Major Crypto Bet Amid Policy Shifts

In a bold move aligned with the renewed optimism around cryptocurrency under the Trump administration, Cantor Fitzgerald has unveiled a $3.6 billion bitcoin investment vehicle in partnership with SoftBank, Tether, and Bitfinex. The new entity, Twenty One Capital, is set to become one of the largest holders of bitcoin globally.


A High-Stakes Crypto Collaboration


The initiative is led by Brandon Lutnick, son of U.S. Commerce Secretary Howard Lutnick, and will launch with an initial reserve of 42,000 bitcoins. The vehicle is being created through a reverse merger with Cantor Equity Partners, a SPAC that raised $100 million last year.


Valued at $3.6 billion (including debt), the venture aims to follow in the footsteps of MicroStrategy by leveraging cryptocurrency as a primary asset. The bitcoin is being contributed by the three partners, with Tether committing at least $1.5 billion. SoftBank and Bitfinex will provide the remaining share.


Strategic Financing for Expansion

To further fuel its bitcoin acquisition, the SPAC will raise a $385 million convertible bond and an additional $200 million through private equity placement. Investors contributing digital assets will receive shares in Twenty One Capital priced at $13 (private placement) and $10 (convertible bond).


Institutionalizing Bitcoin Investment


Twenty One Capital will be led by Jack Mallers, the founder of Strike, a bitcoin buying platform. The venture seeks to institutionalize cryptocurrency exposure for investors and capitalize on growing global demand.


Brandon Lutnick noted the vehicle is “designed to help investors capture value from bitcoin’s growing global demand and increasing institutional adoption.”

Regulatory and Market Backdrop

The move comes as Bitcoin continues to trade near $93,000, following a peak of $106,000 post-election. Meanwhile, MicroStrategy remains a dominant market player, holding tens of billions in bitcoin with a $91 billion valuation.

This initiative marks the first in a series of potential SPAC ventures from Cantor Fitzgerald. The brokerage has also supported Tether’s $775 million investment in right-leaning media platform Rumble and has recently underwritten several SPACs from external issuers.

Shares in Cantor Equity Partners surged 24% following the announcement, reflecting strong market confidence in the strategy.


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