Cantor Fitzgerald’s blank‑cheque affiliate is in late‑stage talks to acquire more than $3 billion in Bitcoin (BTC) from Adam Back’s Blockstream Capital through a transaction that could exceed $4 billion, the Financial Times reported on July 15.
Cantor Equity Partners 1, a special‑purpose acquisition company that raised $200 million in a January IPO, would issue new shares to Back in exchange for as much as 30,000 BTC. The amount represents approximately $3 billion at current prices.
Furthermore, the firm intends to seek up to $800 million in additional outside capital for further Bitcoin purchases. Upon completion of the transaction, the vehicle will be renamed BSTR Holdings.
Deal details
If completed, the deal would mirror a $3.6 billion Bitcoin buying venture, Twenty One Capital, that Cantor Fitzgerald’s Brandon Lutnick set up with SoftBank and Tether in April.
Combined, the two SPACs could accumulate nearly $10 billion in Bitcoin this year, positioning Cantor as one of the most active institutional buyers of the asset.
Back is best known for inventing Hashcash and co-founding Blockstream in 2014. As part of the deal, Back will swap the contributed Bitcoin for equity in the public firm.
Blockstream Capital’s stake would rise alongside any subsequent purchases the SPAC finances with newly raised capital. Brandon Lutnick was named chair of Cantor Fitzgerald in February after his father, Howard Lutnick, became US Commerce Secretary.
Cantor’s move follows a playbook popularized by Strategy, whose Bitcoin treasury approach has prompted a wave of corporations and SPACs to raise equity or issue convertible bonds to buy BTC outright.
Timing and regulatory backdrop
Negotiators aim to finalize terms as early as this week, placing the announcement in the midst of what Republican lawmakers have branded “Crypto Week,” during which the House is debating multiple digital asset bills.
Cantor’s push also aligns with President Donald Trump’s deregulatory stance toward crypto markets, a shift that executives describe as conducive to large balance sheet allocations.
The transaction would require shareholder approval and review by the Securities and Exchange Commission of updated disclosures detailing the Bitcoin contribution and capital raise.
Should the SPAC complete its acquisition and subsequent fundraising, BSTR Holdings would emerge as one of the world’s largest listed holders of Bitcoin, trailing only Strategy and a handful of spot ETF trusts.
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