Institutional interest in Bitcoin has been increasing exponentially recently. While many companies are purchasing BTC, the latest move comes from Cantor Fitzgerald, run by US Secretary of Commerce Howard Lutnick.
According to the Financial Times, Howard Lutnick’s company Cantor Fitzgerald has in consultation with Adam Back and his company Blockstream to purchase approximately $4 billion worth of Bitcoin (BTC).
The move is seen as another bold move by Brandon Rutnick, who replaced the company’s CEO Howard Rutnick after being confirmed as the 41st Secretary of Commerce. Lutnick previously signed a $3.6 billion Bitcoin deal with SoftBank and Tether in April.
Citing two unnamed sources, Cantor Fitzgerald-backed Cantor Equity Partners are in final stage discussions to purchase between $3 billion and $4 billion worth of BTC, according to the FT.
Under the contract, Kantar receives Bitcoin from Adambak. In exchange for Back’s Bitcoin contribution, Back and Blockstream each receive shares in SPAC.
Cantor Equity Partners is a special purpose acquisition company (SPAC) that raised $200 million in its initial public offering in January.
The deal is reportedly not confirmed yet, but it can be confirmed this week.
*This is not investment advice.
