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Early Bitcoiner Adam Back Nears $3.5B BTC Deal With Brandon Lutnick-Led Cantor SPAC: FT
According to the report, the Cantor Equity Partners 1 shell company would acquire 30,000 bitcoin from Back and his Blocksteam Capital in exchange for shares in the Cantor vehicle.
Updated Jul 16, 2025, 1:29 p.m. Published Jul 15, 2025, 9:03 p.m.
What to know:
- Brandon Lutnick of Cantor Fitzgerald is negotiating a more than $3 billion bitcoin treasury deal with Blockstream CEO Adam Back, the Financial Times reported.
- The deal would involve Cantor Equity Partners 1 acquiring 30,000 BTC and renaming the entity to BSTR Holdings.
- Cantor Fitzgerald's previous ventures include Twenty One Capital, a bitcoin investment vehicle backed by major firms like SoftBank and Tether.
Brandon Lutnick, chairman of Wall Street investment bank Cantor Fitzgerald, is in late-stage talks with early bitcoin proponent and Blockstream CEO Adam Back for a bitcoin treasury deal that could be worth over $3 billion, the Financial Times reported on Wednesday.
According to the report, Lutnick’s blank cheque company Cantor Equity Partners 1 would acquire 30,000 BTC (nearly $3.5 billion at current prices) from Back. In return, Back would receive equity in the vehicle, which would be renamed BSTR Holdings. The firm also seeks to raise $800 million outside capital, the report said.
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A final deal could be announced within days, though terms are still being negotiated, per the report.
The news follows Cantor Fitzgerald's previous bitcoin investment vehicle Twenty One Capital, which was backed by SoftBank, Tether and Bitfinex and headed by Jack Mallers, the CEO of bitcoin-focused payments app Strike. That's been part of a recent trend of turning publicly-traded companies into crypto treasury strategy plays, raising money from investors to acquires digital assets like BTC, Ethereum's ether or Solana's SOL .
Back has personally backed several bitcoin-focused companies this year, including Sweden’s H100 Group and France's Blockchain Group.
Read more: Bitcoin Treasury Firms Expand War Chests as Global Adoption Rises
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