Fellowship PAC Sends $3M in Ads to Hines-Linked Firm

TLDR

• Fellowship PAC raised $11 million and quickly spent $3 million on advertising services.
• The PAC booked its advertising through Nxum Group, a firm co-founded by Tether US CEO Bo Hines.
• Federal Election Commission filings show that Cantor Fitzgerald contributed $10 million to the PAC.
• Anchorage Digital contributed $1 million and described it as part of its bipartisan policy approach.
• The PAC supported Republican candidates in Georgia, Kentucky, and Nebraska with targeted ad spending.

A newly formed crypto political committee has raised $11 million and quickly directed $3 million to advertising services. Fellowship PAC booked those ads through Nxum Group, a firm co-founded by Tether US CEO Bo Hines. Federal Election Commission filings released Wednesday detailed the funding sources and spending activity.

Fellowship PAC funding and early spending

Fellowship PAC collected $10 million from Cantor Fitzgerald and $1 million from Anchorage Digital, according to filings. The committee then committed $3 million for advertising through Nxum Group, which Hines co-founded with his father and a partner.

The PAC supports Republican candidates in congressional and gubernatorial races. It spent $300,000 to support Clay Fuller after he won a Georgia special election. It also directed $850,000 to Nate Morris in Kentucky’s Senate race and $350,000 to Senator Pete Ricketts in Nebraska.

Filings show Nxum Group received the full $3 million in disbursements for advertising services. Before this work, Nxum reported limited campaign activity. The firm previously donated $1 million in billboard advertising to MAGA Inc. in 2024.

Hines served as former President Donald Trump’s crypto adviser before joining Tether last year. He co-founded Nxum before taking his White House role. Nxum’s recent filings now connect it to the PAC’s initial advertising push.

Tether links and corporate contributions

Fellowship PAC has reported ties to Tether since its launch last year. A senior Tether executive serves as the PAC’s chairman. However, most of the current funding came from Cantor Fitzgerald.

Cantor manages reserves for Tether’s stablecoin operations. Howard Lutnick, Cantor’s former chief executive, now serves as Commerce Secretary under Trump. His children now oversee Cantor’s operations.

Fellowship PAC previously announced plans to raise $100 million to support pro-crypto candidates. That pledged total has not appeared in current filings. The PAC has not responded to requests for comment.

Anchorage Digital described its $1 million contribution as part of a broader strategy. The company stated, “Anchorage Digital has 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.” Anchorage also posted the statement on its website.

Neither Tether US nor Cantor Fitzgerald responded to media inquiries about their involvement. Filings identify a Cantor executive as the PAC’s treasurer. Current records do not show direct contributions from Tether entities.

U.S. law bars non-U.S. entities from directly participating in federal campaign financing. Tether operates globally, and public records do not clarify whether its U.S. arm contributed funds. The latest Federal Election Commission filings reflect $11 million raised and $3 million disbursed for advertising.

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