A recently launched crypto industry political action committee, Fellowship PAC, has started strong with $11 million in initial funding. It has already booked $3 million in advertising services through Nxum Group, a company co-founded by Bo Hines, the CEO of Tether US.

The super PAC aims to support Republican candidates in congressional and gubernatorial races. Its primary funding sources are Cantor Fitzgerald, contributing $10 million, and Anchorage Digital, a crypto bank, contributing $1 million, as per Federal Election Commission filings. The initial $3 million in advertising expenses 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 Tether senior executive as its chairman, the majority of its funding comes from Cantor Fitzgerald, a New York-based financial services giant that handles Tether's stablecoin reserves. A representative from Tether US was unavailable for comment, and Cantor Fitzgerald declined to comment on their involvement with the super PAC. Fellowship PAC has so far committed $300,000 to support Clay Fuller, $850,000 to back Nate Morris for a U.S.

Senate seat in Kentucky, and $350,000 to support Nebraska Senator Pete Ricketts. Nxum Group has received $3 million in disbursements for advertising services. Before this, Nxum had a limited track record in serving PACs or campaigns, with its notable work being $1 million in billboard ads donated to MAGA Inc. in 2024.

When Fellowship PAC was announced, it claimed to have $100 million in pledged backing and vowed to champion transparency in supporting pro-crypto candidates. However, this level of funding has not yet materialized.

Anchorage Digital views its contribution as an investment in the U.S. crypto policy process, aiming for regulatory clarity for digital assets.

The company stated that it has made a corporate contribution to Fellowship PAC as part of its bipartisan approach to advancing regulatory clarity for digital assets in the United States.