Fellowship PAC's Plot Twist: $100M Mystery Money Still MIA as Cantor and Anchorage Cough Up $11M

The crypto-aligned political action committee led by Tether's head of government affairs has finally pulled back the curtain — or at least cracked it open a inch. In a Wednesday filing with the FEC, Fellowship PAC revealed $11 million in contributions from financial institutions — $10 million from Cantor Fitzgerald and $1 million from Anchor Labs, the company behind crypto bank Anchorage Digital. Better late than never, we guess.

The January 2026 contributions landed alongside $3 million in spending on "issue advocacy advertising" with the Nxum Group, a marketing company co-founded by Bo Hines, Tether US CEO and former White House crypto adviser. Nothing says "educational policy discussion" quite like a three-million-dollar ad buy, amirite?

Here's the kicker: At its September launch, Fellowship claimed to have "over $100 million" from undisclosed crypto industry backers. But FEC filings between August 7, 2025 and December 31, 2025 showed no receipts over $200. The $11 million now disclosed came in January 2026. So let me get this straight — they flexed a nine-figure war chest, then went completely dark for five months, and now we're supposed to be impressed by a measly eleven mil? Cool cool cool, definitely not suspicious at all.

The PAC isn't sitting idle. Beyond the $3 million in advertising costs, it spent over $1.4 million in media buys supporting Republican candidates in Georgia's 14th Congressional District and Senate races in Nebraska and Kentucky — all states with May primaries. Nothing like some well-timed political investment before primary season hits. Timeless strategy, truly.

The crypto industry dumped hundreds of millions on the 2024 election, backing "pro-crypto" candidates and fighting "anti-crypto" opponents. With control of Congress up for grabs, Fellowship's spending signals they're going for round two. The degens have spoken, and apparently they want more seats at the table. Good luck with that.

Treasurer Mitchell Nobel has also been Cantor Fitzgerald's director of digital asset strategy and policy since August 2025, roughly when Fellowship filed its statement of organization with the FEC. A truly shocking development that absolutely no one could have predicted. Move along.

Anchorage announced in March it would join Chainlink to support the Blockchain Leadership Fund, a hybrid PAC allowing direct candidate contributions. An Anchorage spokesperson said they'd make a "meaningful contribution" to be disclosed with the FEC, but no filing was public as of Wednesday. Words are cheap, and apparently so are "meaningful contributions" — at least until the FEC filing shows up. If it ever does.