Crypto PAC Fellowship Raises $11M, Books $3M With Tether US CEO-Linked Firm

TLDR

Fellowship PAC, a new crypto-focused super PAC, reported $11 million in early backing and directed $3 million in advertising payments to Nxum Group, a firm co-founded by Tether US CEO Bo Hines, according to Federal Election Commission filings released Wednesday. The spending places the new political committee in focus as crypto firms and related executives expand their role in the 2026 US election cycle.

The filings showed that Cantor Fitzgerald provided $10 million of the PAC’s opening funds, while Anchorage Digital contributed $1 million. Fellowship PAC has said it aims to support candidates who back clear and predictable digital asset rules. Its early spending has focused on Republican races for Congress and a governor’s office, based on the reports provided.

Nxum Group received the initial advertising payments as Fellowship PAC began placing media for its preferred candidates. Hines founded the firm with his father and another partner before taking a White House crypto advisory role and later moving to Tether US. The PAC’s use of Nxum has drawn attention because of Tether’s close association with Fellowship since its formation and because senior figures tied to Tether and Cantor are connected to the committee.

Cantor Fitzgerald and Anchorage Digital Provide Initial Funding

Cantor Fitzgerald accounted for most of Fellowship PAC’s opening funding. The financial services firm has had a close business relationship with Tether since 2021 through its role handling reserves tied to the stablecoin issuer’s operations. Howard Lutnick, Cantor’s former chief executive, now serves as US Commerce Secretary, while his children now run the firm.

Anchorage Digital, the federally chartered crypto bank, described its $1 million contribution as part of its broader policy engagement around digital asset regulation in the United States. In a public statement, Anchorage said it supports efforts aimed at advancing workable rules for the sector and has taken a bipartisan approach to policy discussions.

Fellowship PAC had previously said it would command as much as $100 million in pledged support, though the latest filings showed $11 million in reported contributions so far. The PAC’s treasurer is a Cantor executive, and Jesse Spiro, a Tether US executive, has been named chairman. Tether did not provide a comment in the cited reports, while Cantor declined comment.

Ad Spending Flows to Nxum Group

Federal filings showed that Fellowship PAC disbursed $3 million to Nxum Group for advertising services. Before these payments, Nxum had little public profile in campaign work, though reports noted it had donated billboard advertising to MAGA Inc. during the 2024 election cycle. The latest payments made Nxum one of the largest early recipients of Fellowship PAC spending.

The PAC also disclosed candidate support spending, including about $300,000 for Clay Fuller in Georgia, $850,000 for Nate Morris in Kentucky, and $350,000 for Nebraska Senator Pete Ricketts. Those outlays formed part of the committee’s initial push to back candidates seen as supportive of the crypto sector.

Hines’ connection to both Nxum and Tether US has become part of the story because Fellowship PAC has been closely linked with Tether since its launch. Even so, the funding reported in the latest filing came from Cantor Fitzgerald and Anchorage Digital rather than Tether itself.

Tether Ties Remain in Focus

Questions remain around whether Tether or Tether US could directly fund the PAC. Non-US entities are barred from direct participation in US campaign finance, and Tether’s global structure has kept that issue in view. The reports noted that it remains unclear whether either Tether entity could legally contribute to Fellowship PAC.

Crypto PACs played a major role in the 2024 election cycle, and Fellowship appears to be positioning itself as another large player in that arena.

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