Brandon Rutnick, son of U.S. Secretary of Commerce Howard Lutnick and son of Canter Fitzgerald, is launching listed Bitcoin investment vehicles backed by SoftBank, Tether and Bitfinex. Financial Times was first reported.
The Special Purpose Acquisition Company (SPAC), known as Cantor Equity Partners, will raise $200 million in January to help form 21 new companies sown 2 billion capital, sown with $3 billion in Bitcoin (BTC) from Crypto Heavywights. The agreement reflects MicroStrategy’s Bitcoin Proxy model, converting BTC to stocks at a valuation of $85,000 per coin.
Cantor Fitzgerald is one of Tether’s custodians and holds most of the US Treasury Department. But Howard Lutnick softened his attitude towards Tether’s fluidity, but testified before the Senate, initially after the stablecoin issuer said he could explain the dollar.
Tether and Bitfinex contributed to $1.5 billion and $600 million respectively, while SoftBank adds $900 million. The venture plans to raise another $550 million through bonds and private equity to buy more BTC.
SPAC will hover nearly $92,000 amid a new crypto optimism under the Trump administration, with Bitcoin hovering nearly $92,000, and the regulatory tailwinds will change. The deal is expected to be announced in the coming weeks, but according to the FT, it may still change.
