Cantor Fitzgerald, SoftBank, Tether and Bitfinex are reportedly close to finalizing a $3 billion bitcoin acquisition vehicle, according to the Financial Times, as major financial and crypto players seek to capitalize on renewed momentum in the digital asset market.
The initiative is said to be led by Brandon Lutnick, son of U.S. Commerce Secretary Howard Lutnick. At the center of the structure is special-purpose acquisition company Cantor Equity Partners, which, according to sources cited by the FT, plans to assemble bitcoin contributions from several backers: $1.5 billion from Tether, $900 million from SoftBank, and $600 million from Bitfinex.
21 Capital to Take On Bitcoin Holdings
The proceeds and contributed bitcoin are expected to support a newly formed company called 21 Capital. The firm is reportedly planning to list at $10 per share, implying a bitcoin valuation of roughly $85,000 per BTC. Beyond the initial asset pool, the FT said the SPAC has already raised $200 million and is preparing a further $350 million convertible bond alongside a $200 million private placement to acquire more bitcoin.
Under the proposed structure, participants would convert their bitcoin positions into equity in 21 Capital. That approach mirrors the public-market strategy used by Strategy, formerly MicroStrategy, by transforming direct crypto exposure into listed corporate ownership tied to long-term bitcoin appreciation.
Deal Momentum Builds, but Uncertainty Remains
The report comes as bitcoin climbed to nearly $94,000 on Tuesday, showing a sharp divergence from equities during the week. That backdrop may help explain the timing of the transaction, as companies and investors look to ride improving sentiment around BTC.
Still, people familiar with the matter cautioned that the agreement has not been completed and could still fall apart. Cantor declined to comment, while SoftBank and Tether did not respond, according to the FT. The report also noted that Tether, issuer of the world’s largest dollar-pegged stablecoin USDT, held 92,646 BTC after adding 8,888 bitcoin in the first quarter. If completed, the deal would further highlight the growing use of corporate and capital-markets structures to gain large-scale bitcoin exposure.