Key Highlights
- Fellowship PAC secured $11M in total funding: $10M from Cantor Fitzgerald and $1M from Anchorage Digital
- The committee allocated $3M toward advertising campaigns via Nxum Group, a company co-founded by Bo Hines, who leads Tether US
- Fellowship supports Republican contenders across Georgia, Kentucky, and Nebraska races
- At its September 2025 announcement, the PAC stated it had secured $100M in pledged support
- Mitchell Nobel, who serves as Cantor Fitzgerald’s treasurer, holds the same position at Fellowship
Fellowship PAC, a political action committee focused on cryptocurrency interests, has reported receiving $11 million in donations according to documents submitted to the Federal Election Commission (FEC).
The financial backing originated from two major contributors: Cantor Fitzgerald, a financial services corporation, provided $10 million, while Anchor Labs, the parent organization of cryptocurrency banking platform Anchorage Digital, contributed $1 million. These donations were recorded during January 2026.
Tether’s government affairs director leads the PAC, which maintains connections to prominent figures across cryptocurrency and political spheres. Bo Hines, who currently serves as Tether US CEO and formerly worked as President Trump’s cryptocurrency adviser, co-established Nxum Group, the advertising company that Fellowship paid $3 million for promotional services.
Hines transitioned from his White House position last year to assume his role at Tether. Prior to that move, Nxum provided $1 million worth of billboard advertising to MAGA Inc. during 2024.
Cantor Fitzgerald maintains substantial ties to Fellowship. The financial firm manages reserve holdings for Tether’s stablecoin operations. Howard Lutnick, who previously led the company, currently holds the position of Commerce Secretary under Trump. Mitchell Nobel, serving as Cantor’s director of digital asset strategy, appears in Fellowship’s records as its treasurer.
Expenditure Breakdown
Fellowship has allocated $1.5 million for media campaigns supporting Republican candidates across three states. The spending includes $300,000 backing Clay Fuller, who secured victory in Marjorie Taylor Greene’s previous Georgia House district. An additional $850,000 supports Nate Morris in Kentucky’s U.S. Senate contest, while $350,000 aids incumbent Nebraska Senator Pete Ricketts.
Each of these states has scheduled party primary elections for May.
When Fellowship launched in September 2025, the organization stated it had received commitments exceeding $100 million. Despite this claim, FEC documentation revealed zero receipts above $200 during the August through December 2025 timeframe.
This discrepancy between public statements and official records has attracted scrutiny. Fellowship has yet to provide responses to inquiries seeking clarification.
Anchorage Digital’s Involvement
Anchorage Digital characterized its $1 million donation as aligned with its comprehensive engagement approach.
“Anchorage Digital has made a corporate contribution to the Fellowship PAC as part of our broader, bipartisan approach to advancing regulatory clarity for digital assets,” the company said.
In March, Anchorage revealed plans to partner with Chainlink in supporting the Blockchain Leadership Fund, a hybrid PAC structure authorized to make direct candidate contributions.
Questions remain regarding Tether’s ability to make direct contributions to Fellowship. U.S. campaign finance regulations prohibit entities based outside the United States from participating directly in political funding.
Tether US has yet to provide a response to inquiries. Cantor Fitzgerald similarly chose to withhold comment regarding its participation.
The latest FEC documentation encompasses contributions received through March 31, 2026. Donations arriving after this cutoff date await future public disclosure.
