Ken Paxton is getting half a million dollars from a crypto-backed political committee. The Fellowship PAC, an $11 million fund supported by Cantor Fitzgerald and Anchorage Digital, disclosed to the Federal Election Commission that it plans to spend $500,000 backing the Texas attorney general in his bid for a US Senate seat.
A Bipartisan Push
The spending on Paxton is separate from another crypto-aligned group making noise this week. The Blockchain Leadership Fund, backed by Chainlink Labs and Anchorage Digital, announced its endorsement of 10 candidates across seven states for the 2026 midterm elections — four running for US Senate and six for the House of Representatives.
The list crosses party lines. Republicans Barry Moore, Kurt Alme, and Jon Husted are among those picked for Senate races in Alabama, Montana, and Ohio. Democrat Angie Craig is backed for the Minnesota Senate race, while Adrian Boafo, Christian Menefee, and Don Davis received endorsements for House runs in Maryland, Texas, and North Carolina.
Blockchain Leadership funding. Source: FEC
Anchorage Digital said bipartisan engagement is central to its approach. “We remain committed to supporting responsible innovation and constructive policymaking that brings digital assets further into the regulatory perimeter and strengthens trust in the ecosystem,” a spokesperson said.
Small Fund, Big Company
Despite backing from two prominent crypto firms, the Blockchain Leadership Fund has raised relatively little so far. FEC filings show $175,000 in total contributions — $100,000 from Anchorage and $75,000 from Chainlink.
That figure stands in sharp contrast to Fairshake, a separate crypto PAC whose affiliates have already spent millions in some of the same races.
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The Defend American Jobs PAC, a Fairshake affiliate, dropped a combined $8.5 million on media for some of the same candidates the Blockchain Leadership Fund is now endorsing.
Another affiliate, Protect Progress, spent more than $4.1 million backing Menefee in Texas and over $2 million supporting Boafo in Maryland.
The Blockchain Leadership Fund said it may endorse additional candidates before November who support responsible digital asset policy.
Texas Takes Center Stage
The Texas Senate race is drawing the most attention — and the most money. US President Donald Trump announced his support for Paxton over incumbent Republican John Cornyn, and crypto money followed.
The Fellowship PAC’s $500,000 commitment to Paxton came after a reported earlier withdrawal of support, which had been linked to pressure connected to Commerce Secretary Howard Lutnick.
Paxton and Cornyn are heading into a Republican primary runoff. On the Democratic side, State Representative James Talarico, who won his primary in March, will face whichever Republican emerges from that contest.
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