New venture could absorb billions in bitcoin as traditional finance deepens ties with crypto giants
Cantor Fitzgerald, Tether Holdings, and SoftBank Group are reportedly close to finalizing a major new crypto venture, aiming to create a $3 billion vehicle that will absorb vast amounts of bitcoin. According to sources familiar with the deal, the move is expected to be announced within days.
The structure of the project revolves around Cantor Equity Partners I Inc., a SPAC that raised $200 million earlier this year. This special purpose acquisition company will serve as the launchpad for the new firm.
Tether, the world’s largest stablecoin issuer, is expected to contribute $1.5 billion in bitcoin to the project. Meanwhile, Bitfinex, a crypto exchange affiliated with Tether, will add $600 million, and SoftBank plans to inject $900 million in the same digital asset.
While the companies involved have yet to issue public statements, the Financial Times first reported on the potential deal Tuesday.
This partnership echoes the Bitcoin accumulation strategy popularized by Michael Saylor’s firm, MicroStrategy, which has famously turned itself into a bitcoin holding vehicle, amassing about $45 billion worth of the asset. Similar strategies have recently emerged globally, including from Japan’s Metaplanet Inc., with firms leveraging stock and financial instruments to finance their crypto purchases.
Tether’s interest in bold investments is not new. In recent months, the company has diversified its portfolio far beyond stablecoins, investing in agriculture, artificial intelligence, and even neural technology. As of February, Tether reported over $7 billion in excess reserves, allowing it to fuel expansion without threatening its core operations.
The firm’s ties to Cantor Fitzgerald run deep, especially since Howard Lutnick, Cantor’s former CEO, became the U.S. Secretary of Commerce under President Trump. Cantor currently helps manage Tether’s reserves and holds a convertible bond issued by the stablecoin operator.
In an interesting twist of connections, Brandon Lutnick, Howard’s son, serves as CEO and chairman of the Cantor-backed SPAC and reportedly facilitated introductions between Tether and video platform Rumble Inc., ahead of a $775 million investment. Rumble, known for catering to right-leaning audiences, has become a rising name in the political media space.
If finalized, this deal will mark another chapter in the blending of Wall Street mechanics with crypto ambition, backed by significant institutional capital and strategic government ties.
