Brandon Lutnick’s Cantor Equity Partners’ consortium is preparing for one of the most ambitious Treasury bets on Bitcoin, as MicroStrategy first turns its balance sheet into a proxy for the cryptocurrency market. According to a report from the Financial Times, a special purpose acquisition company backed by broker Cantor Fitzgerald will combine $3 billion in Bitcoin donations from SoftBank, Tether and Bitfinex to sow a new entity called 21 Capital.
Cantor, SoftBank and Tether Bet Big on Bitcoin
The deal will mark a dramatic entrance to Brandon Lutnick, whose father Howard Lutnick joins the Trump administration as Commerce Secretary, the center of the expected post-election revival in U.S. digital asset investment. The three briefed the program and told FT that 21 Capital would seek to replicate “the success of MicroStrategy, a one-time software company that surged after turning to cryptocurrency investment.”
Cantor Equity Partners raised $200 million in its IPO in January. Together with partner Bitcoin, this cash will provide 21 capital’s core treasury. The breakdown quoted in the report allocated $1.5 billion in Bitcoin from Tether, $900 million from SoftBank and $600 million from Bitfinex. Another $350 million in convertible bonds and $200 million in private equity resettlement were also arranged, the source said.
Once completed, the digital asset contribution will be converted into 21 capital shares at a price of $10 per share, with the transferred Bitcoin rating being $85,000 per coin. The plan is still smooth. “The deal may be announced in the coming weeks but it has not yet been realized and the numbers may change,” FT warned.
MicroStrategy’s multi-year Bitcoin accumulation generates a market capitalization of $91 billion, and its model (issuing equity and low corporate debt for further purchases) has become a script for the company’s fiscal assets to adopt digital assets. Lutnick’s proposed vehicle is the first SPAC explicitly designed to mimic the template, and it’s arrived by the Trump administration’s signal “an easier stance on cryptocurrency trading.”
Cantor Fitzgerald, who has benefited from the new policy environment, has advised Tether to invest $775 million in conservative video sharing platform Rumble. The brokerage also sponsors two other SPACs led by Lutnick, which are still looking for targets.
David Bailey, CEO of BTC Inc., observed SoftBank’s presence – “with $180 billion in assets, $32 billion in cash and a large portfolio of companies”, invited the proposed vehicle to immediately weigh globally. Bailey told followers on X: “SoftBank has officially entered the Bitcoin market, initially a $900 million acquisition…Masayoshi Son!” Steven Lubka, who runs Swan’s private fortune, simply released: “Cantor, Softbank and Tether have launched BTC procurement vehicles.”
Market observers quickly linked the emergence of the consortium to Bitcoin’s recent price action. Tuur Demeester, host of the B Reel Podcast and director of the Texas Bitcoin Foundation, wrote: “This announcement could explain why Bitcoin has grown 12% over the past week.”
Jeff Park, head of Alpha Strategies Bitwise, built a collaboration in geopolitical terms, calling it “the ultimate ‘overly privileged’ joint venture – a move so crazy that you can’t start how to experience the dollar export machine with a positive feedback loop of existing global carrying systems.”
At press time, BTC traded at $93,391.
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