Bitcoin News Today: Cantor Fitzgerald to Acquire 30,000 Bitcoin in $4 Billion Deal

Cantor Fitzgerald, a prominent Wall Street investment bank, is reportedly in the final stages of negotiations with Adam Back, the founder of Blockstream Capital, to acquire approximately 30,000 Bitcoin in a deal valued at around $4 billion. This acquisition is set to be facilitated through Cantor Equity Partners 1, a special-purpose acquisition company (SPAC) that Cantor Fitzgerald launched in January with $200 million from its initial public offering (IPO). The SPAC will issue new shares to Back in exchange for the Bitcoin, with plans to raise an additional $800 million in outside capital for further Bitcoin purchases. Upon completion of the transaction, the vehicle will be renamed BSTR Holdings.

Brandon Lutnick, the Chairman of Cantor Fitzgerald, is leading these discussions, which are said to be in the late stages. This deal mirrors a previous $3.6 billion Bitcoin acquisition in April, which was also directed by Lutnick and involved SoftBank and Tether. The combined efforts of Cantor’s SPAC, BSTR Holdings, and Twenty One Capital could potentially accumulate nearly $10 billion in Bitcoin this year. This move underscores Cantor Fitzgerald's growing institutional interest in Bitcoin and its commitment to expanding its presence in the cryptocurrency market.

Adam Back, a long-time advocate for institutional adoption of Bitcoin, has been a significant supporter of the cryptocurrency industry. He has personally funded several Bitcoin-focused companies, including a $15 million convertible bond for the Swedish health technology and Bitcoin treasury company H100 Group in June. Back's involvement in this deal further solidifies his role as a key figure in promoting Bitcoin's mainstream acceptance.

The trend of crypto investors turning to SPACs or reverse mergers to publicly list their ventures is on the rise. Recently, David Bailey, a crypto adviser to the Trump administration, led Nakamoto Holdings in raising $51.5 million for its Bitcoin treasury firm, which plans to go public via a merger with KindlyMD. Additionally, Anthony Pompliano announced a $1 billion business merger to create a Bitcoin-native firm, ProCap Financial, which will go public through a SPAC with Columbus Circle Capital Corp. If completed, the Cantor SPAC deal would be the latest in a series of high-profile acquisitions aimed at buying Bitcoin, further cementing the cryptocurrency's role in the financial landscape.