Cantor Fitzgerald Nears $4 Billion Bitcoin Deal with Blockstream’s Adam Back
Cantor Fitzgerald, led by Brandon Lutnick, is in advanced negotiations to acquire up to 30,000 BTC—worth around $3–3.5 billion—from Blockstream Capital, founded by Bitcoin pioneer Adam Back. The deal is structured through Cantor’s SPAC, Cantor Equity Partners 1, which could be rebranded as BSTR Holdings after the transaction.
The plan is to secure $200 million through the SPAC’s IPO and then raise up to $800 million more from outside investors to expand the Bitcoin acquisition beyond the initial 30,000 BTC—bringing the total potential deal to $4 billion+. In exchange, Back and Blockstream Capital would receive equity in BSTR Holdings based on their Bitcoin contribution.
Cantor Fitzgerald is no stranger to large-scale crypto deals. Earlier this year, the firm orchestrated a $3.6 billion Bitcoin acquisition SPAC with SoftBank, Tether, and Bitfinex under its Twenty One Capital vehicle—now accumulating around 42,000 BTC . With this second transaction, Cantor aims to exceed $10 billion in institutional Bitcoin holdings across both SPACs by year’s end.
🔍 Why It Matters
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Institutional Leadership in Bitcoin Holdings
This move positions Cantor Fitzgerald among the world’s most aggressive corporate Bitcoin holders, trailing behind only MicroStrategy and major spot-ETF trusts. -
Shift Toward Bitcoin-Native Public Firms
The BSTR Holdings vehicle is part of a rising trend: companies structured specifically around owning Bitcoin rather than operating traditional businesses. -
Strengthening BTC Liquidity and Treasury Adoption
By acquiring direct Bitcoin assets (not derivatives), Cantor boosts market confidence and signals a strategic embrace of digital assets. -
Timing with Crypto-Friendly Regulatory Climate
The deal coincides with what U.S. lawmakers are calling “Crypto Week”, during which significant crypto legislation is under debate. The Lutnick family's deep ties—with Brandon as Cantor’s chair and his father, Howard, serving as Commerce Secretary—add a layer of political relevance.
🧩 Caveats & Next Steps
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Still Pending: Terms may evolve, and the deal requires shareholder approval and possible securities filings.
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Market Size: If finalized, BSTR Holdings would become one of the largest public treasuries in Bitcoin, reinforcing the trend toward spot-BTC accumulation.
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Institutional Trend: Cantor’s strategy mimics MicroStrategy’s, highlighting how traditional finance is increasingly integrating digital assets.
Bottom Line
Cantor Fitzgerald is executing a bold Bitcoin acquisition strategy—first with SoftBank/Tether and now Blockstream. Both deals could elevate its total holdings to nearly $10 billion in BTC, marking a major shift in how institutional and public firms manage digital assets. If this closes, it boosts Cantor’s status as a frontrunner in corporate crypto treasury holdings.
Let me know if you'd like a breakdown of how this compares to other corporate Bitcoin treasuries, or details on the SPAC structure and implications.
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