Blockstream CEO Adam Back in Advanced Talks With Cantor Equity Partners
In a landmark move for crypto finance, Blockstream CEO Adam Back is reportedly in the final stages of a $3.5 billion bitcoin deal with Cantor Equity Partners 1, a SPAC (special purpose acquisition company) led by Brandon Lutnick, chairman of Cantor Fitzgerald. The deal, if finalized, would involve the transfer of 30,000 BTC in exchange for equity.
Cantor’s Vehicle to Be Renamed BSTR Holdings
According to reports, Cantor Equity Partners 1 would acquire 30,000 bitcoin from Adam Back and Blockstream Capital. In exchange, Back would receive shares in the SPAC, which will be renamed BSTR Holdings post-deal. This move positions the company as a major bitcoin treasury vehicle, leveraging public markets to gain investor access to digital assets.
This strategic structure is designed to attract institutional capital into Bitcoin without requiring investors to hold the asset directly.
$800 Million Additional Capital Sought
As part of the broader transaction, Cantor is looking to raise $800 million in outside capital, further strengthening the balance sheet of the soon-to-be-renamed entity. This capital would likely be used to expand BTC holdings or develop related crypto infrastructure, following a growing trend among financial institutions.
If successful, this deal would represent one of the largest private bitcoin transactions ever publicly recorded.
Cantor’s Track Record in Crypto Finance
Cantor Fitzgerald has previously been involved in crypto-related ventures, including its backing of Twenty One Capital, a bitcoin investment firm linked to high-profile partners like SoftBank, Tether, and Bitfinex. That vehicle was headed by Jack Mallers, CEO of Strike, a well-known Bitcoin payments platform.
The firm’s continued interest in large-scale digital asset strategies highlights a shift in traditional finance. Institutions are increasingly using publicly listed entities as treasury vehicles to hold crypto assets such as Bitcoin (BTC), Ethereum (ETH), and Solana (SOL).
Deal Expected to Close Soon
While the final terms are still under negotiation, a formal announcement is expected in the coming days. This deal could significantly boost institutional involvement in Bitcoin and marks another milestone in the financialization of crypto assets.
If completed, this transaction could reshape how digital assets are held and managed at scale.
Disclaimer
This content is for informational purposes only and does not constitute financial, investment, or legal advice. Cryptocurrency trading involves risk and may result in financial loss.