A recently launched cryptocurrency-focused political action committee, Fellowship PAC, has commenced operations with substantial funding of $11 million. The committee has allocated $3 million for advertising services through Nxum Group, a company co-founded by Tether US CEO Bo Hines. The super PAC aims to support Republican candidates in congressional and gubernatorial elections.
Its primary funding sources are Cantor Fitzgerald, contributing $10 million, and Anchorage Digital, a crypto bank, which provided $1 million. According to Federal Election Commission filings, the initial $3 million in advertising expenditures have been directed to Nxum Group.
While Tether has been associated with Fellowship PAC 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, and a Cantor spokesperson declined to comment on their involvement with the super PAC.
The committee has thus far dedicated $300,000 to support Clay Fuller, a new 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, with its primary previous engagement being a $1 million donation of billboard ads to MAGA Inc.
in 2024. Upon its formation, Fellowship PAC announced $100 million in pledged backing and a commitment to transparency in supporting pro-crypto candidates, although this level of funding has not yet materialized. Anchorage Digital characterized its contribution as an investment in the U.S. crypto policy process, emphasizing its bipartisan approach to advancing regulatory clarity for digital assets in the United States.