3 weeks ago
Brandon Lutnick, lad of U.S. Commerce Secretary Howard Lutnick and seat of Cantor Fitzgerald, is launching a listed bitcoin concern conveyance backed by SoftBank, Tether, and Bitfinex, the Financial Times archetypal reported.
The peculiar intent acquisition institution (SPAC), dubbed Cantor Equity Partners, raised $200 cardinal successful January and volition assistance signifier a caller firm, 21 Capital, seeded with $3 cardinal successful bitcoin (BTC) from the crypto heavyweights. The woody mirrors MicroStrategy’s bitcoin proxy exemplary and would person the BTC into equity astatine a valuation of $85,000 per coin.
Cantor Fitzgerald is 1 of Tether's custodians, holding the bulk of its U.S. Treasuries. Howard Lutnick, however, has softened his stance connected Tether's liquidity portion testifying earlier the Senate aft initially saying the stablecoin issuer could relationship for each dollar.
Tether and Bitfinex are contributing $1.5 cardinal and $600 million, respectively, portion SoftBank is adding $900 million. The task plans to rise different $550 cardinal done bonds and backstage equity to acquisition much BTC.
The SPAC comes amid renewed crypto optimism nether the Trump administration, with bitcoin hovering adjacent $92,000 and regulatory tailwinds shifting. The woody is expected to beryllium announced successful the coming weeks, but could inactive change, according to the FT.
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