American financial services firm Cantor Fitzgerald is reportedly planning to acquire more than $3.5 billion worth of Bitcoin from Adam Back's Blockstream Capital . Brandon Lutnick, the 27-year-old son of US Commerce Secretary Howard Lutnick, is close to finalizing a deal to purchase Bitcoin through his firm Cantor Fitzgerald, according to reports in the Financial Times and Bloomberg on Tuesday, that cited people familiar with the matter . The deal involves Cantor Equity Partners 1, a blank-check special purpose acquisition company (SPAC) that raised $200 million in January, and Blockstream Capital, a crypto trading group founded by Bitcoin pioneer Adam Back .
BlockStream would reportedly contribute as much as 30,000 Bitcoin, currently worth $3.5 billion, in exchange for shares in the Cantor vehicle, which would be renamed BSTR Holdings . The deal also includes plans to raise up to $800 million in additional outside capital for further Bitcoin purchases . The Financial Times reported a deal could come as early as this week, but the terms of it could still change .
If completed, the deal would make Cantor one of the world's top Bitcoin buyers, and its combined crypto purchases between its two vehicles, BSTR Holdings and Twenty One Capital, could reach nearly $10 billion this year, the reports noted . The latest news follows a previous $3.6 billion crypto deal Cantor Fitzgerald made with SoftBank and Tether in April to create the Bitcoin acquisition company . Brandon Lutnick became chair of the finance firm in February after his father was confirmed as Trump's trade official .
The move is part of a broader trend of Bitcoin-native capital formation as companies strategize around maximizing BTC per share rather than just earnings per share . Back, who co-founded Blockstream in 2014 with backing from Khosla Ventures and Baillie Gifford, has also made recent personal investments in bitcoin firms across Europe .
The deal involves Cantor Equity Partners 1, a blank cheque vehicle that raised $200 million in a January IPO . Brandon Lutnick, who took over as chairman earlier this year after Howard Lutnick transferred control to his children, expressed excitement about leading the transaction in the evolving crypto landscape . This move underscores Cantor Fitzgerald's aggressive stance on Bitcoin, following an earlier $3.6 billion crypto-buying venture with SoftBank and Tether . These deals collectively could push Cantor's Bitcoin acquisitions close to $10 billion by 2025 .