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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In its Q1 2025 earnings report, the company revealed that it had acquired 4,710 Bitcoin between May 3 and June 10. The purchase is valued at approximately $516.6 million, signaling a bold shift in the company’s treasury strategy.

Bitcoin Becomes a Treasury Asset

As part of its digital transformation, GameStop has begun holding Bitcoin as a long-term reserve asset. Earlier this year, the company updated its investment policy, allowing cryptocurrency investments alongside traditional stocks.

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This aggressive move is part of a broader initiative to use surplus cash for higher-risk, high-return assets. By aligning with other institutions that view Bitcoin as a store of value, GameStop positions itself not just as a game retailer, but as a forward-looking tech-leaning enterprise.

ETF Launched To Track GameStop’s Crypto Strategy

To complement this bold step, Bitwise Asset Management introduced a new ETF: the Bitwise GME Option Income Strategy ETF (IGME). This financial product is built around the volatility and upside potential of GameStop stock, amplified by its Bitcoin holdings.

According to Jeff Park of Bitwise, the ETF reflects retail investor enthusiasm and provides exposure to both company performance and crypto growth. Meanwhile, despite positive EPS of $0.09 (beating expectations), the company reported lower-than-expected revenue at $732.4M, which led to a 4% drop in share price in after-hours trading.

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This acquisition comes despite a $1.4 billion IMF deal signed in December 2024, which included stipulations that El Salvador stop using public funds to purchase Bitcoin. However, the government appears unfazed by the agreement’s conditions.

President Bukele Pushes Back Against IMF

In January 2025, El Salvador’s Congress repealed the Bitcoin legal tender law, but the country’s Bitcoin acquisitions did not slow. In March, the IMF reiterated its demand to stop BTC purchases. President Nayib Bukele strongly opposed the request:

“No, it’s not stopping. If it didn’t stop when the world ostracized us and most ‘Bitcoiners’ abandoned us, it won’t stop now, and it won’t stop in the future,” Bukele declared on X.

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A Blueprint for Future Bitcoin Nations

El Salvador is currently the only country buying Bitcoin in open markets, setting an example that crypto leaders believe could inspire other nations to follow suit. The country’s strategy combines financial independence with technological innovation to support long-term economic growth.

El Salvador remains at the forefront of global Bitcoin adoption, pursuing a path of sovereignty in the digital age.

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MARA, in its Q4 statement released on February 26, outlined its ambition to become the base layer infrastructure for AI and high-performance computing applications, drawing parallels to Cisco’s role during the internet boom.

MARA Holdings CEO stated, “Whether for Bitcoin mining or AI inference, we believe our technologies will enable others to build while we provide the picks and shovels to deploy new systems and services, such as energy management, load balancing, and infrastructure.”

The company also mentioned that it took a “strategic pause” to assess the first wave of AI, where many of its Bitcoin mining competitors rushed into the field of leveraging data centers to train large language models. Instead, MARA believes that the biggest opportunities often emerge in the second wave, where those who observe and strategically position themselves will benefit most.

MARA’s Focus: AI Inference

MARA is focusing on the second wave of AI, which it believes will revolve around AI inference rather than training. Inference involves the AI model making its own decisions and conclusions without human intervention, after being trained. The company aims to support this with its infrastructure, which it believes will resemble traditional cloud computing.

You Might Be Interested In: Elon Musk Talks About the Name of a New Memecoin!

MARA’s Q4 Financial Results

MARA reported $214.4 million in revenue for Q4, exceeding the consensus estimate of $183.9 million by 16.5%. The company also added 18,146 Bitcoin to its holdings.

Net income reached $528.3 million, marking a 248% year-over-year increase, while adjusted EBITDA (earnings before interest, taxes, depreciation, and amortization) rose by 207% to $794.4 million.

The company increased the number of Bitcoin blocks won by 25% year-over-year, mining a total of 2,492 Bitcoin. All of these Bitcoins were retained under MARA’s new treasury policy, which aims to “retain all BTC” for the company. Additionally, MARA purchased another 14,574 BTC using cash and proceeds from its zero-coupon convertible senior note offerings.

By the end of 2024, MARA held a total of 44,893 Bitcoin, solidifying its position as the second-largest corporate Bitcoin holder behind BitBo’s Strategy as per BitcoinTreasuries.NET data.

Increase in Energy Capacity and Mining Facilities

MARA also increased its hashrate to 53.2 exahashes per second (EH/s), representing a 115% increase from Q4 2023. A significant portion of this increase came from securing 300% more energy capacity in 2024 while expanding to seven Bitcoin mining facilities.

Additionally, MARA launched 25-megawatt micro data centers in Texas and North Dakota, reducing the company’s reliance on grid power.

The strong Q4 performance saw MARA (MARA) shares rise 5.9% in after-hours trading to $13.18, though they later pulled back to $12.89. MARA shares closed the February 26 trading day at $12.45 according to Google Finance data.

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