Cantor Fitzgerald in $3 Billion Bitcoin Deal with Blockstream

Brandon Lutnick, chairman of Cantor Fitzgerald, is in advanced discussions with Adam Back, an early bitcoin advocate and CEO of Blockstream, for a potential bitcoin treasury deal valued at over $3 billion. The deal involves Cantor Equity Partners 1 acquiring 30,000 BTC from Back and his Blockstream Capital. In exchange, Back would receive equity in the vehicle, which would be renamed BSTR Holdings. The firm also aims to raise an additional $800 million in external capital.

A final agreement could be announced in the coming days, although the terms are still being finalized. This news follows Cantor Fitzgerald's previous bitcoin investment vehicle, Twenty One Capital, which was supported by major firms such as SoftBank, Tether, and Bitfinex. Twenty One Capital was led by Jack Mallers, the CEO of the bitcoin-focused payments app Strike. This trend of converting publicly-traded companies into crypto treasury strategies has been gaining traction, with investors acquiring digital assets like BTC, Ethereum's ether, or Solana's SOL.

Back has personally supported several bitcoin-focused companies this year, including Sweden’s H100 Group and France’s Blockchain Group. This deal, if finalized, would mark a significant milestone in the integration of bitcoin into traditional financial structures, further legitimizing the cryptocurrency as a viable asset class.