A recently launched cryptocurrency-focused political action committee, Fellowship PAC, has kicked off with substantial funding of $11 million, with $3 million already allocated 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 races, having received $10 million from Cantor Fitzgerald and $1 million from Anchorage Digital, according to Federal Election Commission filings.
The initial $3 million spent on advertising has been channeled through Nxum Group, which was founded by Hines, his father, and another partner. Although Fellowship PAC has been associated with Tether since its inception and has a Tether senior executive as its chairman, the majority of its funding originates 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 the company's involvement with the super PAC.
Upon its public launch, Fellowship PAC announced an ambitious goal of wielding $100 million, rivaling the prominent crypto PAC Fairshake. The PAC's treasurer is an executive at Cantor.
So far, the PAC has allocated $300,000 to support Clay Fuller, the newest U.S. House of Representatives member; $850,000 to back Nate Morris for a U.S. Senate seat in Kentucky; and $350,000 to support incumbent Nebraska Senator Pete Ricketts. The filings also disclosed 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 first announced, it claimed to have $100 million in pledged backing and vowed to champion transparency in supporting pro-crypto candidates, although this level of funding has yet to materialize. Anchorage Digital, the first crypto-native bank to secure a U.S. federal charter, views 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 broader approach to advancing regulatory clarity for digital assets in the United States.