tl;dr
Brandon Lutnick, son of U.S. Commerce Secretary Howard Lutnick, is forming a multibillion-dollar Bitcoin acquisition vehicle named 21 Capital in partnership with SoftBank, Tether, and Bitfinex. The venture will receive $3 billion in Bitcoin: $1.5 billion from Tether, $900 million from SoftBank, and ...
Brandon Lutnick is forming a multibillion-dollar Bitcoin acquisition vehicle called 21 Capital, in partnership with SoftBank, Tether, and Bitfinex, backed by $3 billion in Bitcoin.
The venture will operate through Cantor Equity Partners, leveraging its previous crypto initiatives and coinciding with Howard Lutnick’s appointment as U.S. Commerce Secretary.
21 Capital aims to be a publicly listed alternative to MicroStrategy, with partners converting Bitcoin investments into shares valued at $10 each, implying a Bitcoin price of $85,000 per coin.
The deal consists of $1.5 billion from Tether, $900 million from SoftBank, and $600 million from Bitfinex, with the special-purpose acquisition company Cantor Equity Partners acting as the launchpad after raising $200 million earlier this year.
This move aligns with the Trump administration's more favorable and accommodative stance on cryptocurrency trading, as Bitcoin’s price recovered to $93,100 after earlier fluctuations, having peaked at around $106,000 earlier in the year.
While the announcement of this venture is expected soon, the deal may not materialize, and the figures involved remain subject to change.