Brandon Lutnick's New Bitcoin Initiative Raises $3 Billion From Tether, SoftBank, and Bitfinex

The venture will operate under Cantor Equity Partners, a special purpose acquisition company (SPAC) that raised $200 million in January 2025.

A new multi-billion dollar Bitcoin initiative is being spearheaded by Brandon Lutnick, son of U.S. Commerce Secretary Howard Lutnick and chairman of brokerage firm Cantor Fitzgerald, according to a Financial Times report.

Lutnick is partnering with Tether, SoftBank, and Bitfinex to form 21 Capital, a digital asset acquisition firm backed by $3 billion in Bitcoin, the report adds. The venture will operate under Cantor Equity Partners, a special purpose acquisition company (SPAC) that had raised $200 million in January 2025.

Fornovis Inc, which owns Tether and Bitfinex, will contribute $1.5 billion in Bitcoin to 21 Capital, while SoftBank will contribute $900 million, and Bitfinex will contribute $600 million. These contributions will be used to acquire more Bitcoin, aiming to build a "massive stockpile" of the cryptocurrency.

This move comes amid the Trump administration's pro-crypto stance and signals an interest in accelerating digital asset adoption within the U.S. financial system.

21 Capital will also raise additional funds through a $350 million convertible bond offering and a $200 million private equity placement. These contributions will be converted into shares valued at $10 each, effectively pricing Bitcoin at $85,000 per coin. This structure is similar to that of former software company MicroStrategy, which has accumulated over $13 billion in Bitcoin assets.

The consortium's goal is to replicate the success of MicroStrategy by creating a publicly traded firm with a significant Bitcoin holding. According to market sources, the deal could be announced in the coming weeks, although the structure and valuation figures may still change.

Cantor Fitzgerald has been expanding its digital asset activities in recent months. The firm previously advised Tether on a $775 million investment in video-sharing platform Rumble and supported the development of a proposed $2 billion Bitcoin-backed lending program in partnership with Tether and Centered Capital.

The brokerage firm has also been engaging in SPAC activity, establishing two more SPACs in addition to Cantor Equity Partners, all of which are actively seeking opportunities in the digital asset and fintech sectors. Moreover, Cantor has begun utilizing crypto platforms maintained by Anchorage Digital and Copper to expand its market infrastructure.

This venture enters the market at a time when Bitcoin is trading near historic highs, fluctuating around $92,000 after peaking at $106,000 in the wake of President Trump's re-election. The administration has expressed strong support for blockchain innovation and aims to integrate cryptocurrency within mainstream financial frameworks.

Tether and Bitfinex, both operating under the same umbrella of Fornovis Inc, previously settled major regulatory probes with the New York Attorney General and the Commodity Futures Trading Commission in 2021. Their renewed involvement in large-scale crypto initiatives indicates a return to active market participation under a more favorable U.S. regulatory environment.