Cantor Fitzgerald SPAC Eyes $3B Bitcoin Deal with Adam Back

Cantor Fitzgerald SPAC May Buy 30,000 BTC From Adam Back

Brandon Lutnick, chairman of Wall Street investment bank Cantor Fitzgerald, is reportedly in advanced discussions with Adam Back, a key early Bitcoin advocate and the CEO of Blockstream. The potential deal involves a significant Bitcoin treasury acquisition, estimated to be worth over $3 billion, according to the Financial Times.

Lutnick’s special purpose acquisition company (SPAC), Cantor Equity Partners 1, is considering acquiring 30,000 BTC (approximately $3.5 billion at current market prices) from Back. In exchange, Back would receive equity in the SPAC, which would subsequently be rebranded as BSTR Holdings. The entity also intends to raise an additional $800 million in outside capital.

The final agreement is expected to be finalized in the coming days, although the specific terms are still under negotiation.

This news follows Cantor Fitzgerald's previous venture into the crypto space with Twenty One Capital, a bitcoin investment vehicle supported by SoftBank, Tether, and Bitfinex. Headed by Jack Mallers, CEO of the bitcoin payments app Strike, this move aligns with a growing trend where public companies adopt crypto treasury strategies, raising capital to invest in digital assets like BTC, Ethereum (ETH), and Solana (SOL).

Adam Back has been actively supporting various bitcoin-centric companies this year, including Sweden’s H100 Group and France’s Blockchain Group.

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