The cryptocurrency industry’s emerging political action committee, Fellowship PAC, came out swinging this month with $11 million in backing, and has so far booked $3 million in advertising services through a company co-founded by Tether US CEO Bo Hines.
The super PAC is focusing its support on Republican politicians in congressional and gubernatorial races, and has so far raised $10 million from Cantor Fitzgerald and $1 million from crypto bank Anchorage Digital, according to Federal Election Commission documents released Wednesday. The initial $3 million spent on political advertising for his favorite candidates went to Nxum Group, a company founded by Hines (who was a crypto advisor to President Donald Trump until he moved to Tether last year), his father and another partner.
While Fellowship has reportedly been associated with Tether since its inception last year and has a top Tether executive as president, the bulk of its funding came from New York financial services giant Cantor, which handles reserves for Tether’s industry-leading stablecoin business. Cantor’s former boss, Howard Lutnick, now serves as Trump’s commerce secretary and his sons have taken over the business.
Neither Tether US nor Cantor immediately responded to a request for comment about their involvement in the super PAC. When Fellowship first went public, it announced it would raise $100 million (an amount that would rival crypto PAC leader Fairshake). Fellowship’s treasurer is a Cantor executive.
So far, the PAC, which has not responded to requests for comment, has dedicated $300,000 to supporting Clay Fuller, the newest member of the U.S. House of Representatives to take Marjorie Taylor Green’s seat in a special election in Georgia; $850,000 to support Nate Morris for a US Senate seat in Kentucky; and $350,000 to support incumbent Nebraska Senator Pete Ricketts, according to documents filed with the Federal Election Commission.
Filings revealed that Nxum has received $3 million in advertising disbursements. Until now, Nxum did not yet have a significant history of serving PACs or campaigns, and his main claim to fame was associated with $1 million in advertisements he donated to MAGA Inc. in 2024, shortly after Hines took a high-profile job in the White House.
When its formation was announced last year, Fellowship said it had $100 million in pledged support and would champion transparency while supporting pro-crypto candidates. That promised level has not yet appeared,
Anchorage Digital, the first crypto-native bank to obtain a US federal charter, called its contribution an investment in the US crypto policy process.
“Anchorage Digital has made a corporate contribution to the Fellowship PAC as part of our broader bipartisan approach to promoting regulatory clarity for digital assets in the United States,” the company said in a statement, also posting a message on its website.
Despite the involvement of Tether executives in the Fellowship’s work, it is unclear whether Tether or its American arm, Tether US, could make direct contributions to the PAC. Non-U.S. entities cannot become directly involved in U.S. campaign finances.
Read more: Tether-Linked Super PAC Makes First Advertising Buy from Company Founded by Tether’s US CEO
