Cantor Fitzgerald, SoftBank and Tether Poised for $3 Billion Bitcoin Investment Vehicle – FT

Cantor Fitzgerald LP is in advanced discussions with SoftBank Group Corp., Tether Holdings Ltd. and crypto exchange Bitfinex to establish a $3 billion vehicle dedicated to buying bitcoin, the Financial Times reported, citing people familiar with the matter.

The new entity, provisionally called 21 Capital, would receive $1.5 billion in bitcoin from Tether, $900 million from SoftBank and $600 million from Bitfinex, according to the report. The consortium raised $200 million in cash in January and intends to secure at least a further $550 million, giving it more than $3 billion in total purchasing power.

Brandon Lutnick—chief executive of Cantor Fitzgerald and son of U.S. Commerce Secretary Howard Lutnick—is leading the effort, which is designed to mirror MicroStrategy’s large-scale cryptocurrency accumulation strategy. Final agreements have not been announced, and the parties have not publicly commented.

This is an AI-generated article powered by DeepNewz, curated by The Defiant. For more information, including article sources, visit DeepNewz.