Cantor Fitzgerald Nears $3.5B Bitcoin Deal with Blockstream’s Adam Back

Wall Street investment giant Cantor Fitzgerald is reportedly close to finalizing a massive $3.5 billion bitcoin deal with Blockstream CEO and early BTC advocate Adam Back, according to the Financial Times. The proposed agreement would see Cantor Equity Partners 1, a blank-check firm chaired by Cantor CEO Howard Lutnick, acquire 30,000 BTC from Back in exchange for equity in the newly renamed BSTR Holdings.

The transaction, still under negotiation, could be announced in the coming days. In addition to the BTC acquisition, the firm plans to raise an additional $800 million in external funding. If completed, this move would mark one of the largest corporate Bitcoin treasury deals to date, signaling growing institutional appetite for crypto-backed financial vehicles.

This strategy mirrors Cantor Fitzgerald’s prior crypto venture, Twenty One Capital, which was backed by major players like SoftBank, Tether, and Bitfinex, and led by Strike CEO Jack Mallers. The trend reflects a broader shift where publicly traded entities are leveraging digital assets like Bitcoin (BTC), Ethereum (ETH), and Solana (SOL) to attract investors and diversify treasury reserves.

Adam Back, a respected figure in the crypto space and co-inventor of Hashcash, has been actively investing in Bitcoin-focused startups throughout 2025, including Sweden’s H100 Group and France’s Blockchain Group. The potential BSTR Holdings deal could further solidify Blockstream’s influence in institutional Bitcoin adoption.

As traditional finance continues to embrace digital assets, large-scale BTC acquisitions like this underscore Bitcoin's growing role in corporate treasury strategies and its appeal as a long-term store of value. Investors and market watchers will be keeping a close eye on whether this groundbreaking deal crosses the finish line.