Cantor Fitzgerald, a New York-based firm, is close to finalizing a $4 billion deal involving Bitcoin purchased from Blockstream founder Adam Back.
Unique Deal Structure
Cantor Fitzgerald plans to acquire 30,000 BTC from Blockstream as part of a deal that will be renamed BSTR Holdings. The total value of this exchange is estimated to be over $3 billion, with Bitcoin being traded for shares in the company.
New Corporate Reserve Strategy
The deal reflects a new strategy of utilizing Bitcoin as a core asset on corporate balance sheets, indicating a shift in how companies view digital assets. Institutional strategist Rachel Kim highlighted that using a public SPAC to accumulate Bitcoin is a smart strategy.
Key Players in the Deal
Brandon Lutnick, who became the chairman of Cantor Fitzgerald earlier this year, is leading this major move. He is joined by Adam Back, a prominent figure in the Bitcoin space who is actively investing in crypto-focused companies.
Cantor Fitzgerald is moving closer to completing a significant deal that strengthens its position in the crypto world and may influence the future of corporate Bitcoin reserves.
