process, aiming to advance regulatory clarity for digital assets.