Cantor Fitzgerald To Partner With Adam Back On $4B Deal To Buy Bitcoin
Highlights
- Cantor Equity Partners 1 is set to acquire $3B worth of Bitcoins from Adam Back's Blockstream Capital.
- Back will trade in a portion of its Bitcoin holdings for shares in Cantor's SPAC.
- Bitcoin treasury companies are continuing their blistering run amid new all-time highs for the asset.
Cantor Fitzgerald has its sights on a major deal to acquire a cache of Bitcoins from Adam Back’s Blockstream Capital. If the deal sails through, Cantor’s Bitcoin purchases via its SPAC in 2025 can reach $10 billion amid rumours of an incoming name change.
Cantor Fitzgerald To Close Major Bitcoin Deal With Adam Back
According to a Financial Times report, Cantor Equity Partners 1 is inching toward a deal to scoop as much as 30,000 BTC from early Bitcoin supporter Adam Back. Per the report, the Cantor Fitzgerald SPAC is in late-stage talks with Adam Back to acquire over $3 billion worth of Bitcoin owned by BlockStream Capital.
Quoting unnamed sources, the FT report claims that Adam Back and BlockStream Capital will receive shares in Cantor Equity Partners 1 following the sale. As part of the deal, Cantor Equity Partners 1 will change its name to BSTR Holdings with plans to raise an additional $800 million that will bring the valuation north of $4 billion to pursue a Bitcoin accumulation strategy.
Sources are tipping the deal to be wrapped up as early as this week, coinciding with the US House of Representatives’ Crypto Week. However, there is the possibility of the final deal reflecting different terms.
The deal closely mirrors a $3.6B partnership launched between Cantor Fitzgerald, Softbank, and Tether in April. A Twenty One Capital public listing is now on the horizon after steadily increasing its Bitcoin holdings.
Adam Back Is Spearheading Bitcoin Treasuries
The early Bitcoin supporter has a streak of supporting companies stacking up the top cryptocurrency on their balance sheet. Before the discussions with Cantor Fitzgerald’s SPAC, Back invested in The Blockchain Group and H100 Group, companies with significant Bitcoin holdings.
Meanwhile, Bitcoin treasury companies have exploded in popularity since the start of the year. Strategy reached 600K BTC after an aggressive accumulation streak while Metaplanet continues to add the top cryptocurrency to its balance sheet.
Last week, treasury companies added $554M worth of BTC to their balance sheets as the arms race heats up. Amid the accumulation spree, Bitcoin has set new ATHs, climbing as high as $123,091 in defiance of macroeconomic uncertainty and low odds of a Fed rate cut.
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