TLDR
- Fellowship PAC raised $11 million and quickly spent $3 million on advertising services.
- The PAC booked its ads through Nxum Group, a company co-founded by Tether US CEO Bo Hines.
- Federal Election Commission filings show Cantor Fitzgerald contributed $10 million to the political action committee.
- Anchorage Digital contributed $1 million and called it part of a partisan policy approach.
- The PAC supported Republican candidates in Georgia, Kentucky and Nebraska through targeted ad spending.
A newly formed cryptocurrency political committee raised $11 million and quickly directed $3 million to advertising services. Fellowship PAC booked those ads through Nxum Group, a company co-founded by the CEO of Tether US Beau Hines. Federal Election Commission filings released Wednesday provided details on funding sources and spending activity.
PAC Fellowship Funding and Early Expenditure
Fellowship PAC raised $10 million from Cantor Fitzgerald and $1 million from Anchorage Digital, according to filings. The committee then allocated $3 million for advertising through Nxum Group, which Hines co-founded with his father and partner.
The PAC supports Republican candidates in congressional and gubernatorial races. She spent $300,000 to support Clay Fuller after he won the Georgia special election. It also directed $850,000 to Nate Morris in the Senate race in Kentucky and $350,000 to Senator Pete Ricketts in Nebraska.
The filings show that Nxum Group received the full $3 million in payments for advertising services. Prior to this work, Nxum reported limited campaign activity. The company previously donated $1 million in billboard advertising to MAGA Inc. In 2024.
Haynes served as predecessor President Donald TrumpCryptocurrency advisor before joining Tether last year. He co-founded Nxum before taking his position in the White House. Nxum’s latest filings now link it to the PAC’s initial advertising push.
Links and corporate contributions
Fellowship PAC has been reporting on its ties to Tether since its launch last year. One of Tether’s top executives serves as the PAC’s chair. However, most of the current funding came from Cantor Fitzgerald.
Cantor manages reserves for Tether stablecoin operations. Howard Lutnick, the former CEO of Cantor, now serves as Commerce Secretary under Trump. His sons now oversee Cantor’s operations.
Fellowship PAC previously announced plans to raise $100 million to support pro-crypto candidates. This pledged total does not appear in current filings. The PAC did not respond to requests for comment.
Anchorage Digital described its $1 million contribution as part of a broader strategy. “Anchorage Digital made an institutional contribution to the Fellowship PAC as part of our broader bipartisan approach to enhancing regulatory clarity for digital assets in the United States,” the company stated. Anchorage also posted the statement on its website.
no Connect us Cantor Fitzgerald did not respond to media inquiries about their involvement. The filings identify a Cantor executive as the PAC’s treasurer. Current records do not show direct contributions from Tether entities.
US law prohibits non-US entities from directly participating in financing federal campaigns. Tether operates globally, and public records do not show whether its US arm has contributed funds. The latest Federal Election Commission filings reflect $11 million raised and $3 million spent on advertising.
