A newly established political action committee, Fellowship PAC, has launched with an impressive $11 million in funding and has already allocated $3 million for advertising services through Nxum Group, a company co-founded by Tether US CEO Bo Hines. The super PAC is focusing its support on Republican candidates running for Congress and governor, with initial funding coming from Cantor Fitzgerald and Anchorage Digital. According to Federal Election Commission filings, the PAC has spent $3 million on advertising for its favored candidates, with Nxum Group receiving the disbursements.
While Fellowship PAC has been linked to 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 reserves. A representative from Tether US was unavailable for comment, and a Cantor spokesperson declined to comment on their involvement with the super PAC. The PAC's treasurer is an executive at Cantor, and the company's former CEO now serves as Trump's Commerce Secretary. So far, Fellowship PAC has devoted $300,000 to support Clay Fuller, $850,000 to back Nate Morris, and $350,000 to support Pete Ricketts, according to Federal Election Commission filings.
Nxum Group has received $3 million in disbursements for advertising, despite having a limited track record in serving PACs or campaigns. Anchorage Digital, which contributed $1 million to the PAC, views its investment as part of its broader approach to advancing regulatory clarity for digital assets in the US.