Brandon Lutnick, a son of U.S. Secretary of Commerce Howard Lutnick, is spearheading a significant crypto investment initiative via Cantor Fitzgerald. Brandon, aged 27, is said to be concluding a Bitcoin buyout of $4 billion through a collaboration with early blockchain visionary Adam Back, the creator of Blockstream Capital.
The agreement is being put together through Cantor Equity Partners 1, a special purpose merger company (SPAC) that closed a $200 million IPO in January 2025.
Sources familiar with the deal said that Cantor Equity Partners is in late-stage negotiations with Adam Back for a buy of over $3 billion of Bitcoin, contributed from Back himself in the form of 30,000 of the digital currency.
As a deal condition, Cantor plans to raise $800 million of additional outside capital, taking the combined value above $4 billion. As part of the Bitcoin donation, Back and Blockstream would be given SPAC equity, which would be renamed BSTR Holdings.
This new deal follows Brandon Lutnick’s earlier $3.6 billion Bitcoin purchase in April, supported by SoftBank and Tether. These two major consecutive deals highlight Cantor Fitzgerald’s rising focus on using blank-check companies to consolidate large Bitcoin investments.
This strategy aligns with the shifting U.S. regulatory environment under President Trump, which is becoming more favorable toward crypto.
Blockstream founder backs Bitcoin investment moves
The deal may be signed later this week, coinciding with so-called “crypto week” in Washington, D.C., a week of draft digital asset legislation. If the deal goes through, it would mark the second time Cantor is at the forefront of institutional Bitcoin buying. The firm would then control nearly $10 billion in crypto assets via BSTR Holdings and Twenty One Capital.
Adam Back, a veteran of the blockchain world, is known for the creation of Hashcash, the cryptographic proof-of-work that Bitcoin was later based on. Referenced by Bitcoin creator Satoshi Nakamoto, Hashcash is the foundation for today’s Bitcoin mining. Back’s company, Blockstream, which was launched in 2014, was funded by Khosla Ventures and Baillie Gifford.
Back was also active in investments in Bitcoin businesses this year. He recently invested €5 million in the French firm The Blockchain Group. He also contributed $15 million to the Swedish Bitcoin treasury firm H100 Group.
If finalized, the Cantor-Blockstream deal would rank among the largest direct Bitcoin purchases through a public SPAC. It would be part of big Bitcoin investments by institutions like Michael Saylor’s Strategy and Trump Media Group.
Anthony Pompliano-backed SPACs are also part of this growing trend. It would solidly place Cantor Fitzgerald at the top of the pack on the global digital asset market.
