A recently launched cryptocurrency industry political action committee, known as Fellowship PAC, has begun its operations with an $11 million funding injection. Notably, it has already committed $3 million for advertising services through Nxum Group, a firm co-founded by Bo Hines, the CEO of Tether US. The super PAC is primarily supporting Republican candidates in congressional and gubernatorial races, with its initial funding coming from Cantor Fitzgerald, which provided $10 million, and Anchorage Digital, a crypto bank that contributed $1 million, according to filings from the Federal Election Commission.
The advertising expenditure has been directed towards Nxum Group, which was founded by Hines, his father, and another partner. Although Fellowship PAC has been closely associated with Tether since its inception and has a senior Tether executive as its chairman, the majority of its funding originated from Cantor Fitzgerald, a New York-based financial services giant that manages Tether's stablecoin reserves. Cantor's former head, Howard Lutnick, currently serves as the Commerce Secretary under President Trump, while his children now oversee the business.
A representative from Tether US did not immediately respond to a request for comment, and a Cantor spokesperson declined to discuss their involvement with the super PAC. When Fellowship PAC was first announced, it declared that it would wield $100 million, a figure that would rival the leading crypto PAC, Fairshake.
The PAC's treasurer is an executive at Cantor. The committee has thus far dedicated $300,000 to support Clay Fuller, the newest member of the U.S. House of Representatives, who recently won a special election in Georgia; $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 most notable engagement being a $1 million donation of billboard ads to MAGA Inc. in 2024, shortly before Hines took on a high-profile role at the White House.
Upon its formation, Fellowship PAC announced that it had secured $100 million in pledged backing and would champion transparency as it supported pro-crypto candidates, a promise that has yet to materialize. Anchorage Digital, the first crypto-native bank to obtain a U.S. federal charter, characterized its contribution as an investment in the U.S. crypto policy process.
In a statement, the company said, 'Anchorage Digital has made a corporate contribution to the Fellowship PAC as part of our broader, bipartisan approach to advancing regulatory clarity for digital assets in the United States.' Despite the involvement of Tether executives in Fellowship PAC's activities, it remains unclear whether Tether or its U.S. arm, Tether US, would be able to make direct contributions to the PAC, as non-U.S. entities are not permitted to directly participate in U.S. campaign finances.