Cantor Fitzgerald is reportedly finalising a deal with Blockstream, the blockchain company co-founded by cryptography pioneer Adam Back, to acquire over $3 billion worth of Bitcoin through a special purpose acquisition company (SPAC).
According to multiple news reports citing unnamed sources, Blockstream is set to contribute up to 30,000 Bitcoin to Cantor Equity Partners 1, a SPAC that raised $200 million earlier this year. In exchange, Blockstream will receive shares in the vehicle, which will be rebranded as BSTR Holdings upon completion of the transaction.
Sources indicate that the agreement could be signed by the end of this week, although final terms remain under discussion. Plans are also in place to raise an additional $800 million to push the total value of the transaction beyond $4 billion. If successful, the deal would cement Cantor Fitzgerald’s position as one of the world’s most active institutional buyers of Bitcoin.
Beyond serving as a Bitcoin holding entity, BSTR Holdings is expected to expand into advisory, asset management, and broader financial services, with Blockstream CEO Adam Back likely to serve as the public face of the venture. Back, known for inventing the Hashcash algorithm cited in the original Bitcoin whitepaper, is one of the few early cryptographers who communicated directly with Bitcoin creator Satoshi Nakamoto.
The initiative is being spearheaded by Brandon Lutnick, who took over as Cantor Fitzgerald chairman earlier this year after his father, Howard Lutnick, was appointed U.S. commerce secretary. Cantor’s strategy mirrors Michael Saylor’s approach at MicroStrategy, focusing on maximising Bitcoin per share through SPACs and hybrid financial products targeted at traditional market investors.
This marks Cantor Fitzgerald’s second major Bitcoin acquisition push in 2025. In April, it teamed up with Tether, Bitfinex, and SoftBank to launch Twenty One Capital, a publicly traded entity seeded with $3 billion in Bitcoin. That initiative included a $350 million convertible bond offering and a $200 million private equity round for further purchases.
Just a month earlier, the firm announced a $2 billion Bitcoin financing programme, tapping Anchorage Digital and Copper.co as custodians and collateral managers.
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