Crypto PAC Fellowship Discloses $11M in Funding from Cantor Fitzgerald and Anchorage Digital

TLDR

• Fellowship PAC raised $11M: $10M from Cantor Fitzgerald and $1M from Anchorage Digital
• The PAC has spent $3M on ads through Nxum Group, co-founded by Tether US CEO Bo Hines
• Fellowship is backing Republican candidates in Georgia, Kentucky, and Nebraska
• The PAC originally claimed $100M in pledged backing at its September 2025 launch
• Cantor Fitzgerald’s treasurer Mitchell Nobel also serves as Fellowship’s treasurer

Fellowship PAC, a crypto-aligned political action committee, has disclosed $11 million in contributions in a filing with the Federal Election Commission (FEC).

The funding came from two sources: $10 million from financial services firm Cantor Fitzgerald and $1 million from Anchor Labs, the company behind crypto bank Anchorage Digital. Both contributions were made in January 2026.

The PAC is led by Tether’s head of government affairs and has ties to several key figures in the crypto and political world. Tether US CEO Bo Hines, who previously served as President Trump’s crypto adviser, co-founded Nxum Group, the marketing firm that received $3 million from Fellowship for advertising.

Hines left his White House role last year to join Tether. Before that, Nxum donated $1 million in billboard ads to MAGA Inc. in 2024.

Cantor Fitzgerald’s connection to Fellowship runs deep. The firm handles reserves for Tether’s stablecoin business. Its former chief, Howard Lutnick, now serves as Trump’s Commerce Secretary. Mitchell Nobel, Cantor’s director of digital asset strategy, is listed as Fellowship’s treasurer.

Where the Money Is Going

Fellowship has directed $1.5 million toward media buys for Republican candidates in three states. That includes $300,000 to support Clay Fuller, who recently won Marjorie Taylor Greene’s former Georgia House seat. Another $850,000 is backing Nate Morris in Kentucky’s U.S. Senate race, and $350,000 supports incumbent Nebraska Senator Pete Ricketts.

All three states are scheduled to hold party primaries in May.

The PAC announced at its September 2025 launch that it had over $100 million in pledged backing. However, FEC filings showed no receipts over $200 between August and December 2025.

That gap between the announced figure and what has been disclosed is drawing attention. Fellowship has not yet responded to requests for comment.

Anchorage Digital’s Position

Anchorage Digital described its $1 million contribution as part of a broader strategy.

Anchorage also announced in March that it would join Chainlink to support the Blockchain Leadership Fund, a hybrid PAC that can contribute directly to candidates.

Whether Tether itself can contribute to Fellowship directly remains unclear. Non-U.S. entities are not allowed to participate directly in U.S. campaign finance.

Tether US did not respond to a request for comment. Cantor Fitzgerald also declined to comment on its involvement.

The most recent FEC filing covers contributions through March 31, 2026. Any funding received after that date has not yet been disclosed publicly.

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