Bitcoin News Today: Cantor Fitzgerald to Acquire 30,000 Bitcoin for $3.5 Billion

Cantor Fitzgerald, a prominent financial services firm, is reportedly planning to acquire 30,000 Bitcoin from Adam Back’s Blockstream Capital, valued at approximately $3.5 billion. This significant purchase is set to be facilitated through Cantor Equity Partners 1, a special purpose acquisition company (SPAC) that Cantor Fitzgerald controls. The deal involves Blockstream Capital contributing the Bitcoin in exchange for shares in the SPAC, which will be renamed BSTR Holdings upon completion. Additionally, the SPAC plans to raise up to $800 million in outside capital to further expand its Bitcoin holdings, potentially bringing the total deal value to over $4 billion.

This acquisition is part of Cantor Fitzgerald's aggressive strategy to position itself as a leading institutional buyer of Bitcoin and other cryptocurrencies. The move aligns with a broader trend where companies are strategizing around maximizing Bitcoin per share rather than just earnings per share. This is the second major Bitcoin purchase by Cantor Fitzgerald this year, following a $3.6 billion venture with SoftBank and Tether in April. Combined, Cantor's total Bitcoin and crypto acquisitions this year could reach nearly $10 billion through BSTR Holdings and Twenty One Capital.

Brandon Lutnick, the 27-year-old son of US Commerce Secretary Howard Lutnick, is close to finalizing the deal. He became chair of the finance firm in February after his father was confirmed as a trade official. The deal is expected to be finalized in the coming days, potentially during what Republican lawmakers have dubbed "crypto week" as they debate legislation tied to digital currencies. However, it is important to note that the terms of the deal could still change.

Adam Back, the founder of Blockstream, is a pioneer in the cryptocurrency industry. His Hashcash proof-of-work system is foundational to securing the Bitcoin blockchain. Back co-founded Blockstream in 2014 with backing from Khosla Ventures and Baillie Gifford. He has also made recent personal investments in Bitcoin firms across Europe, including a €5 million equity investment in France’s The Blockchain Group and a $15 million convertible bond for Swedish health tech and Bitcoin treasury firm H100 Group.

This acquisition underscores Cantor Fitzgerald's commitment to expanding its presence in the cryptocurrency market and its belief in the long-term potential of Bitcoin as a store of value. The move is part of a broader trend of Bitcoin-native capital formation as companies strategize around maximizing BTC per share rather than just earnings per share. This acquisition would be Cantor Fitzgerald's second major Bitcoin purchase this year, following a $3.6 billion venture with SoftBank and Tether in April. Combined, Cantor's total Bitcoin and crypto acquisitions this year could reach nearly $10 billion through BSTR Holdings and Twenty One Capital.