A recently established cryptocurrency-focused political action committee, Fellowship PAC, has initiated its operations with an $11 million financial injection. Notably, it has allocated $3 million for advertising services through Nxum Group, a company co-founded by Tether US CEO Bo Hines.
According to filings with the Federal Election Commission, the super PAC has garnered $10 million from Cantor Fitzgerald and $1 million from Anchorage Digital, a crypto bank. The initial advertising expenditure of $3 million has been channeled to Nxum Group, which was founded by Hines, his father, and another partner.
While Fellowship PAC has been 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 business reserves. A representative from Tether US did not immediately respond to a request for comment, and a Cantor spokesperson declined to comment on their involvement with the super PAC.
Upon its public launch, Fellowship PAC announced its intention to wield $100 million, a figure that would rival the leading crypto PAC, Fairshake. The PAC's treasurer is an executive at Cantor.
The PAC has thus far dedicated $300,000 to support Clay Fuller, the newest member of the U.S. House of Representatives; $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 Federal Election Commission filings revealed that Nxum received $3 million in disbursements for advertising services. Prior to this, Nxum lacked a significant 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 announced last year, it claimed to have $100 million in pledged backing and vowed to champion transparency while supporting pro-crypto candidates. However, this promised level of funding has not yet materialized. Anchorage Digital described 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. Despite the involvement of Tether executives in Fellowship's work, it remains unclear whether Tether or its U.S. arm would be able to make direct contributions to the PAC, given that non-U.S.
entities are not allowed to directly participate in U.S. campaign finances.