Cantor Fitzgerald SPAC to close $4 billion bitcoin deal with Adam Back: report

Brandon Lutnick, chairman of global finance firm Cantor Fitzgerald and son of United States Secretary of Commerce Howard Lutnick, is about to close a deal valued at up to $4 billion with Adam Back, reports Financial Times. 

A Cantor Fitzgerald-backed vehicle, Cantor Equity Partners, is in late-stage talks with Back to buy between $3 billion and $4 billion worth of BTC, according to a Financial Times report, citing two anonymous sources. Cantor Equity Partners is a special purpose acquisition company (SPAC) that closed on $200 million from an initial public offering in January. 

The Block reached out to Cantor Fitzgerald for comment. 

Back is one of the few individuals cited in the 2008 Bitcoin whitepaper, as he developed the proof-of-work system Hashcash that proved foundational for Bitcoin's mining concept. Back also co-founded and serves as CEO of Blockstream for the blockchain technology firm Blockstream. 

Although the deal has reportedly yet to close, it would follow Cantor's first bitcoin financing deals, which closed on May 27 with the onchain asset manager Maple Finance and the crypto brokerage and trading firm FalconX. 

After being nominated by President Donald Trump in November 2024, Howard Lutnick was confirmed by the Senate as the 41st Secretary of Commerce on Feb. 18. Lutnick has previously expressed support for bitcoin and disclosed holdings in the asset, stating that it should be free to trade globally, The Block previously reported.

Howard Lutnick stepped down from his position as Chairman and CEO of Cantor Fitzgerald the same day as his confirmation, with the younger Lutnick assuming the Chairman position at the time. On May 19, Howard Lutnick agreed to transfer ownership of the firm Cantor Fitzgerald to his adult children, Brandon and Kyle Lutnick. 

"Kyle and I are honored to continue building on our father’s legacy, leading Cantor Fitzgerald alongside the exceptional executive team we have in place today,” said Brandon Lutnick said in a statement at the time of the leadership transfer. 

Bitcoin traded at $116,537 as of publication, hitting an all-time high price point of $120,000 just two days before. 

Disclaimer: The Block is an independent media outlet that delivers news, research, and data. As of November 2023, Foresight Ventures is a majority investor of The Block. Foresight Ventures invests in other companies in the crypto space. Crypto exchange Bitget is an anchor LP for Foresight Ventures. The Block continues to operate independently to deliver objective, impactful, and timely information about the crypto industry. Here are our current financial disclosures.

© 2025 The Block. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.