Cantor Equity Partners 1, a SPAC backed by Cantor Fitzgerald, which raised $200 million in a January IPO, is reportedly negotiating with Back to purchase over $3 billion worth of bitcoin, according to an FT report, citing people briefed on the discussions.
Adam Back, an early bitcoin advocate and founder of crypto group Blockstream, is in discussions to contribute approximately 30,000 BTC, valued above $3 billion, to the SPAC. This would form the core of the transaction, FT’s report notes.
The sources further claimed the broader deal structure involves the SPAC raising up to $800 million in additional outside capital. This funding would be used for further bitcoin (BTC) purchases, bringing the total potential transaction value to approximately $4 billion.
In exchange for his bitcoin contribution, Back and Blockstream would receive shares in the SPAC. The vehicle would subsequently be renamed BSTR Holdings upon deal completion.
Earlier this year, during a lively fireside chat with Paolo Ardoino, CEO of Tether, Lutnick—chair of Wall Street heavyweight Cantor Fitzgerald—shared his bullish outlook on the future of digital assets. He spotlighted the company’s commitment to the sector and gave a nod to one of bitcoin’s most defining traits: its hard-coded cap of 21 million coins.
Lutnick said at the time:
“The beauty of Bitcoin is its fixed supply.”
In the report published Tuesday, sources indicated to the FT that an agreement could be reached as early as this week, though terms remain subject to change.
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