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Something is changing in the capital markets—and it’s not subtle. Cantor Fitzgerald announced what is likely to be the largest advance in its history. Treasury Bitcoin The company has made a number of moves that have solidified its position as being one of the largest institutional Bitcoin purchasers in the world.
Deal: A $4 billion Special Purpose Acquisition Company (SPAC), combining with Blockstream CapitalThe trading and investment arm for Bitcoin infrastructure company Blockstream. As part of the deal, Blockstream Capital—co-founded by early Bitcoin contributor Adam Back—is expected to contribute over 30,000 BTC in exchange for equity in a newly formed entity, BSTR Holdings. A further $800,000,000 in capital from outside is being raised for the expansion of this strategy.
This isn’t another cryptocurrency-adjacent business deal. This is a multi-layered, sophisticated move which marks an evolution in the industry: The rise of public companies built entirely on Bitcoin.
Bitcoin Public Vehicles are on the Rise
The Cantor–Blockstream transaction is part of a broader trend we call Crypto-native Capital Formation—where equity, debt, and structured products are engineered to maximize Bitcoin per shareIt’s not only about earnings per common share. It’s not just about the earnings per share. “believe” They are designed around it. It is designed to be used.
It is now clear that what started with MicroStrategy has become a part of Strategy. markets around the world:
• Metaplanet Tokyo
• The Blockchain Group Paris
• Smarter Web Company London
• Semler Scientific The U.S.
• And now Cantor Fitzgerald, with Wall Street firepower
These firms are deploying playbooks that resemble private equity—but with Bitcoin as the foundational capital asset. In lieu of waiting on ETF flows and incremental adoption, these firms are rewriting rules for corporate finance.
What Makes This Offer Different?
This one is special for a good reason.
It’s not a Treasury team that allocates 1% of its idle cash to Bitcoin. This is a premier U.S. brokerage—helmed by 27-year-old Brandon Lutnick—leveraging SPAC infrastructure to execute a generational bet on Bitcoin at scale. Lutnick is now the chairperson of Cantor, after his father became U.S. Secretary of Commerce. He orchestrates multi-billion dollar Bitcoin transactions.
Lutnick’s $3.6B deal with SoftBank and Tether earlier in the year was followed by a $4B Blockstream Capital transaction. These deals combined could bring Cantor’s Bitcoin purchases for 2025 to near $10 billion.
That level of exposure isn’t a hedge—it’s a posture.
The structure is also important
→ Bitcoin is being given in kind By exchanging equity for alignment, the issuer aligns itself with its shareholders.
→ Raising capital from outside Not for burning or product development, but rather to collect Bitcoins on a set schedule.
→ The vehicle itself—BSTR Holdings—is being shaped as a modern Bitcoin treasury company.
Adam Back’s expanding footprint
Adam Back has been increasingly active in his role of backing Bitcoin-based treasury firms. Back’s involvement in the deal goes beyond Blockstream Capital. This year, I personally invested in Bitcoin native public companies.:
• The Blockchain Group He participated in multiple equity raised in France
• H100 Group In Sweden, he raised multiple funds
Back’s fingerprints can be seen in the new class of Bitcoin infrastructure companies.
Corporations’ Bigger Perspective
Cantor and Blockstream are not the only ones to be affected. What we’re witnessing is the rapid emergence of a new class of public company—one that treats Bitcoin not as a balance sheet curiosity, but as the Core Operating Logic The business.
Capital markets have repositioned strategic positions around Bitcoin. They’re doing this with speed, scale, and structure.
At BFC, we believe the companies that move early—using thoughtful, transparent structures—won’t just benefit from asset appreciation. The companies will be rewarded for their vision and execution.
Cantor’s SPAC is much more than just a catchy headline. This is a sign of the future.
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Source: bitcoinmagazine.com
