Cantor Fitzgerald Plans Major Bitcoin Acquisition from Blockstream Capital

According to Cointelegraph, American financial services firm Cantor Fitzgerald is reportedly preparing to acquire over $3.5 billion worth of Bitcoin from Blockstream Capital, founded by Bitcoin pioneer Adam Back. Brandon Lutnick, the 27-year-old son of U.S. Commerce Secretary Howard Lutnick, is nearing the completion of a deal to purchase Bitcoin through Cantor Fitzgerald, as reported by the Financial Times and Bloomberg. The transaction involves Cantor Equity Partners 1, a special purpose acquisition company (SPAC) that raised $200 million in January, and Blockstream Capital, a crypto trading group. Blockstream is expected to exchange up to 30,000 Bitcoin, valued at approximately $3.5 billion, for shares in the Cantor vehicle, which will be renamed BSTR Holdings. Additionally, the deal includes plans to raise up to $800 million in external capital for further Bitcoin acquisitions. The Financial Times suggests that the agreement could be finalized as early as this week, although the terms may still be subject to change. If successful, the acquisition would position Cantor Fitzgerald as one of the leading Bitcoin purchasers globally, with its combined crypto acquisitions through BSTR Holdings and Twenty One Capital potentially reaching nearly $10 billion this year. This development follows a previous $3.6 billion crypto deal Cantor Fitzgerald executed with SoftBank and Tether in April to establish a Bitcoin acquisition company. Brandon Lutnick assumed the role of chair of the finance firm in February after his father was appointed as a trade official under U.S. President Donald Trump. The move reflects a broader trend of Bitcoin-native capital formation, as companies focus on maximizing Bitcoin per share rather than solely earnings per share. Twenty One Capital aims to replicate the strategy of Michael Saylor, who has accumulated $70 billion worth of Bitcoin since 2020. Cantor Fitzgerald closed its first Bitcoin lending deal in May. Adam Back is a significant figure in Bitcoin's history, with his 1997 Hashcash cryptographic work cited by Bitcoin's pseudonymous creator, Satoshi Nakamoto, as foundational to Bitcoin’s proof-of-work consensus.