Cantor Fitzgerald is reportedly in advanced talks with Blockstream, the blockchain company co-founded by Adam Back, to acquire more than $3 billion worth of Bitcoin through a special purpose acquisition company (SPAC) transaction.
According to multiple reports citing unnamed sources, Blockstream is expected to contribute up to 30,000 BTC to Cantor Equity Partners 1, a SPAC that raised $200 million earlier this year. In exchange, Blockstream would receive equity in the Cantor-backed vehicle, which is set to be rebranded as BSTR Holdings.
Sources indicate the deal is nearing completion and could be finalized by the end of the week, although final terms remain subject to change. There are also ongoing efforts to raise an additional $800 million in capital, potentially pushing the total transaction value above $4 billion.
If completed, the deal would make Cantor Fitzgerald one of the most prominent institutional Bitcoin holders globally.
The newly-formed BSTR Holdings is expected to evolve beyond simply holding digital assets. Reports suggest the entity may offer advisory services, asset management, and other financial solutions, with Adam Back serving as the public face of the initiative. A pioneer in Bitcoin’s early development, Back is widely known for creating the Hashcash proof-of-work system, which was referenced in Satoshi Nakamoto’s original whitepaper.
The initiative is being spearheaded by Brandon Lutnick, who assumed the role of Cantor Fitzgerald chairman earlier this year, succeeding his father Howard Lutnick—now serving as U.S. Commerce Secretary in the Trump administration. The firm is strategically aligning itself with the administration’s increasingly pro-crypto stance by using public market vehicles to enhance exposure to Bitcoin.
Cantor’s strategy mirrors that of MicroStrategy’s Michael Saylor, with a focus on maximizing Bitcoin holdings per share. By leveraging SPACs and hybrid financial instruments, the firm aims to attract traditional investors seeking crypto exposure.
This would mark Cantor Fitzgerald’s second major Bitcoin acquisition of 2025. In April, the firm joined forces with Tether, Bitfinex, and SoftBank to launch Twenty One Capital, a public vehicle seeded with $3 billion in Bitcoin. That venture also included a $350 million convertible bond and a $200 million private equity round.
Earlier, in March, Cantor announced a $2 billion Bitcoin financing initiative, with Anchorage Digital and Copper.co tapped as custodians and collateral managers.
The series of moves signals Cantor Fitzgerald’s deepening commitment to integrating Bitcoin into traditional financial infrastructure on a large scale.
