Jack Mallers leads new bitcoin company with Tether and Cantor Fitzgerald on board
With the price of bitcoin climbing to 94,000 dollars, they seek to emulate the MicroStrategy model
Trump's pro-bitcoin policies generate a new wave of institutional bets
The U.S. investment bank Cantor Fitzgerald is joining forces with #Tether #SoftBank and #Bitfinex to create #21 Capital, a 3 billion dollar fund designed for the accumulation of #bitcoin $BTC and to take advantage of the renewed institutional interest in the pioneering digital currency. This project, inspired by the #Strategy model, aims to consolidate the invention of #Satoshi_Nakamoto as a key asset in financial markets, amid optimism driven by favorable policies for the cryptocurrency ecosystem under the administration of Donald Trump.
In a statement released shortly after this note was published, it was reported that Jack Mallers will be the CEO of the company, which is majority-owned by #Tether and #Bitfinex. This will introduce innovative metrics such as Bitcoin Per Share (BPS) and Bitcoin Return Rate (BRR), focusing on measuring success in terms of Bitcoin rather than fiat profits.
'We are not here to beat the market, but to build a new one: a public stock created by bitcoiners, for bitcoiners,' said Mallers, who is also the founder of #Strike, a leading platform for digital payments on Bitcoin's Lightning Network.
The company plans to use the net proceeds from private investment in public equity, which will close simultaneously with the business combination, to acquire additional Bitcoin and cover general corporate purposes. With this strategy, the company expects to launch with a reserve of over 42,000 BTC, positioning it as the third largest treasury of the world's pioneering digital currency today, with an approximate value of 3 billion dollars.
The investment vehicle, structured as a special purpose acquisition company (SPAC) called Cantor Equity Partners, already raised 200 million dollars in January, according to the Financial Times.
The project reflects the model shown by Michael Saylor to transform the treasury of #Strategy, which achieved success after investing in the digital currency. This turned into a giant in the sector with tens of billions of dollars in bitcoin and a market capitalization of 91 billion dollars.
Now, with the largest market-cap cryptocurrency trading near 94,000 dollars this week, 21 Capital aims to capitalize on this upward trend and position itself as a leader in institutional adoption, with a publicly traded alternative.
In itself, the consortium is creating a multi-billion dollar bitcoin acquisition vehicle that will absorb billions of dollars from the other partners. Tether would contribute 1.5 billion dollars in bitcoin, while SoftBank and Bitfinex would contribute 900 and 600 million dollars, respectively, according to the source.
This alliance is the first of a possible wave of SPAC deals led by Cantor Fitzgerald. In addition to its SPAC Cantor Equity Partners, it has created two other similar vehicles led by young Lutnick that seek deals. The brokerage firm has also underwritten several SPACs in recent months issued by third parties.
Strategic bitcoin acquisitions in sight
Brandon Lutnick, son of Howard Lutnick, former CEO of Cantor Fitzgerald and current U.S. Secretary of Commerce, took over leadership after his father's departure. Howard, a well-known advocate of bitcoin and Tether, recently softened his previously scrutinizing stance towards the issuer of the USDT stablecoin before the Senate. This came after initially stating that the stablecoin has the capacity to back every dollar.
Cantor Fitzgerald, which holds the majority of the 134 billion dollars in Tether reserves (mainly in Treasury bonds), has also ventured into institutional lending with a 2 billion dollar fund launched in March 2025.
In any case, '21 Capital is not just a bet on bitcoin, but a platform for strategic acquisitions in the cryptocurrency sector,' as stated by a source to the aforementioned media.
The deal, which will be announced in the coming weeks, is not yet finalized and could change, according to close sources, but essentially, 21 Capital represents a bridge between Wall Street and the cryptocurrency ecosystem, with bitcoin as the protagonist.
