Cantor Fitzgerald plans $3.5B Bitcoin buy from Adam Back’s Blockstream: Reports

American fiscal services steadfast Cantor Fitzgerald is reportedly readying to get much than $3.5 cardinal worthy of Bitcoin from Adam Back’s Blockstream Capital. 

Brandon Lutnick, the 27-year-old lad of US Commerce Secretary Howard Lutnick, is adjacent to finalizing a woody to acquisition Bitcoin (BTC) done his steadfast Cantor Fitzgerald, according to reports successful the Financial Times and Bloomberg connected Tuesday that cited radical acquainted with the matter. 

The woody involves Cantor Equity Partners 1, a blank-check peculiar intent acquisition institution (SPAC) that raised $200 cardinal successful January, and Blockstream Capital, a crypto trading radical founded by Bitcoin pioneer Adam Back.

BlockStream could swap 30,000 BTC for Cantor stake

BlockStream would reportedly lend arsenic overmuch arsenic 30,000 Bitcoin, presently worthy $3.5 billion, successful speech for shares successful the Cantor vehicle, which would beryllium renamed BSTR Holdings.

The woody besides includes plans to rise up to $800 cardinal successful further extracurricular superior for further Bitcoin purchases.

The Financial Times reported a woody could travel arsenic aboriginal arsenic this week, but the presumption of it could inactive change. 

Brandon Lutnick (left) celebrates his begetter Howard Lutnick’s (right) birthday. Source: Brandon Lutnick

Cantor diving into Bitcoin 

If completed, the woody would marque Cantor 1 of the world’s apical Bitcoin buyers, and its combined crypto purchases betwixt its 2 vehicles, BSTR Holdings and Twenty One Capital, could scope astir $10 cardinal this year, the reports noted. 

The latest quality follows a erstwhile $3.6 cardinal crypto deal Cantor Fitzgerald made with SoftBank and Tether successful April to make the Bitcoin acquisition company. 

Brandon Lutnick became seat of the concern steadfast successful February aft his begetter was confirmed arsenic Trump’s commercialized official.

Strategy copycats emerging 

The determination is portion of a broader inclination of Bitcoin-native superior enactment arsenic companies strategize astir maximizing BTC per stock alternatively than conscionable net per share.

Related: Maple Finance, FalconX unafraid Bitcoin-backed loans from Cantor Fitzgerald

Twenty One Capital aims to emulate Michael Saylor’s Strategy, which has accumulated $70 cardinal worthy of Bitcoin since 2020. Cantor closed its archetypal Bitcoin lending woody successful May. 

Back is simply a notable fig successful the past of Bitcoin, arsenic his 1997 Hashcash cryptographic enactment was cited by Bitcoin's pseudonymous creator, Satoshi Nakamoto, and became foundational to Bitcoin’s proof-of-work consensus. 

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