SoftBank, Tether, Bitfinex Back $3B Bitcoin SPAC Led by Lutnick’s Son

Brandon Lutnick, son of U.S. Commerce Secretary and Cantor Fitzgerald Chair Howard Lutnick, is spearheading a major bitcoin-backed investment initiative with the launch of a SPAC named Cantor Equity Partners. The venture is supported by crypto giants Tether, Bitfinex, and global investor SoftBank.

Cantor Equity Partners raised $200 million in January and is forming a new entity called 21 Capital. This firm will be seeded with $3 billion worth of bitcoin (BTC), with contributions including $1.5 billion from Tether, $600 million from Bitfinex, and $900 million from SoftBank. The model echoes MicroStrategy’s approach to BTC investment, converting bitcoin holdings into equity at a valuation of $85,000 per coin.

The SPAC intends to raise an additional $550 million via bonds and private equity to increase its bitcoin reserves, aiming to further strengthen its digital asset position.

The move comes amid bullish momentum in the crypto market, with bitcoin prices hovering near $92,000 and regulatory sentiment improving under the Trump administration. This timing may provide a favorable backdrop for institutional players to re-enter or expand in the digital asset space.

Cantor Fitzgerald, which acts as one of Tether’s custodians, currently holds a large portion of its U.S. Treasury reserves. While Howard Lutnick had once raised doubts about Tether’s liquidity, he has since moderated his stance during Senate testimony, acknowledging the stablecoin’s ability to meet dollar obligations.

The Financial Times reported that the official announcement is expected soon, although the structure of the deal may still evolve. If finalized, 21 Capital could become a high-profile proxy for bitcoin exposure in traditional markets, drawing parallels to publicly traded crypto-holding firms.