Cantor, SoftBank and Tether Plan $3 Billion SPAC to Amass 42,000 Bitcoin

Cantor Fitzgerald LP is in advanced discussions with SoftBank Group Corp., Tether Holdings Ltd. and crypto exchange Bitfinex to establish a Bitcoin‑focused investment vehicle with about $3 billion in capital, the Financial Times reported, citing people familiar with the talks.

According to draft terms, Tether would inject roughly $1.5 billion in Bitcoin, while SoftBank and Bitfinex would contribute around $900 million and $600 million respectively. The partners raised $200 million in seed funding in January and are seeking at least a further $550 million. The documents price Bitcoin at about $85,000 and set the new company’s share price at $10.

The venture—tentatively named Twenty One Capital—would merge with Cantor Equity Partners, a New York‑listed special‑purpose acquisition company. The combined entity is expected to launch with about 42,000 Bitcoin, valued near $3.9 billion at current prices, which would place it behind only MicroStrategy and Marathon Digital among publicly traded Bitcoin treasuries.

Brandon Lutnick, son of U.S. Commerce Secretary Howard Lutnick, is leading the effort for Cantor Fitzgerald. Strike founder Jack Mallers said on Bloomberg TV that he will serve as chief executive of Twenty One Capital and “intends to raise as much capital as possible to acquire Bitcoin.” Backers say the structure is designed to give equity investors a capital‑efficient way to gain exposure to the cryptocurrency.

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