Cantor Fitzgerald, the Wall Street investment powerhouse, is preparing to cement its position in the digital asset space through a massive Bitcoin treasury play.
According to a new report from the Financial Times, Cantor Equity Partners 1 - a special purpose acquisition company (SPAC) affiliated with Cantor Fitzgerald - is in late-stage discussions to secure a groundbreaking deal worth up to $4 billion with Blockstream Capital, led by prominent Bitcoin developer and cryptographer Adam Back.
The deal, if finalized, would see Cantor Equity Partners 1 acquire up to 30,000 BTC and raise an additional $800 million in outside funding to expand its Bitcoin holdings.
The combined $4 billion value would make it one of the largest institutional purchases of Bitcoin to date, signaling a new era of corporate treasury strategy driven by SPAC vehicles and Bitcoin-focused partnerships.
A Strategic Pivot to Bitcoin
This isn't Cantor Fitzgerald's first foray into large-scale Bitcoin ventures. The move follows an earlier $3.9 billion initiative launched in April under a similar framework - an SPAC-backed Bitcoin treasury firm called Twenty One, created in partnership with major crypto entities such as Tether, Bitfinex, and SoftBank. That project marked a watershed moment in institutional Bitcoin strategy, and the latest talks with Blockstream appear to build on that foundation.
Cantor Equity Partners 1, the SPAC in question, is helmed by Brandon Lutnick, son of Cantor Fitzgerald CEO and current U.S. Commerce Secretary Howard Lutnick. The firm raised $200 million through its initial public offering at the beginning of 2025 and has since been exploring high-leverage opportunities in the digital assets sector.
At the center of this deal is Adam Back, a legendary figure in the crypto community and one of the early pioneers of Bitcoin's foundational concepts. Back is the co-founder and CEO of Blockstream, a blockchain technology company that has been instrumental in Bitcoin development and sidechain innovation.
By aligning with Blockstream, Cantor’s SPAC not only acquires a substantial quantity of Bitcoin, but also positions itself alongside one of the most technically rigorous institutions in the industry. Blockstream's deep involvement in Bitcoin infrastructure - from mining operations to the Liquid Network - adds credibility to the venture and ensures the BTC acquired is held by a company committed to long-term decentralization.
A Surge in Bitcoin SPAC Activity
The talks come amid a surge in crypto-related SPAC activity, a trend that has re-emerged following renewed political support for Bitcoin in the United States. President Donald Trump’s recent pro-crypto remarks and deregulatory posture have emboldened market participants and attracted large-scale capital back to the Bitcoin space.
In May 2025, Nakamoto Holdings - a Bitcoin treasury vehicle spearheaded by David Bailey, CEO of Bitcoin Magazine - announced a $710 million fundraise with plans to go public via a SPAC merger with KindlyMD Inc. Similarly, in June, Anthony Pompliano’s ProCap Financial raised over $750 million for a merger with Columbus Circle Capital, signaling the beginning of a new wave of crypto-native firms going public through SPAC structures.
These developments underscore how SPACs are being used as a critical pathway to scale Bitcoin investments and make them accessible to public markets and retail investors.
Public companies are increasingly mirroring the Bitcoin treasury strategy popularized by MicroStrategy. According to data from BitcoinTreasuries.net, more than 142 publicly listed companies now hold Bitcoin, collectively owning over $112 billion worth of the asset. MicroStrategy alone accounts for nearly two-thirds of that figure, making its strategy the gold standard for Bitcoin adoption on corporate balance sheets.
Cantor Fitzgerald’s aggressive expansion into this space via SPACs may redefine how legacy financial institutions approach Bitcoin - not just as an asset class, but as a long-term treasury reserve strategy.
What Comes Next
While the SPAC deal is still pending finalization, the timing couldn’t be more strategic. Bitcoin prices continue to hover around $118,000, buoyed by inflows into spot Bitcoin ETFs, increased corporate adoption, and expectations of a looser monetary policy from global central banks.
The potential integration of Bitcoin treasuries with regulated financial platforms also opens new doors for mainstream institutional adoption. The fact that the Cantor-backed vehicle is expected to offer deliverable Bitcoin positions to traditional clients aligns with a broader trend of bridging the gap between legacy finance and digital assets.
Though Cantor Equity Partners 1 and Blockstream Capital have yet to issue official confirmation, the scale and structure of the proposed deal suggest that high-level negotiations are well underway. A successful closing could inspire similar deals across the sector, potentially catalyzing another bull cycle in Bitcoin and accelerating the institutional shift into crypto treasuries.
If approved, this $4 billion Bitcoin treasury would not only rival the holdings of MicroStrategy but also set a new benchmark for how SPACs are used to fund long-term crypto investments.