Cantor Fitzgerald Prepares $3.5B Bitcoin Purchase from Blockstream

Cantor Fitzgerald Prepares $3.5B Bitcoin Purchase from Blockstream

Cantor Fitzgerald, one of Wall Street’s oldest financial firms, is reportedly preparing to acquire 30,000 Bitcoin—currently worth over $3.5 billion—from Adam Back’s Blockstream Capital, marking one of the largest Bitcoin acquisitions ever by a U.S. financial institution.

At the center of the deal is Brandon Lutnick, the 27-year-old son of U.S. Commerce Secretary Howard Lutnick, who now leads the initiative under Cantor Equity Partners 1, a SPAC that raised $200 million in January.

30,000 BTC to Be Swapped for Equity

According to reports from Bloomberg and the Financial Times, Blockstream Capital—a trading firm co-founded by Bitcoin cryptography pioneer Adam Back—would exchange 30,000 BTC for equity in the newly structured Cantor vehicle, which is expected to be renamed BSTR Holdings.

The deal would also seek up to $800 million in additional funding to support further Bitcoin accumulation, creating a vehicle potentially worth over $4.3 billion in digital assets alone.

Cantor Poised to Join Top Bitcoin Buyers

Should the transaction proceed, Cantor Fitzgerald would instantly become one of the largest institutional Bitcoin holders in the world. Combined with its earlier initiatives under Twenty One Capital, Cantor’s total crypto exposure could near $10 billion in 2025.

This follows a $3.6 billion deal in April between Cantor, SoftBank, and Tether, forming another Bitcoin acquisition-focused entity.

From Wall Street to Crypto Strategy

The approach mimics the BTC-per-share strategy made famous by Michael Saylor’s MicroStrategy, which has amassed over $70 billion in Bitcoin since 2020.

Cantor’s alignment with Bitcoin-native capital formation reflects a growing trend among legacy financial players, who are pivoting toward crypto not just for portfolio diversification, but for core treasury strategy.

“We’re seeing a shift away from traditional earnings metrics toward Bitcoin-centric value strategies,” one source close to the deal said.

Adam Back’s Legacy in the Spotlight

Blockstream’s co-founder Adam Back is no stranger to Bitcoin history. His 1997 invention of Hashcash—a cryptographic algorithm cited in the original Bitcoin white paper—laid the foundation for Bitcoin’s proof-of-work consensus mechanism.

This legacy has given Back credibility among Bitcoin maximalists and institutional adopters alike, making the proposed deal with Cantor both strategic and symbolic.

Timing, Terms Still in Flux

While a deal could be finalized as early as this week, sources say terms remain subject to change. Brandon Lutnick, who became chair of the Cantor vehicle earlier this year following his father’s government appointment, is said to be playing a central role in negotiations.

Institutional Imitators on the Rise

Cantor’s aggressive posture is expected to fuel copycat strategies across financial services, particularly as Bitcoin-backed loans and capital structuring continue to gain traction.

Cantor recently facilitated Bitcoin-backed lending deals for Maple Finance and FalconX, and its growing roster of BTC-related activities suggests long-term conviction.