Cantor Fitzgerald's $4 Billion Bitcoin Deal with Adam Back

Brandon Lutnick, chairman of Cantor Fitzgerald, is on the verge of finalizing a deal worth up to $4 billion with Adam Back, as reported by Financial Times. Cantor Equity Partners, a SPAC backed by Cantor Fitzgerald, is in the final stages of negotiations to purchase between $3 and $4 billion worth of Bitcoin (BTC). Cantor Equity Partners had previously raised $200 million from an IPO in January. Adam Back, a notable figure in the crypto world, is one of the few acknowledged in the Bitcoin whitepaper from 2008, having developed Hashcash, a proof-of-work system instrumental to Bitcoin mining. He is also the co-founder and CEO of Blockstream, a blockchain technology firm. Although the deal hasn’t been officially closed, it follows Cantor's initial bitcoin financing engagements, which wrapped up in May with Maple Finance and FalconX. Howard Lutnick, Brandon’s father and the US Secretary of Commerce, has shown interest in Bitcoin and has publicly revealed his holdings, advocating for the asset’s free global trade. He was confirmed as Secretary in February 2024, shortly after resigning from his dual role of Chairman and CEO at Cantor Fitzgerald, which he handed over to Brandon and Kyle Lutnick. As of now, Bitcoin is trading at $116,537, having reached an all-time high of $120,000 just two days earlier. Disclaimer: The Block is an independent media outlet that provides news and research. This article is for informational purposes and should not be interpreted as legal or financial advice.