Brandon Lutnick, Chairman of global finance firm Cantor Fitzgerald and son of U.S. Commerce Secretary Howard Lutnick, is reportedly closing in on a massive $4 billion Bitcoin deal with Blockstream CEO Adam Back.
According to Financial Times, a special purpose acquisition company (SPAC) backed by Cantor Fitzgerald, Cantor Equity Partners, is in advanced discussions to acquire about 30,000 BTC, valued between $3-4 billion. The deal would mark a major step in Cantor’s growing interest in crypto. The SPAC raised $200 million in an IPO earlier this year.
Adam Back is a key figure in Bitcoin’s history. He created the proof-of-work system Hashcash, which inspired the mining concept in Satoshi Nakamoto’s 2008 whitepaper. He now leads Blockstream, a top blockchain firm.
This isn’t Cantor’s first crypto move. On May 27, it helped finance deals with Maple Finance and FalconX. The Lutnick family has been reshaping the firm. After Howard Lutnick was confirmed as U.S. Secretary of Commerce in February, he stepped down from Cantor, handing over the leadership responsibilities to his sons, Brandon and Kyle.
In May, he transferred full ownership of the firm to them. Brandon said at the time, “Kyle and I are honored to continue building on our father’s legacy.”
Further, Bitcoin is booming again, trading at $117,460 as of writing this report, and it hit a new all-time high of $123,000 just two days ago. If this deal closes, it could be one of the biggest corporate Bitcoin purchases so far.
Also Read: Roxom to Launch First Bitcoin-Only Stock Exchange in September
