tl;dr
Cantor Fitzgerald’s SPAC, Cantor Equity Partners 1, is negotiating to acquire over $3 billion in Bitcoin from Adam Back’s Blockstream Capital by issuing new shares for up to 30,000 BTC. The deal could exceed $4 billion with an additional $800 million raised from outside investors for more Bitcoin pu...
Cantor Fitzgerald’s special-purpose acquisition company, Cantor Equity Partners 1, is reportedly in advanced negotiations to acquire over $3 billion worth of Bitcoin from Adam Back’s Blockstream Capital. The transaction, potentially exceeding $4 billion, involves issuing new shares to Back in exchange for up to 30,000 BTC. This amount roughly equates to $3 billion based on current Bitcoin prices. Furthermore, Cantor intends to raise an additional $800 million from outside investors for further Bitcoin purchases. Upon closing, the SPAC will be renamed BSTR Holdings.
If completed, this deal would resemble a previous $3.6 billion Bitcoin acquisition initiative called Twenty One Capital, launched in April by Cantor Fitzgerald’s Brandon Lutnick with SoftBank and Tether. Together, these two SPACs could amass nearly $10 billion in Bitcoin this year, positioning Cantor as a leading institutional buyer in the cryptocurrency space. Adam Back, who co-founded Blockstream and invented Hashcash, would exchange his Bitcoin holdings for equity in the public company, with Blockstream Capital’s stake increasing alongside additional Bitcoin purchases funded through new capital raises.
Brandon Lutnick, named chair of Cantor Fitzgerald in February following his father’s appointment as US Commerce Secretary, is spearheading this strategic push. The approach mirrors a popular strategy employed by companies like Strategy, who raise equity or issue convertible bonds to bolster Bitcoin treasuries. The timing coincides with ongoing regulatory discussions dubbed “Crypto Week,” where multiple digital asset bills are debated in the House. Notably, this move aligns with President Donald Trump’s deregulatory policies favoring crypto market growth, which executives believe could facilitate significant balance sheet allocations to Bitcoin.
The transaction must gain shareholder approval and undergo Securities and Exchange Commission scrutiny, particularly of updated disclosures concerning the Bitcoin asset contribution and capital raise. If successful, BSTR Holdings would rank among the world’s largest publicly listed holders of Bitcoin, only behind Strategy and a select group of spot ETF trusts.