Fellowship PAC

Fellowship PAC is a Cryptocurrency-aligned political action committee chaired by Jesse Spiro, a Tether US executive, with Mitchell Nobel of Cantor Fitzgerald as finance director. Its Q1 2026 FEC filing, submitted on 15 April 2026, disclosed $11 million in receipts: $10 million from Cantor Fitzgerald in January and $1 million from Anchorage Digital — with Bloomberg first confirming the donor identities. The filing resolves the previous mystery of zero federal records, but leaves $89 million of the PAC's publicly claimed $100 million war chest unsupported by any FEC disclosure.

The PAC first attracted scrutiny in early 2026 when it claimed a nine-figure war chest while filing nothing in contributions through the first two quarters. The Q1 2026 filing confirms that Cantor Fitzgerald is by FAR the largest disclosed donor, and that the PAC's finance director Mitchell Nobel sits at Cantor — making the $10 million a transfer between closely connected parties. The Anchorage Digital $1 million links Fellowship to a second major crypto firm. The spending side — where the $100 million has been or will be deployed — remains undisclosed.

The $89 million gap is consistent with one of three explanations: pledges not yet converted to wire transfers, non-cash commitments requiring special FEC treatment, or public claims that exceeded actual fundraising. Fellowship PAC's opacity sits at the outer edge of a broader crypto-PAC transparency problem: Fairshake itself shows a comparable gap between claimed and filed figures.

Fellowship PAC's Paxton spending unravelled in May 2026. The $1.75 million independent expenditure backing Ken Paxton in the 26 May Texas Senate Republican primary runoff was scrubbed after reported pressure from NRSC-aligned figures including Commerce Secretary Howard Lutnick, who fielded GOP leadership inquiries over the unverified ad. GNCrypto News confirmed the advertisement was never confirmed to have aired, and by mid-May the PAC had withdrawn or paused the buy.

The climbdown is the most significant reversal of crypto-PAC influence in the 2026 cycle to date. Fellowship PAC's remaining disclosed disbursements — $350,000 for Barry Moore (Alabama), $350,000 for Mike Collins (Georgia), $350,000 for Julia Letlow (Louisiana), and $250,000 for Blake Miguez (Louisiana) — are unaffected, but the PAC's credibility as an independent spender is damaged. The Alabama Moore disbursement was deployed in a race that was subsequently voided by the Callais-driven primary nullification.

The FEC monthly filing covering April activity was due around 20 May 2026; that filing will show whether the Paxton withdrawal is reflected in formally cancelled IEs or whether the spending was booked but the ads simply did not run. The $89 million gap between Fellowship PAC's publicly claimed $100M war chest and its $11M FEC-filed receipts remains unexplained. With the Paxton buy pulled under GOP pressure and $350,000 deployed in a voided Alabama race, the PAC enters the general election cycle with its flagship Texas play collapsed and its financial credibility unresolved.