Cantor Fitzgerald, a prominent American financial services firm, is reportedly preparing to acquire over $3.5 billion worth of Bitcoin from Adam Back’s Blockstream Capital.
The deal, if completed, could make Cantor one of the largest institutional Bitcoin holders in the world.
The acquisition would take place through Cantor Equity Partners 1, a special purpose acquisition company (SPAC) that raised $200 million earlier this year.
The SPAC, chaired by Brandon Lutnick—the 27-year-old son of U.S. Commerce Secretary Howard Lutnick—is said to be finalizing terms with Blockstream Capital, according to reports from Bloomberg and the Financial Times.
Blockstream to Trade Bitcoin for Equity
As part of the agreement, Blockstream is expected to contribute up to 30,000 BTC, currently valued at approximately $3.5 billion, in exchange for a stake in the SPAC.
The company will reportedly be renamed BSTR Holdings following the transaction.
In addition to the Bitcoin transfer, the deal includes provisions to raise an additional $800 million in capital to fund more Bitcoin acquisitions in the future.
While a final agreement could be reached as early as this week, sources familiar with the discussions have cautioned that the terms remain subject to change.
Cantor’s Growing Crypto Footprint
This is not Cantor’s first foray into the digital asset space.
In April, the firm partnered with SoftBank and Tether on a $3.6 billion venture to launch a Bitcoin acquisition vehicle.
When combined with this latest initiative, Cantor’s total planned Bitcoin-related investments could reach close to $10 billion in 2025.
Brandon Lutnick, who assumed leadership of Cantor Fitzgerald in February following his father’s appointment as a trade official under former President Donald Trump, is spearheading the firm’s crypto strategy.
A Shift in Corporate Strategy
Cantor’s aggressive move into the crypto sector reflects a broader industry shift toward building BTC-centric financial vehicles.
These strategies prioritize maximizing Bitcoin per share (BTC/share) over traditional earnings per share (EPS) metrics.
Twenty One Capital, another Cantor-backed venture, is also adopting this philosophy, taking inspiration from MicroStrategy’s approach under Michael Saylor.
Since 2020, Saylor’s company has amassed around $70 billion in Bitcoin.
Cantor, for its part, closed its first Bitcoin lending deal earlier this year in May.
Bitcoin Legacy and Leadership
The involvement of Adam Back in the transaction adds historical significance.
Back is a longtime Bitcoin advocate and founder of Blockstream.
His work on the Hashcash protocol in 1997 was referenced by Satoshi Nakamoto in the original Bitcoin whitepaper, forming the foundation of the cryptocurrency’s proof-of-work system.
If the deal moves forward as expected, it will underscore the increasing institutional appetite for Bitcoin and position Cantor Fitzgerald as a central player in this new era of digital finance.