Cantor Fitzgerald SPAC & Blockstream’s Adam Back Seal $4B Mega-Deal to Hoard 30,000 Bitcoin
Wall Street meets crypto’s cypherpunks in a historic power play.
The SPAC game just got a Bitcoin makeover
Cantor Fitzgerald’s blank-check company—because what’s finance without a little speculative theater?—is locking arms with Blockstream CEO Adam Back to execute one of the largest institutional Bitcoin grabs in history. The $4 billion deal would amass 30,000 BTC, enough to make even MicroStrategy blush.
Why this isn’t your grandma’s ETF
Forget passive exposure. This is a full-throttle, balance-sheet bet on Bitcoin’s scarcity narrative—backed by the man who invented Hashcash (yes, that Adam Back). The move screams conviction while hedge funds still debate ‘digital gold’ vs ‘risk asset.’
The cynical take
Because nothing says ‘2025 financial innovation’ like a SPAC—that pinnacle of Wall Street efficiency—loading up on an asset designed to bypass Wall Street entirely. The irony’s thicker than a Bitcoin block.
Deal details
If completed, the deal would mirror a $3.6 billion Bitcoin buying venture, Twenty One Capital, that Cantor Fitzgerald’s Brandon Lutnick set up with SoftBank and Tether in April.
Combined, the two SPACs could accumulate nearly $10 billion in Bitcoin this year, positioning Cantor as one of the most active institutional buyers of the asset.
Back is best known for inventing Hashcash and co-founding Blockstream in 2014. As part of the deal, Back will swap the contributed Bitcoin for equity in the public firm.
Blockstream Capital’s stake would rise alongside any subsequent purchases the SPAC finances with newly raised capital. Brandon Lutnick was named chair of Cantor Fitzgerald in February after his father, Howard Lutnick, became US Commerce Secretary.
Cantor’s MOVE follows a playbook popularized by Strategy, whose Bitcoin treasury approach has prompted a wave of corporations and SPACs to raise equity or issue convertible bonds to buy BTC outright.
Timing and regulatory backdrop
Negotiators aim to finalize terms as early as this week, placing the announcement in the midst of what Republican lawmakers have branded “Crypto Week,” during which the House is debating multiple digital asset bills.
Cantor’s push also aligns with President Donald Trump’s deregulatory stance toward crypto markets, a shift that executives describe as conducive to large balance sheet allocations.
The transaction would require shareholder approval and review by the Securities and Exchange Commission of updated disclosures detailing the Bitcoin contribution and capital raise.
Should the SPAC complete its acquisition and subsequent fundraising, BSTR Holdings would emerge as one of the world’s largest listed holders of Bitcoin, trailing only Strategy and a handful of spot ETF trusts.
