A recently formed cryptocurrency industry political action committee, Fellowship PAC, has launched with substantial funding of $11 million 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 primarily supporting Republican candidates in congressional and gubernatorial races. According to Federal Election Commission filings, the initial funding comprises $10 million from Cantor Fitzgerald and $1 million from Anchorage Digital, a crypto bank. The $3 million spent on advertising for favored candidates 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 and has a senior Tether executive as its chairman, the majority of its funding originates from Cantor Fitzgerald, which 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. Initially, Fellowship PAC announced it would have $100 million at its disposal, rivaling the leading crypto PAC, Fairshake.
So far, the PAC 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. Prior to this, Nxum did not have 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.
Anchorage Digital has described its contribution as an investment in the US crypto policy process, stating it is part of a broader approach to advancing regulatory clarity for digital assets in the United States.