The crypto industry’s new political action committee, Fellowship PAC, rushed out of the gate this month with $11 million in support, and it has so far booked $3 million in advertising services through a company co-founded by Tether US CEO Bo Hines.
Focusing its support on Republican politicians in congressional and gubernatorial races, the super PAC has so far raised $10 million from Cantor Fitzgerald and $1 million from crypto bank Anchorage Digital, according to Federal Election Commission filings released Wednesday. Its initial $3 million spent on political advertising for its preferred candidates has gone to the Nxum Group, a firm founded by Hines (who was President Donald Trump’s crypto advisor until he moved to Tether last year), his father and another partner.
While Fellowship has reportedly been associated with Tether since its inception last year and has a top Tether executive as chairman, the bulk of its funding came from New York financial giant Cantor, which handles the reserves for Tether’s industry-leading stablecoin business. Cantor’s former boss, Howard Lutnick, now serves as Trump’s commerce secretary, and his children have taken over the business.
A representative for Tether US did not immediately respond to a request for comment, and a spokeswoman for Cantor declined to comment on their involvement in the super PAC. When Fellowship first went public, it announced it would spend $100 million (an amount that would rival the leading crypto PAC, Fairshake). The Fellowship’s treasurer is a director at Cantor.
So far, the PAC, which has not responded to requests for comment, has committed $300,000 to support Clay Fuller, the newest member of the U.S. House of Representatives who just took Marjorie Taylor Green’s seat in a Georgia special election; $850,000 to support Nate Morris for a U.S. Senate seat in Kentucky; and $350,000 to support incumbent Nebraska Sen. Pete Ricketts, according to filings with the Federal Election Commission.
The filings revealed that Nxum has received $3 million in advertising payments. Before now, Nxum did not yet have a significant track record of serving PACs or campaigns, with its primary claim to fame associated with the $1 million in billboard ads it donated to MAGA Inc. in 2024, shortly before Hines took a high-profile White House job.
When its formation was announced last year, the Fellowship said it had $100 million in pledged support and would fight for transparency as it backed pro-crypto candidates. The promised level has not yet appeared,
Anchorage Digital — the first crypto-native bank to win a US federal charter — called its contribution an investment in the US crypto policy process.
“Anchorage Digital has made a corporate contribution to Fellowship PAC as part of our broader, bipartisan approach to promote regulatory clarity for digital assets in the United States,” the company said in a statement that also posted a message on its website.
Despite the involvement of Tether executives in the Fellowship’s work, it is unclear whether Tether or its American arm, Tether US, would be able to make direct contributions to the PAC. Non-US entities are not permitted to be directly involved in US campaign finance.
Read more: Super PAC linked to Tether makes first ad buy from company founded by Tether’s US CEO
UPDATE (April 15, 2026, 20:26 UTC): Adding response from Cantor Fitzgerald.
