The crypto industry’s emerging political action committee, Fellowship PAC, swooped in with $11 million in support this month, and it has so far reserved $3 million in advertising services through a company co-founded by US Tether CEO Bo Hines.
The super PAC is focusing its support on Republican politicians in congressional and gubernatorial races, and it has so far raised $10 million from Cantor Fitzgerald and $1 million from crypto bank Anchorage Digital, according to Federal Election Commission filings released Wednesday. His initial $3 million spent on political advertising for his preferred candidates went to Nxum Group, a company founded by Hines (who was President Donald Trump’s crypto advisor until he joined Tether last year), his father and another partner.
Although Fellowship has been associated with Tether since its founding last year and has a senior Tether executive as chairman, most of its funding came from New York financial services giant Cantor, which manages the reserves of Tether’s industry-leading stablecoin business. Cantor’s former boss, Howard Lutnick, is now Trump’s Commerce secretary, and his children have taken over the company.
Neither Tether US nor Cantor immediately responded to a request for comment on their involvement in the super PAC. When Fellowship first went public, it announced that it would have $100 million (an amount that would rival leading crypto PAC, Fairshake). The Treasurer of the Fellowship is an executive at Cantor.
So far, the PAC, which did not respond to requests for comment, has dedicated $300,000 to support Clay Fuller, the new member of the U.S. House of Representatives who just took Marjorie Taylor Green’s seat in a special election in Georgia; $850,000 to support Nate Morris for a U.S. Senate seat in Kentucky; and $350,000 to support incumbent Nebraska Sen. Pete Ricketts, according to filings with the Federal Election Commission.
The documents revealed that Nxum received $3 million in disbursements for the advertising. Until now, Nxum had no significant experience serving PACs or campaigns, with his main claim to fame associated with $1 million worth of billboards he donated to MAGA Inc. in 2024, shortly after Hines took a top White House job.
When its creation was announced last year, Fellowship said it pledged $100 million in support and would champion transparency in supporting pro-crypto candidates. This 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 made a corporate contribution to the Fellowship PAC as part of our broader bipartisan approach to advancing 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 Fellowship’s work, it is unclear whether Tether or its US arm, Tether US, would be able to make direct contributions to the PAC. Non-US entities are not permitted to be directly involved in financing US election campaigns.
Read more: Tether-linked super PAC makes first ad buy from company founded by Tether’s US CEO
