The recently launched Fellowship PAC has begun its operations with an $11 million investment, with $3 million already committed to advertising services through Nxum Group, a firm co-founded by Bo Hines, the CEO of Tether US. The super PAC aims to support Republican candidates in congressional and gubernatorial elections, having received $10 million from Cantor Fitzgerald and $1 million from Anchorage Digital, according to filings with the Federal Election Commission.
The initial advertising expenditure has been channeled through Nxum Group, which was founded by Hines, his father, and another partner. Although Fellowship PAC has been associated with Tether since its inception, the majority of its funding originates from Cantor Fitzgerald, a New York-based financial services giant that manages Tether's stablecoin reserves.
A representative from Tether US did not immediately respond to a request for comment, while a Cantor spokesperson declined to comment on their involvement with the super PAC. Upon its public launch, Fellowship PAC announced a $100 million budget, rivaling the leading crypto PAC, Fairshake. The PAC's treasurer is an executive at Cantor, and it has allocated $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 services, despite having a limited track record in serving PACs or campaigns. Anchorage Digital, which contributed to the PAC, views its investment as part of its broader approach to promoting regulatory clarity for digital assets in the US.