Deal Overview: Cantor Fitzgerald and Adam Back's $4 Billion Bitcoin SPAC
According to the Financial Times, Cantor Fitzgerald is close to finalizing a $4 billion+ bitcoin SPAC deal with Blockstream founder Adam Back. This would be one of the largest bitcoin and crypto acquisitions ever by a Wall Street-linked firm.
The special purpose acquisition company (SPAC) involved is Cantor Equity Partners 1, which raised $200 million in its January IPO. Back is expected to contribute up to 30,000 bitcoins (valued at over $3 billion) to the vehicle in exchange for shares. The vehicle also plans to raise up to $800 million in outside capital to expand bitcoin purchases, bringing total deal value to more than $4 billion. The combined entity will be renamed BSTR Holdings.
Transaction Mechanics and Regulatory Context
SPACs have become a popular vehicle for institutional investors to accumulate bitcoin, following the model set by Michael Saylor's Strategy. The deal, if completed, would be another high-profile case where a blank-check company is used to buy digital assets.
Sources told the Financial Times that a deal could come as early as this week, but terms may still change. The timing coincides with what Republican lawmakers have dubbed 'crypto week' in Washington, as Congress debates legislation around digital currencies. This regulatory backdrop may encourage more institutional entries.
Cantor's Bitcoin Strategy: Second Multi-Billion Acquisition This Year
This would be Cantor Fitzgerald's second major bitcoin acquisition in 2026. In April, the firm participated in a $3.6 billion venture with SoftBank and Tether via Twenty One Capital. Combined, Cantor's total bitcoin and crypto acquisitions this year could approach $10 billion through BSTR Holdings and Twenty One Capital.
The aggressive push is led by Brandon Lutnick, who became chairman in February after his father Howard Lutnick became U.S. Commerce Secretary. Cantor is positioning itself as a leading institutional bitcoin buyer under his leadership.
Adam Back's Personal Investments and Blockstream Background
Adam Back is a pioneer in cryptography and cryptocurrency—his Hashcash proof-of-work system underpins Bitcoin's security. He co-founded Blockstream in 2014 with backing from Khosla Ventures and Baillie Gifford.
Beyond the Cantor deal, Back has made recent personal investments in European bitcoin firms: a €5 million equity investment in France's The Blockchain Group and a $15 million convertible bond in Swedish health-tech and bitcoin treasury firm H100 Group. These moves signal his continued confidence in bitcoin's global expansion.