Cantor Fitzgerald, a major player in global finance, is preparing to buy $3.5 billion worth of Bitcoin through a special-purpose acquisition company (SPAC) tied to Blockstream, the firm led by well-known Bitcoin advocate and cryptographer Adam Back. This potential deal underscores the growing institutional appetite for digital assets and positions Cantor as a key force in the Bitcoin investment space.
The SPAC involved—Cantor Fitzgerald’s Equity Partners 1—will reportedly acquire around 30,000 BTC as part of the transaction. At current market prices, that puts the deal’s value at approximately $3.5 billion. The SPAC is expected to be renamed BSTR Holdings after the merger is completed.
Swapping Bitcoin for Equity
In this transaction, Adam Back and Blockstream Capital will exchange their Bitcoin holdings for shares in BSTR Holdings. This shift reflects a growing trend among crypto companies opting for traditional financial structures to expand their influence and raise capital.
Beyond the main purchase, the SPAC also plans to raise up to $800 million in additional funds, which would be used for further Bitcoin purchases. If successful, the total value of the Bitcoin-related investments under Cantor’s control through this deal could easily exceed $4 billion, making it one of the most ambitious institutional Bitcoin acquisitions to date.
Deal Could Close Imminently
Sources close to the negotiations suggest that the deal could be finalized as early as this week. However, the terms are still fluid and may change depending on market conditions and regulatory developments.
If the transaction is completed as planned, Cantor Fitzgerald will solidify its position as a major institutional holder of Bitcoin. Combined with its other recent crypto-related ventures, Cantor may soon control or influence over $10 billion in cryptocurrency assets—a staggering figure that would place it among the largest corporate Bitcoin holders globally.
This deal follows another high-profile SPAC initiative by Cantor Fitzgerald earlier this year. In April, the firm led a separate acquisition involving SoftBank and Tether, also aimed at acquiring a large volume of Bitcoin.
SPACs—companies created specifically to merge with or acquire other firms—have become a strategic vehicle for institutional crypto accumulation. These blank-check companies offer a regulated and relatively fast-track method for bringing crypto ventures into public markets or consolidating large asset holdings.
For Cantor, the use of multiple SPACs reflects a deliberate strategy to ramp up crypto exposure while navigating traditional finance channels. It also signals broader market confidence in Bitcoin as a long-term investment asset.
Brandon Lutnick: Leading Cantor’s Crypto Push
A key figure behind this move is Brandon Lutnick, who now serves as chair of Cantor Fitzgerald. He is the son of Howard Lutnick, Cantor’s CEO and a major figure in U.S. business and government circles.
Brandon has been actively leading the firm’s push into cryptocurrency. Under his leadership, Cantor appears to be following a model similar to that of MicroStrategy CEO Michael Saylor, who famously prioritized Bitcoin accumulation as a primary corporate strategy. Rather than focusing solely on traditional metrics like earnings per share, Lutnick and his team are emphasizing Bitcoin holdings as a core asset class.
Adam Back: Crypto Pioneer at the Center of the Deal
This high-stakes acquisition also puts Adam Back, co-founder and CEO of Blockstream, back in the spotlight. Back is a highly respected figure in the crypto world. His invention of Hashcash in the late 1990s laid the groundwork for Bitcoin’s proof-of-work consensus model.
Over the years, Back has been an outspoken supporter of Bitcoin and a critic of central bank policies. His company, Blockstream, has played a central role in Bitcoin development, infrastructure, and layer-2 solutions.
Through this deal, Back and Blockstream are not just trading Bitcoin for equity—they’re bringing deep technical and ideological Bitcoin roots into a Wall Street financial structure. This merging of traditional finance and crypto-native ideology reflects the evolution of institutional interest in digital assets.
A $10 Billion Crypto Bet?
Taken together, Cantor Fitzgerald’s SPAC activity could represent one of the largest institutional bets on Bitcoin ever made. If the firm follows through with its funding and acquisition plans across all its SPACs, it may hold or influence over $10 billion worth of Bitcoin.
That level of exposure puts Cantor in the same conversation as other major Bitcoin-holding institutions like MicroStrategy, Tesla, and Grayscale. Unlike those companies, however, Cantor is using SPAC mergers and capital raises to consolidate crypto positions—an approach that may set a precedent for other financial giants exploring similar strategies.
A Wall Street–Crypto Convergence
Cantor Fitzgerald’s upcoming $3.5 billion Bitcoin deal with Blockstream shows just how far the lines have blurred between Wall Street and the crypto industry. This partnership represents not just a transfer of Bitcoin assets but a deeper alignment between traditional finance and the decentralized ethos of cryptocurrency.
As Cantor ramps up its crypto investments and regulatory clarity around digital assets improves, the firm is emerging as one of the boldest institutional players in Bitcoin’s next chapter. With Adam Back’s leadership and Brandon Lutnick’s strategic direction, this deal could redefine how large-scale Bitcoin accumulation is handled in global markets.
