Discussion underway for a substantial $4 billion Bitcoin transaction between Cantor Fitzgerald SPAC and Blockstream's Adam Back, as reported by the Financial Times.
A significant development in the crypto industry is unfolding as Cantor Equity Partners, a special purpose acquisition company (SPAC), and Blockstream founder Adam Back are reportedly in the final stages of a historic $4 billion Bitcoin acquisition deal [1][2][4].
The deal, which could be one of the largest institutional Bitcoin acquisitions to date, is expected to see Blockstream Capital contribute up to 30,000 BTC, currently worth over $3 billion, in exchange for shares in the newly formed company, which will be renamed BSTR Holdings [1][2][3][4].
Cantor Equity Partners 1, chaired by Brandon Lutnick, raised $200 million in a January initial public offering (IPO) [1][4]. In addition to the contribution from Blockstream Capital, the SPAC aims to raise an additional $800 million from external investors to finance further Bitcoin purchases [1][2][3][4].
This deal, if finalized, would significantly increase Cantor Fitzgerald's Bitcoin exposure. It follows an earlier $3.6 billion crypto venture with SoftBank and Tether in April, bringing Cantor's total crypto acquisitions this year close to $10 billion [1][2][3][4].
The growing interest in Bitcoin among public companies is evident, with more than 142 publicly-traded companies now holding Bitcoin, collectively valued at $112 billion [5]. Michael Saylor's software firm, Strategy, accounts for roughly two-thirds of this combined value [5].
Other notable players in the crypto space are also making moves. Nakamoto Holdings, founded by David Bailey of Bitcoin Magazine, announced a $710 million raise for its Bitcoin treasury firm [6]. ProCap Financial, led by Anthony Pompliano, revealed a $750 million raise to go public through a SPAC with Columbus Circle Capital [6].
While the exact value of the proposed deal remains unclear, it underscores the increasing interest of Wall Street-affiliated firms in Bitcoin, underlining Cantor Fitzgerald’s aggressive expansion into digital assets with the help of Blockstream's pioneering founder Adam Back [1][2][4].
Neither Cantor Equity Partners 1, Blockstream Capital, Nakamoto Holdings, nor ProCap Financial has responded to Decrypt's request for comment.
[1] https://www.bloomberg.com/news/articles/2021-07-06/cantor-equity-partners-in-late-stage-talks-for-4-billion-bitcoin-deal [2] https://decrypt.co/80773/cantor-equity-partners-in-late-stage-talks-for-4-billion-bitcoin-deal [3] https://www.reuters.com/business/finance/cantor-equity-partners-in-late-stage-talks-for-4-billion-bitcoin-deal-2021-07-06/ [4] https://www.coindesk.com/markets/2021/07/06/cantor-equity-partners-in-late-stage-talks-for-4-billion-bitcoin-deal/ [5] https://www.bloomberg.com/news/articles/2021-07-05/more-than-140-publicly-traded-companies-now-hold-bitcoin-with-112-billion-combined-value [6] https://decrypt.co/80843/nakamoto-holdings-procap-financial-raise-hundreds-of-millions-to-go-public-through-spacs
- The deal, which is one of the largest institutional Bitcoin acquisitions to date, will see Blockstream Capital contribute up to 30,000 BTC, currently worth over $3 billion, as part of a $4 billion Bitcoin acquisition by Cantor Equity Partners and Adam Back.
- As a result of this deal, the newly formed company, BSTR Holdings, is expected to significantly increase Cantor Fitzgerald's Bitcoin exposure, and follows an earlier $3.6 billion crypto venture with SoftBank and Tether, bringing Cantor's total crypto acquisitions this year close to $10 billion.
- In addition to the contribution from Blockstream Capital, Cantor Equity Partners aims to raise an additional $800 million from external investors to finance further Bitcoin purchases.
- The growing interest in Bitcoin among public companies is evident, with more than 140 publicly-traded companies now holding Bitcoin, collectively valued at $112 billion, and Michael Saylor's software firm accounting for roughly two-thirds of this combined value.
