Cantor, an American firm that provides financial services, plans to purchase Bitcoins worth over $3.5 billion dollars from Adam Back’s Blockstream Capital.
Brandon Lutnick (27), the son of US Commerce Sec. Howard Lutnick nears a final deal for Bitcoin purchase.BTCCantor Fitzgerald is his company. according to Financial Times reports and Bloomberg’s report on Tuesday cited sources familiar with this matter.
Cantor Equity Partners 1 is a special-purpose acquisition company that has raised over $200 million since January. Blockstream Capital was founded by Bitcoin founder, Craig Wright. Adam Back.
BlockStream will exchange 30,000 BTC stakes for Cantor shares
BlockStream is reportedly willing to contribute up to 30,000 Bitcoins, worth approximately $3.5 billion at the moment, for Cantor shares, which will be renamed BSTR Holdings.
This deal includes plans for raising up to $850 million additional capital from outside sources to purchase more Bitcoin.
Financial Times said a possible deal might be announced as soon as next week. But the conditions could change.
Cantor delves into Bitcoin
The reports stated that if the deal is completed, Cantor would become one of the top Bitcoin purchasers in the world. Its combined cryptocurrency purchases through its BSTR Holdings, Twenty One Capital and BSTR Holdings could be worth nearly $10 billion by the end of this year.
This latest update follows on from a previous $3.6 billion crypto deal Cantor Fitzgerald partnered with SoftBank in April and Tether to form the Bitcoin Acquisition Company.
Brandon Lutnick, son father’s successor as chairman of the Finance Firm in February 2007, became the chairperson. confirmed Trump is the trade representative.
Copycat strategies are emerging
It is part of an overall trend towards Bitcoin-native formation of capital, as firms strategize to maximize BTCs per share instead of just profits.
Related: Maple Finance, FalconX secure Bitcoin-backed loans from Cantor Fitzgerald
Twenty One Capital is aiming to copy Michael Saylor’s Strategy. Since 2020, Michael Saylor has collected $70 billion of Bitcoin. Cantor’s first Bitcoin-lending deal was closed in May.
Back has been a prominent figure in Bitcoin history. His 1997 Hashcash work, cited by Bitcoin creator Satoshi Nakamoto under his pseudonym, was the foundation for Bitcoin’s Proof-of-Work consensus.
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Source: cointelegraph.com
