Brandon Lutnick, son of U.S. Commerce Secretary Howard Lutnick, is in advanced discussions to lead a multi-billion dollar transaction involving the purchase of Bitcoin through a special purpose acquisition company (SPAC) associated with Cantor Fitzgerald.
Cantor Equity Partners 1, a SPAC that raised $200 million in a January initial public offering, is negotiating with Adam Back, founder of Blockstream Capital, to acquire over $3 billion worth of Bitcoin, according to two people familiar with the talks.
The transaction could also include up to $800 million in additional outside capital, bringing the potential total deal size to more than $4 billion.
This proposed deal follows a previous $3.6 billion arrangement in April involving Lutnick, SoftBank, and Tether.
Both transactions reflect Cantor Fitzgerald’s approach of using publicly listed shell companies to acquire Bitcoin.
The firm has undergone a recent leadership transition, with Howard Lutnick transferring control to his children in May.
As part of the agreement, Back is in discussions to contribute approximately 30,000 Bitcoin, currently valued at over $3 billion, in exchange for equity in Cantor Equity Partners 1.
The company would be renamed BSTR Holdings under the terms being considered. People familiar with the negotiations said a final agreement could be announced as early as this week, though the structure of the deal remains subject to change.
The potential timing would coincide with legislative discussions on digital assets, a period some lawmakers have referred to as “crypto week.”
If completed, the deal would significantly expand Cantor Fitzgerald’s exposure to Bitcoin.
Combined with another entity, Twenty One Capital, the firm’s total Bitcoin-related purchases could approach $10 billion this year.
The Cantor-Blockstream discussions are part of a broader trend of SPACs being used as vehicles for large-scale Bitcoin acquisitions, a model similar to that used by Strategy, a firm known for holding significant Bitcoin reserves.