Fellowship PAC, an emerging political action committee in the cryptocurrency industry, received $11 million in support this month and has now booked $3 million in advertising through the company co-founded by Tether US CEO Bo Hines.
The super PAC, which focuses on supporting Republican politicians running for Congress and governorships, has so far raised $10 million from Cantor Fitzgerald and $1 million from cryptocurrency bank Anchorage Digital, according to documents released by the Federal Election Commission on Wednesday. The $3 million the company initially spent on political ads for its favored candidates has now been donated to Nxum Group, a company founded by Hines (who was President Donald Trump’s cryptocurrency adviser until his switch to Tether last year), his father, and another partner.
Fellowship has reportedly been associated with Tether since its inception last year and is chaired by a Tether executive, but much of its funding comes from New York financial services giant Cantor, which handles reserves for Tether’s industry-leading stablecoin business. Cantor’s former CEO, Howard Lutnick, now serves as Trump’s commerce secretary, and his children have taken over the business.
Representatives for Tether US did not immediately respond to a request for comment, and a spokesperson for Cantor declined to comment on its involvement in the super PAC. When Fellowship first went public, it announced it would spend $100 million (an amount comparable to leading cryptocurrency PAC Fairshake). The Treasurer of the Fellowship is an executive of Cantor.
So far, the PAC, which has not responded to a request for comment, has spent $300,000 supporting Clay Fuller, the newest member of the U.S. House of Representatives, who just ran to take Marjorie Taylor Green’s seat in a special election in Georgia; $850,000 backing Nate Morris’ bid for the U.S. Senate seat in Kentucky; and $350,000 backing incumbent Nebraska Sen. Pete Ricketts, according to documents filed with the Federal Election Commission.
The filing disclosed that Nxum had received $3 million in advertising spending. Until then, Nxum had no notable record of providing services to PACs or campaigns, with its main claim to fame tied to its $1 million billboard ad donation to MAGA Inc. in 2024, shortly before Haines took a high-profile role in the White House.
When it was announced last year, Fellowship said it had pledged $100 million in support and would champion transparency when supporting pro-crypto candidates. That level of commitment hasn’t happened yet;
Anchorage Digital is the first crypto-native bank to receive a U.S. federal charter, calling its contribution an investment in the U.S. crypto policy process.
“Anchorage Digital made a corporate contribution to the Fellowship PAC as part of our broader bipartisan effort to drive clarity on digital asset regulation in the United States,” the company said in a statement, which also posted a message on its website.
Although Tether executives are involved in Fellowship work, it is unclear whether Tether or its U.S. subsidiary Tether US will be able to make direct contributions to the PAC. Non-U.S. entities are prohibited from directly participating in U.S. campaign finance.
Read more: Tether-linked Super PAC buys ads for first time from company founded by Tether’s US CEO
Update (April 15, 2026 20:26 UTC): Added Cantor Fitzgerald’s response.
