Cantor Fitzgerald Nears $4B SPAC Deal to Buy Bitcoin

• Cantor Fitzgerald may acquire over $4B in bitcoin through a major SPAC deal with Blockstream.
• Adam Back is expected to contribute 30,000 Bitcoin in exchange for shares in BSTR Holdings.
• The deal could make Cantor one of the most active institutional bitcoin buyers in 2025.

Cantor Fitzgerald is reportedly close to finalizing a $4 billion deal to acquire a large amount of bitcoin through a SPAC. The deal involves Cantor Equity Partners 1, a blank cheque company that raised $200 million in January 2025. The firm is reportedly in negotiations with Adam Back, founder of Blockstream, for an acquisition. Adam Back is expected to contribute up to 30,000 Bitcoin, currently valued at over $3 billion.

In exchange for the bitcoin, Blockstream and Back would receive shares in the SPAC, which will be renamed BSTR Holdings. The deal also includes plans to raise $800 million in outside capital for further bitcoin purchases. If successful, the agreement would place Cantor Fitzgerald among the largest institutional buyers of bitcoin. The deal could be finalized this week, though terms may still change, according to sources familiar with the matter.

Institutional Strategy Led by Brandon Lutnick

Brandon Lutnick, who became chairman of Cantor Fitzgerald in February, is leading the company’s crypto acquisition strategy. He assumed the role after his father, Howard Lutnick, was appointed US Commerce Secretary earlier this year. Under Brandon’s leadership, the firm has moved aggressively into digital asset investments. This is Cantor’s second major bitcoin-focused venture in 2025.

In April, Cantor entered into a $3.6 billion partnership with SoftBank and Tether, creating the Twenty One Capital SPAC. Combined with the pending Blockstream deal, Cantor’s total exposure to bitcoin could reach nearly $10 billion in 2025. The strategy reflects a broader trend of institutional investors acquiring significant digital currency holdings through SPACs. The company has not issued a public comment regarding the current negotiations.

Blockstream and Adam Back’s Role in the Transaction

Adam Back is a prominent figure in the cryptocurrency sector, recognized for his foundational contributions to blockchain technology. He developed Hashcash in 1997, a proof-of-work system referenced in the original Bitcoin white paper by Satoshi Nakamoto. Back co-founded Blockstream in 2014, a blockchain company backed by firms like Khosla Ventures and Baillie Gifford.

In recent months, Back has expanded his investment activity in Europe’s bitcoin ecosystem. He invested €5 million in The Blockchain Group, a France-listed firm focused on digital assets. He also provided a $15 million convertible bond to Sweden’s H100 Group, a company combining healthcare technology with bitcoin treasury services. The current negotiations with Cantor Fitzgerald align with his efforts to scale institutional adoption of Bitcoin.

SPAC Model Gains Popularity Among Crypto Investors

The deal in question reflects an increasing trend in which investors are purchasing digital assets with the help of SPACs. Special purpose acquisition companies can provide large-scale investors with access to substantial, scalable purchases of bitcoins through a publicly traded vehicle. Other major crypto players have embraced this strategy, including Trump Media & Technology Group and a SPAC led by Anthony Pompliano. Such trades are typically intended to mimic the approach of companies like Strategy, which is led by Michael Saylor, in holding bitcoin as a treasury asset. 

Related: Cantor Fitzgerald Launches Bitcoin Fund with Gold Hedge 

If the agreement between Cantor Fitzgerald and Blockstream is finalized, it would be among the largest bitcoin acquisitions by a Wall Street-linked firm. The transaction, valued at $4 billion, would significantly enhance Cantor’s presence in the digital currency market. It is an indication of growing institutional interest in Bitcoin, particularly in the context of changing regulatory and economic landscapes.

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