Cantor Equity Partners I (CEPO) changes the shy $15 hands with morning action. This is about 25% higher than the $12 level traded before the story 12 days after FT, where the company and Adam are approaching a $3.5 billion funding agreement.
To review, CEPO is a blankcheck Bitcoin finance company led by Brandon Rutnick, chairman of Wall Street Investment Bank Cantor Fitzgerald and son of Trump administration’s Secretary of Commerce Howard Rutnick.
According to the FT report, Cantor Equity Partners 1 will acquire 30,000 BTC (approximately $3.5 billion at its current price) from the rear. In return, the bag receives the fairness of the vehicle and is renamed BSTR Holdings. CEPO is also looking to raise another $800 million in additional capital to acquire more BTC, the report said.
Back cash out?
The irony might believe that this move is one of the bitcoin OGs where cryptographic work was being used by the network creator Nakamoto, and shows desire to return to gain his vast BTC hold.
According to James Van Straten, a senior Coindesk analyst, this could not be far from the truth.
“This partnership highlights his long-term belief that Bitcoin should become the core asset class of traditional financial portfolios, rather than just a liquidity event for Buck,” Van Stratin said. “As opposed to cash out, Buck appears to be intending to use vehicles within the facility to further push Bitcoin into the financial mainstream, closing the gap between BTC native innovation and the Wall Street capital.”
Van Stratin further noted that Buck invested his own cash in the funds of other Bitcoin financial strategy companies. “This transaction reinforces the notion that backing priorities are expanding the institutional use cases of Bitcoin.