Fellowship PAC — the new crypto-aligned super PAC — burst onto the political scene this month with $11 million in initial backing and has already routed $3 million in ad buys to a firm tied to Tether US’s CEO, according to Federal Election Commission filings.
Big donors, quick spending
- FEC filings show Fellowship raised $10 million from Cantor Fitzgerald and $1 million from crypto bank Anchorage Digital. Cantor handles reserves for Tether’s flagship stablecoin business and its former CEO, Howard Lutnick, now serves as U.S. Commerce Secretary.
- The PAC has funneled $3 million in advertising payments to Nxum Group, a company co-founded by Bo Hines (Tether US’s CEO), his father and another partner. Hines previously acted as President Trump’s crypto adviser before joining Tether.
Where the money is headed
Fellowship is concentrating support on Republican congressional and gubernatorial contests. FEC disclosures detail early allocations that include:
- $300,000 for Clay Fuller, who recently won the special election for Marjorie Taylor Greene’s former House seat in Georgia;
- $850,000 for Nate Morris in his U.S. Senate bid in Kentucky;
- $350,000 for Senator Pete Ricketts of Nebraska.
Nxum’s rise and prior work
Nxum had limited experience serving PACs or campaigns before these payments; its most notable prior political activity was a $1 million billboard donation to MAGA Inc. in 2024, shortly before Hines took a high-profile White House role.
Promises vs. reality
When Fellowship launched last year it publicly said it had $100 million pledged and would promote transparency while supporting pro-crypto candidates. So far, the $11 million in disclosed funding falls well short of that figure. Fellowship’s treasurer is a Cantor executive, and reports have linked the PAC to Tether from its inception; a senior Tether executive is listed as the PAC’s chairman.
Responses and legal context
- Anchorage described its $1 million gift as “an investment in the U.S. crypto policy process” and framed the contribution as part of a bipartisan approach to regulatory clarity.
- A Tether US representative did not immediately respond to requests for comment; a Cantor spokeswoman declined to comment. The filings do not show direct contributions from non-U.S. entities — which are barred from participating in U.S. campaign finance.
Why it matters
Fellowship’s rapid fundraising and early ad buys underscore how crypto industry players are trying to shape Washington policy through political spending, while also raising fresh questions about the relationships linking major crypto firms, their service providers, and political groups.
UPDATE (April 15, 2026, 20:26 UTC): Adds response from Cantor Fitzgerald.
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