Cantor Fitzgerald’s Blank-Chuk affiliate is taking part in late phase consultations to acquire more than $3 billion in Bitcoin (BTC) from Adam Back’s Blockstream Capital through transactions that could exceed $4 billion.
Cantor Equity Partners 1, a special purpose acquisition company that raised $200 million at its January IPO, will issue new shares in exchange for up to 30,000 BTC. The amount represents approximately $3 billion at current prices.
Additionally, the company is seeking external capital of up to $800 million for its further purchase of Bitcoin. Once the transaction is completed, the vehicle will be renamed BSTR Holdings.
Deal with details
If completed, the deal reflects the $3.6 billion Bitcoin purchase venture set up by Cantor Fitzgerald’s Brandon Lutnick in April with SoftBank and Tether.
In total, the two SPACs have accumulated nearly $10 billion in Bitcoin this year, positioning Cantor as one of the most active institutional buyers of assets.
Back is best known for inventing the blockstream co-founded with Hashcash in 2014. As part of the transaction, Back will trade the contributions of Bitcoin to the public company fair.
Blockstream Capital’s shares will rise as they purchase SPAC finance with newly raised capital. Brandon Lutnick was appointed chairman of Cantor Fitzgerald in February after his father, Howard Lutnick, became U.S. Secretary of Commerce.
Cantor’s move continues in the playbook that was popularized by strategy. That Bitcoin Treasury approach has led to the wave of businesses and Spacks increasing fairness and issuing convertible bonds to buy BTC entirely.
Timing and Regulation Background
Negotiators are already aiming to finalise terms this week, making an announcement as Republican lawmakers branded “Crypto Week,” during which the House is debating multiple digital asset bills.
Cantor’s push is also in line with President Donald Trump’s deregulation stance on the crypto market.
The transaction will require shareholder approval and review by the Securities and Exchange Commission of updated disclosures detailing Bitcoin contributions and pay raises in capital.
If SPAC completes the acquisition and subsequent funding, BSTR Holdings will emerge as one of the world’s largest listed holders of Bitcoin, tracking strategy alone and a handful of Spot ETF trusts.