Key Highlights
- Fellowship PAC secured $11M in total funding: $10M from Cantor Fitzgerald, $1M from Anchorage Digital
- $3M allocated to advertising campaigns via Nxum Group, a firm co-founded by Bo Hines, CEO of Tether US
- The PAC is supporting Republican contenders in Nebraska, Kentucky, and Georgia
- At its September 2025 debut, Fellowship announced $100M in committed support
- Mitchell Nobel, Cantor Fitzgerald’s treasurer, holds the same position at Fellowship
A cryptocurrency-oriented political action committee known as Fellowship PAC has reported receiving $11 million in donations according to documents submitted to the Federal Election Commission (FEC).
The contributions originated from two major sources: Cantor Fitzgerald, a financial services company, provided $10 million, while Anchor Labs, the parent organization of cryptocurrency banking platform Anchorage Digital, contributed $1 million. Both donations were recorded in January 2026.
The political action committee is overseen by Tether’s government affairs director and maintains connections with prominent individuals across the cryptocurrency and political landscapes. Tether US CEO Bo Hines, who formerly worked as President Trump’s cryptocurrency advisor, is a co-founder of Nxum Group, the advertising agency that collected $3 million from Fellowship for media campaigns.
Hines departed from his position at the White House last year to assume his current role at Tether. Previously, Nxum contributed $1 million worth of billboard advertising to MAGA Inc. during 2024.
Cantor Fitzgerald maintains significant ties to Fellowship. The financial institution manages reserve assets for Tether’s stablecoin operations. Howard Lutnick, the firm’s previous leader, currently holds the position of Commerce Secretary under Trump. Mitchell Nobel, who directs Cantor’s digital asset strategy, appears in filings as Fellowship’s treasurer.
Allocation of Campaign Funds
Fellowship has committed $1.5 million toward advertising expenditures supporting Republican candidates across three states. This includes $300,000 backing Clay Fuller, who successfully secured Marjorie Taylor Greene’s previous Georgia House seat. An additional $850,000 is supporting Nate Morris in his Kentucky U.S. Senate campaign, while $350,000 backs Nebraska Senator Pete Ricketts, who is running for reelection.
All three states have scheduled their party primary elections for May.
When Fellowship made its public debut in September 2025, the organization stated it had secured more than $100 million in pledged financial support. Yet, FEC documentation revealed zero contributions exceeding $200 during the period spanning August through December 2025.
This discrepancy between the publicly announced figure and officially reported contributions has sparked interest. Fellowship has not provided responses to inquiries seeking clarification.
Anchorage Digital’s Involvement
Anchorage Digital characterized its $1 million donation as aligned with its comprehensive political 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 it would partner with Chainlink to back the Blockchain Leadership Fund, a hybrid political action committee capable of making direct candidate contributions.
The question of whether Tether can make direct contributions to Fellowship remains unresolved. Federal regulations prohibit foreign entities from directly participating in United States campaign financing.
Tether US has not issued a response to inquiries. Cantor Fitzgerald similarly declined to provide commentary regarding its participation.
The latest FEC documentation encompasses contributions received through March 31, 2026. Funding obtained following that date has not been made available to the public.
