Key Highlights
- Fellowship PAC secured $11M in total contributions: $10M from Cantor Fitzgerald, $1M from Anchorage Digital
- $3M allocated to advertising expenditures via Nxum Group, a company co-founded by Bo Hines, Tether US CEO
- The political action committee supports GOP candidates across Georgia, Kentucky, and Nebraska
- At its September 2025 launch, Fellowship announced $100M in committed support
- Mitchell Nobel, Cantor Fitzgerald’s treasurer, holds the same position at Fellowship
A crypto-focused political action committee known as Fellowship PAC has reported receiving $11 million in donations according to documents filed with the Federal Election Commission (FEC).
The contributions originated from two major sources: financial services powerhouse Cantor Fitzgerald contributed $10 million, while Anchor Labs, the parent entity of cryptocurrency banking platform Anchorage Digital, provided $1 million. Both donations were processed during January 2026.
Tether’s government affairs chief leads the PAC, which maintains connections to prominent figures across cryptocurrency and political spheres. Tether US CEO Bo Hines, who formerly held the position of President Trump’s cryptocurrency adviser, established Nxum Group alongside other founders—the marketing company that Fellowship paid $3 million for promotional services.
Hines departed from his White House position last year to assume his role at Tether. Prior to that transition, Nxum contributed $1 million worth of billboard advertising to MAGA Inc. during 2024.
Cantor Fitzgerald maintains substantial ties to Fellowship. The financial institution manages reserve holdings for Tether’s stablecoin operations. Howard Lutnick, the firm’s previous leader, currently holds the position of Trump’s Commerce Secretary. Mitchell Nobel, who directs Cantor’s digital asset strategy, appears on Fellowship’s records as its treasurer.
Campaign Spending Breakdown
Fellowship has allocated $1.5 million toward media purchases supporting Republican candidates across three states. This includes a $300,000 investment supporting Clay Fuller, who secured victory in Marjorie Taylor Greene’s previous Georgia House district. An additional $850,000 backs Nate Morris in Kentucky’s U.S. Senate contest, while $350,000 supports Nebraska Senator Pete Ricketts in his reelection bid.
Each of these states will conduct party primary elections in May.
When Fellowship launched in September 2025, the organization declared it had secured more than $100 million in committed funding. Despite this announcement, FEC documentation revealed zero receipts exceeding $200 throughout the August through December 2025 period.
This discrepancy between publicly announced figures and officially filed documentation has attracted scrutiny. Fellowship has not provided responses to inquiries regarding the matter.
Anchorage Digital’s Involvement
Anchorage Digital characterized its $1 million donation as aligned with its comprehensive engagement strategy.
“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 it would partner with Chainlink to back the Blockchain Leadership Fund, a hybrid PAC structure capable of making direct candidate contributions.
Questions persist regarding whether Tether itself possesses eligibility to make direct contributions to Fellowship. Federal campaign finance regulations prohibit non-U.S. entities from direct participation in American political fundraising.
Tether US has not issued a response to comment requests. Cantor Fitzgerald similarly declined to provide statements regarding its participation.
The latest FEC documentation encompasses contributions received through March 31, 2026. Funding obtained following that date remains undisclosed in public records.
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