In January Cantor Fitzgerald LP launched a $200 million special purpose acquisition company (SPAC), Cantor Equity Partners 1, targeting the crypto sector. Now it will likely receive a $3 billion investment in bitcoin from Tether, Tether affiliate Bitfinex, and SoftBank, the Financial Times first reported. The SPAC CEO and Chairman is Brandon Lutnick, the 27-year-old son of US Commerce Secretary Howard Lutnick. The younger Lutnick is also currently the chair of Cantor Fitzgerald LP.
Half of the bitcoin will come from Tether, with SoftBank contributing $900 million and Bitfinex $600 million.
The goal of the vehicle is to mimic the success of MicroStrategy (now renamed as Strategy). It owns $50 billion worth of bitcoin but has a significant net asset value premium, so the company’s market capitalization is $88.5 billion. MetaPlanet in Japan has copied the strategy with some success, and GameStop also recently bought bitcoin.
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