Cantor Fitzgerald Nears Historic $4B Bitcoin Deal with Blockstream’s Adam Back – Institutional Adoption Goes Nuclear
Wall Street meets crypto's cypherpunk elite in what could become 2025's most consequential Bitcoin deal.
The $4B gambit
Cantor Fitzgerald—yes, the same firm that survived 9/11 and now thrives on bond trading—is putting investment banking muscle behind Bitcoin's infrastructure. Their target? Blockstream CEO Adam Back, the Hashcash inventor whose work inspired Satoshi's whitepaper.
Why this matters
This isn't your average OTC desk accumulation. $4 billion represents nearly 1% of Bitcoin's circulating supply at current prices—the kind of move that makes BlackRock's ETF flows look like pocket change. Sources suggest the deal involves both spot acquisitions and mining infrastructure plays.
The cynical take
Nothing boosts a legacy finance firm's relevance like buying the dip on a 50% crypto crash. Cantor's timing? Impeccable—just as Congress debates new stablecoin regulations that could kneecap their competitors.
One thing's certain: When traditional finance starts writing checks this big to crypto's founding fathers, the game has changed. Permanently.
Draft deal includes 30,000 bitcoins and $800 million capital raise
Under the draft agreement, Back WOULD transfer as many as 30,000 bitcoins, valued at more than $3 billion, to Cantor Equity Partners 1. The SPAC also plans to raise up to $800 million from outside investors to fund additional purchases, potentially driving the total transaction value past $4 billion.
In return for their Bitcoin contribution, Back and Blockstream Capital would receive equity in the SPAC, which is slated to be renamed BSTR Holdings.
Insiders indicate that as discussions wrap up, the deal could be completed within days, although terms remain under negotiation. Its timing coincides with what some lawmakers have dubbed “crypto week” as Congress considers digital‑currency legislation.
Should the transaction close as anticipated, Cantor would rank among the globe’s leading purchasers of cryptocurrency.
Lutnick leads Cantor’s crypto push as Back brings bitcoin legacy
The effort is spearheaded by Brandon Lutnick, who took the chairmanship in February after his father’s confirmation as the administration’s chief trade representative. Combined with acquisitions through a second listed vehicle, Twenty One Capital, Cantor’s total bitcoin purchases could approach $10 billion by year‑end.
Adam Back is widely recognized as one of the earliest champions of cryptocurrency technology. His 1997 introduction of the Hashcash proof‑of‑work mechanism was cited by Satoshi Nakamoto in the original Bitcoin WHITE paper. He went on to co‑found Blockstream in 2014, a blockchain‑technology company backed by investors such as Khosla Ventures and Baillie Gifford.
In the current year, Back has funded multiple enterprises building significant bitcoin treasuries. According to investors, he put €5 million into The Blockchain Group, a Paris‑listed company, during an equity raise announced this week.
In June, he financed a SEK 150 million convertible bond for H100 Group, a Swedish health‑tech firm that has also added bitcoin to its balance sheet.
This transaction reflects a broader movement in which SPAC structures are deployed to acquire bitcoin, as investors look to mirror Michael Saylor’s approach at MicroStrategy Ltd. Other recent players include TRUMP Media & Technology Group, founded by President Donald Trump, and a blank‑check enterprise led by crypto advocate Anthony Pompliano.
KEY Difference Wire helps crypto brands break through and dominate headlines fast
