A newly formed crypto-focused political action committee, Fellowship PAC, has begun its operations with an $11 million injection of funds, allocating $3 million for advertising services through Nxum Group, a firm founded by Tether US CEO Bo Hines. According to filings with the Federal Election Commission, the super PAC has garnered $10 million from financial services giant Cantor Fitzgerald and $1 million from crypto bank Anchorage Digital. The committee's initial advertising expenditures, totaling $3 million, have been channeled through Nxum Group, which was established by Hines, his father, and another partner. While Fellowship PAC has been closely tied to Tether since its inception, the majority of its funding originated from Cantor Fitzgerald, which manages the reserves for Tether's stablecoin business.
The committee's treasurer is an executive at Cantor Fitzgerald. Thus far, the PAC has committed $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. Nxum Group has received $3 million in disbursements for advertising services, marking a significant development in its operations. Prior to this, Nxum Group 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 announced last year, it claimed to have $100 million in pledged backing and vowed to champion transparency in its support for pro-crypto candidates.
However, this level of funding has not yet materialized. 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, emphasizing its commitment to advancing regulatory clarity for digital assets in the United States.