Cantor Fitzgerald to Acquire 30,000 BTC from Adam Back in Landmark $4 Billion SPAC Deal

Cantor Equity Partners 1, a special-purpose acquisition company (SPAC) backed by Wall Street powerhouse Cantor Fitzgerald and led by Brandon Lutnick, is nearing the completion of a landmark $4 billion transaction to acquire approximately 30,000 Bitcoin from Adam Back, the renowned cryptographer and CEO of Blockstream.

As part of the deal, Back will exchange his BTC holdings—currently valued at over $3 billion—for equity in the SPAC. The transaction effectively values the combined entity at $4 billion, with the SPAC expected to be renamed BSTR Holdings following the deal's close. To finance the acquisition, Cantor plans to raise an additional $800 million from institutional investors.

This marks a significant step forward in Cantor Fitzgerald’s strategic foray into the digital asset space, showcasing its growing reliance on SPACs as vehicles for large-scale Bitcoin exposure—bridging the gap between traditional finance and decentralized assets.

Cantor Fitzgerald’s Deepening Commitment to Bitcoin

Founded in 1945, Cantor Fitzgerald has long been a major force in bond trading and capital markets. In recent years, the firm has aggressively pivoted toward digital assets under the leadership of Brandon Lutnick, who has taken on a more prominent role alongside his father, CEO Howard Lutnick.

Cantor Equity Partners 1 launched in January 2025 with a $200 million IPO, initially operating as a blank-check company. Since then, it has emerged as a key crypto acquisition vehicle. In April 2025, Cantor joined forces with SoftBank, Tether, and Bitfinex to form Twenty One Capital, a $3.6 billion SPAC-driven venture that acquired 42,000 BTC. Just weeks later, Cantor expanded its crypto footprint through financing partnerships with Maple Finance and FalconX.

The upcoming acquisition from Adam Back will mark Cantor’s third major Bitcoin transaction in 2025, bringing its cumulative digital asset exposure to over $10 billion.

Who Is Adam Back?

Adam Back is a British cryptographer and early cypherpunk who was among the first individuals to communicate directly with Bitcoin’s pseudonymous creator, Satoshi Nakamoto. He is best known for inventing Hashcash, a proof-of-work system that directly influenced Bitcoin’s design. His name is cited in the original Bitcoin whitepaper.

In 2014, Back co-founded Blockstream, a Canada-based Bitcoin infrastructure company known for developing the Liquid Network (a Bitcoin sidechain), launching Bitcoin satellites for global broadcast, and operating mining and privacy-preserving technologies. He also leads Blockstream Capital, the firm’s investment arm with stakes in numerous blockchain startups across North America and Europe.

Back’s decision to exchange a significant portion of his BTC holdings for equity in BSTR Holdings highlights his conviction in the institutional adoption of Bitcoin—and his confidence in Cantor’s strategy of embedding Bitcoin into the core of Wall Street finance.