Fellowship PAC
Crypto super PAC; cash fell to $865,505 in May, now a net spender.
Last refreshed: 17 July 2026 · Appears in 1 active topic
After pulling the Paxton ad under party pressure, is Fellowship PAC's $100M war chest real or theatre?
Timeline for Fellowship PAC
Mentioned in: Moore and Wess win Alabama runoffs
US Midterms 2026Reported cash on hand falling to $865,505 across May
US Midterms 2026: Fellowship PAC cash halves in a monthMentioned in: Paxton routs Cornyn despite nine-to-one spend
US Midterms 2026Amended FEC filing to remove $1.75M Paxton independent expenditure after GOP pressure
US Midterms 2026: Crypto PAC pulls Paxton ad under GOP pressureDisclosed $3M-plus in independent expenditures including $1.75M backing Paxton in Texas Senate runoff
US Midterms 2026: Fellowship PAC drops $3M on GOP racesBackground
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 PAC's June Monthly FEC filing, filed 18 June and covering through 31 May, shows cash on hand falling from $1,715,505 to $865,505 across May on zero receipts, having added just $300,000 in April. Fellowship PAC is now a net spender rather than a net fundraiser, even as it continues to publicly claim a $100 million war chest against $11.3 million in disclosed federal receipts.