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Cantor Fitzgerald is reportedly in talks with Adam Back co-founded blockchain company Blockstream, to acquire over $3 billion in Bitcoin through a SPAC deal.
According to multiple news reports citing unnamed sources, Blockstream is expected to contribute up to 30,000 Bitcoin to Cantor Equity Partners 1, a special purpose acquisition company (SPAC) that raised $200 million in January.
In return, Blockstream would receive shares in the Cantor-backed vehicle, which is set to be renamed BSTR Holdings.
Notably, the deal is close to finality and could be signed by the end of this week, although sources say terms are still subject to change.
There are also plans to raise additional capital of up to $800 million and push the total value of the transaction above $4 billion. If the deal is signed, Cantor Fitzgerald would become one of the most active institutional buyers of Bitcoin globally.
The planned BSTR Holdings entity is also expected to expand beyond simply holding Bitcoin. Reports suggest it may offer advisory, asset management, and financial services, with Blockstream CEO Adam Back positioned as the public face of the company.
Back is a key figure in Bitcoin’s early development and one of the few who directly corresponded with Satoshi Nakamoto. He is best known for his work on the Hashcash algorithm, which was cited in the original Bitcoin whitepaper.
The initiative is being led by Brandon Lutnick, who took over as Cantor Fitzgerald chairman earlier this year after his father, Howard Lutnick, joined the Trump administration as commerce secretary.
The firm is aligning itself with the current U.S. administration’s more crypto-friendly stance by leveraging public vehicles to increase direct exposure to Bitcoin.
Cantor’s approach focuses on maximizing Bitcoin per share, drawing comparisons to Michael Saylor’s playbook at Strategy. The firm aims to use SPACs and hybrid financial products to gain Bitcoin exposure while targeting traditional market investors.
This would be Cantor Fitzgerald’s second major Bitcoin acquisition venture in 2025. In April, it partnered with Tether, Bitfinex, and SoftBank to form Twenty One Capital, a publicly traded vehicle seeded with $3 billion in Bitcoin. That project also included a $350 million convertible bond and a $200 million private equity round for additional purchases.
The month before, Cantor had announced a $2 billion Bitcoin financing initiative, with Anchorage Digital and Copper.co acting as custodians and collateral managers.
English (US) · 