CFPEC (R) unit will echo MicroStrategy's (MSTR.O) playbook by accumulating a sizeable bitcoin (BTC) cache.
Financial Times is reporting that Cantor Fitzgerald, SoftBank and Tether are putting the finishing touches on a $3 billion bitcoin acquisition vehicle.
The project, spearheaded by Brandon Lutnick—son of U.S. Commerce Secretary Howard Lutnick—will see the consortium’s special-purpose acquisition company, Cantor Equity Partners, assemble $3 billion in bitcoin from Tether ($1.5 billion), SoftBank ($900 million) and Bitfinex ($600 million).
Those proceeds will fund a nascent firm dubbed 21 Capital, which intends to list at $10 a share, implying a bitcoin valuation of nearly $85,000 each. FT further notes the SPAC has already raised $200 million and will issue a $350 million convertible bond plus a $200 million private placement to secure more BTC.
Participants’ bitcoin holdings will convert into 21 Capital equity, reflecting a bet on long-term crypto appreciation. Bitcoin rose to almost $94,000 on Tuesday, contrasting sharply with equities this week.
Sources familiar with the negotiations told Gara and Barnes the agreement, though anticipated soon, could still fall through.
The report adds that Cantor declined to comment, while SoftBank and Tether did not respond to requests for comment.
Tether, which issues the world’s largest dollar-linked token USDT, now holds 92,646 BTC after adding 8,888 bitcoin in Q1.
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