Brandon Lutnick, 27, son of the U.S. Commerce Secretary, is preparing a significant bitcoin acquisition deal valued at approximately $4 billion.
The $4 Billion Deal
According to sources familiar with the discussions, the deal is being conducted through Cantor Equity Partners 1, a special acquisition company that raised $200 million during its IPO in January. The negotiations are nearing completion, focused on acquiring over $3 billion in bitcoin from Adam Back, founder of the crypto trading firm Blockstream Capital.
Deal Structure and Prospects
Under the draft agreement, Back would transfer up to 30,000 bitcoins valued at over $3 billion. The SPAC also intends to raise up to $800 million from outside investors for additional purchases, potentially driving the total transaction value past $4 billion. In exchange for their bitcoin contribution, Back and Blockstream Capital would receive equity in the SPAC, slated to be renamed BSTR Holdings.
Adam Back's Role in the Crypto Industry
Adam Back is widely recognized as one of the earliest champions of cryptocurrency technology. His 1997 introduction of the Hashcash proof-of-work mechanism was mentioned by Satoshi Nakamoto in the original Bitcoin white paper. Back has funded various enterprises building significant bitcoin reserves, including investments in The Blockchain Group and H100 Group.
The conclusion of this deal will mark an important milestone for Cantor Equity Partners and enhance the company's assets in the growing cryptocurrency market.
