Yeliz Akmaca 
Cantor Fitzgerald, led by U.S. Secretary of Commerce Howard Lutnick, has initiated a $4 billion move involving Bitcoin and Blockstream. The firm is negotiating with Blockstream for the acquisition of 30,000 BTC.
Cantor Fitzgerald intends to acquire the BTC from Blockstream founder Adam Back. Following a $200 million IPO, the company aims to allocate $3 billion for the Bitcoin purchase. Moreover, the proposal is not limited to a share swap. Cantor is also seeking an additional $800 million in investments, targeting a total transaction value of $4 billion.
Upon completion, the SPAC structure will be rebranded as “BSTR Holdings.” Adam Back will directly receive equity in the newly formed company in exchange for the Bitcoin he provides.
Leadership and Timing Strategy Attract Attention
This high-stakes investment process is unfolding during what’s being called “crypto week” in the U.S., with major crypto regulations under discussion. Meanwhile, leadership changes on the Cantor side are further fueling the motivation behind the move.
Howard Lutnick became U.S. Secretary of Commerce in May 2025, passing on his role at Cantor Fitzgerald to his children. His 27-year-old son Brandon Lutnick was appointed president of Cantor in February. He is directly overseeing the company’s crypto asset strategy.
Previously, Cantor Fitzgerald played an intermediary role in the $3.6 billion Tether-SoftBank deal. This new Bitcoin initiative marks a significant step toward enabling institutional investment in digital assets through SPAC structures.
Bitcoin Strategy via SPAC: From Cantor Equity to BSTR
The flexibility of the SPAC model makes it an attractive route for companies seeking to add large amounts of Bitcoin to their balance sheets. The Cantor-Blockstream negotiations exemplify this strategy. If completed, 30,000 BTC will become assets of a publicly traded company.
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