A recently established crypto industry super PAC, Fellowship PAC, has commenced operations with an $11 million financial backing and has reserved $3 million worth of advertising services through Nxum Group, a company co-founded by Bo Hines, the CEO of Tether US. The super PAC is primarily supporting Republican candidates for Congress and a governorship, having gathered $10 million from Cantor Fitzgerald and $1 million from Anchorage Digital, a crypto bank, according to filings released by the Federal Election Commission.
The initial $3 million expenditure on political advertising for favored candidates has been channeled to Nxum Group, which was established by Hines, his father, and another partner. Although Fellowship PAC has been 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 handles Tether's stablecoin reserves. A representative from Tether US did not immediately respond to a comment request, while a Cantor spokesperson declined to comment on the company's involvement with the super PAC.
Upon its public debut, Fellowship PAC announced that it would wield $100 million, rivaling the prominent crypto PAC, Fairshake. The PAC's treasurer is an executive at Cantor.
Thus far, the super PAC has dedicated $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, 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 lacked a significant track record in serving PACs or campaigns, its primary claim to fame being $1 million in billboard ads donated to MAGA Inc. in 2024, shortly before Hines took on a high-profile role at the White House. Upon its formation announcement last year, Fellowship stated that it had $100 million in pledged backing and would champion transparency while supporting pro-crypto candidates, a level that has yet to materialize.
Anchorage Digital, the first crypto-native bank to secure a U.S. federal charter, characterized 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 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 engage directly in U.S. campaign finances.