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Cantor Fitzgerald, a major U.S. financial firm, is reportedly close to purchasing $3.5 billion worth of Bitcoin from Adam Back’s Blockstream Capital. The transaction, if completed, would be one of the largest institutional Bitcoin acquisitions to date.
The deal is said to involve a special purpose acquisition company (SPAC) called Cantor Equity Partners 1, which raised $200 million in January 2025. According to sources cited by Bloomberg and the Financial Times, Blockstream could transfer up to 30,000 BTC—worth over $3.5 billion at current prices—in exchange for equity in the Cantor-backed vehicle. The new entity may be renamed BSTR Holdings.
How the Deal Works
Rather than a simple cash purchase, this deal is structured more like a swap. Blockstream would provide the Bitcoin, and in return, receive shares in the newly restructured Cantor-backed company. The arrangement also includes plans to raise up to $800 million in additional outside capital to acquire even more Bitcoin.
While the deal could close as soon as this week, sources say that the terms are still being finalized and may change.
Who’s Behind the Move
The initiative is being led by Brandon Lutnick, the 27-year-old son of Cantor Fitzgerald CEO Howard Lutnick, who also currently serves as the U.S. Commerce Secretary under the Trump administration. Brandon became chairman of Cantor Fitzgerald in February 2025, and this move marks one of the largest crypto-focused deals under his leadership.
Blockstream Capital, the other party in the deal, is a crypto firm founded by Adam Back, a well-known figure in Bitcoin’s history. Back is famous for creating Hashcash, a cryptographic system developed in the 1990s, which was later cited by Bitcoin’s pseudonymous creator Satoshi Nakamoto as part of the foundation for Bitcoin’s proof-of-work system.
A Bigger Bitcoin Play for Cantor
If this deal goes through, Cantor Fitzgerald would quickly become one of the largest Bitcoin holders in the world. The 30,000 BTC acquisition adds to the firm’s growing crypto portfolio, which also includes Twenty One Capital—another vehicle pursuing large-scale Bitcoin investments.
Combined, Cantor’s crypto exposure could soon approach $10 billion, making it one of the most aggressive institutional Bitcoin investors alongside firms like MicroStrategy and BlackRock.
Back in April 2025, Cantor made headlines for partnering with SoftBank and Tether in a $3.6 billion Bitcoin-focused investment firm. That move laid the groundwork for today’s reported deal and reflects a broader strategy: accumulating large amounts of BTC through new capital structures.
A New Kind of Investment Strategy
Cantor’s move is part of a rising trend in corporate finance—prioritizing Bitcoin per share (BTC/share) over traditional earnings-per-share (EPS) metrics. This strategy mirrors the approach taken by Michael Saylor at MicroStrategy, who has accumulated over $70 billion worth of Bitcoin since 2020.
As institutional interest in crypto continues to grow, more firms are adopting long-term accumulation strategies rather than short-term trading. Cantor’s latest efforts represent a clear shift toward Bitcoin-native capital formation, where holding BTC is seen as a way to increase shareholder value.
Strategic and Regulatory Context
The timing of the deal is also important. It comes during a period of growing support for Bitcoin-related financial products in the U.S. Markets are closely watching developments in Congress, especially during “Crypto Week”, when lawmakers are debating bills related to stablecoins and digital asset regulations.
While regulatory uncertainty still exists, many firms are moving ahead with crypto strategies by using SPACs, ETFs, and other financial structures that offer exposure to Bitcoin without directly handling or storing the asset.
Implications for the Market
This $3.5 billion deal, if finalized, would not only boost Cantor Fitzgerald’s Bitcoin exposure but also send a strong signal to the broader market. Institutional investors are becoming more comfortable with significant allocations to crypto, particularly Bitcoin.
The deal could also influence other traditional finance firms to enter the Bitcoin space, either through direct purchases, structured investment vehicles, or treasury diversification strategies.
Conclusion
Cantor Fitzgerald’s reported plan to acquire 30,000 BTC from Blockstream marks a major milestone in the institutional adoption of Bitcoin. With potential investments nearing $10 billion across its crypto-related platforms, the firm is placing a bold bet on Bitcoin’s future. If this deal is completed, it could reshape Cantor’s position in both the finance and crypto sectors, while adding momentum to Bitcoin’s growing role as a reserve asset for institutional portfolios.
