Chiara Bianchi
Brandon Lutnick, chairman of global finance powerhouse Cantor Fitzgerald and son of U.S. Commerce Secretary Howard Lutnick, is reportedly close to finalizing a multi-billion-dollar Bitcoin deal with Blockstream CEO Adam Back, according to the Financial Times.
Sources familiar with the matter told FT that Cantor Equity Partners, a SPAC backed by Cantor Fitzgerald, is in advanced discussions to acquire between $3 billion and $4 billion worth of bitcoin. The vehicle previously raised $200 million through its January IPO.
The deal, while not yet finalized, would represent one of the most significant institutional purchases of Bitcoin to date. PRIME reached out to Cantor Fitzgerald for further comment but has not received a response.
Adam Back’s Role Adds Historic Weight to the Deal
Adam Back, who is referenced in the original 2008 Bitcoin whitepaper for his work on Hashcash, remains one of the most influential figures in the crypto space. As the co-founder and CEO of Blockstream, he has long advocated for Bitcoin’s decentralized ethos and infrastructure.
The possible transaction would follow Cantor Fitzgerald’s recent entry into crypto finance, including its first BTC-backed lending deals with Maple Finance and FalconX, which closed on May 27.
A Family Legacy Now Tied to Bitcoin
The elder Lutnick, Howard, was confirmed as the 41st U.S. Secretary of Commerce on February 18, following his nomination by President Donald Trump in late 2024. Upon confirmation, he resigned from Cantor Fitzgerald, passing leadership to his sons Brandon and Kyle Lutnick.
“Kyle and I are honored to build upon our father’s legacy, leading Cantor Fitzgerald into its next chapter,” Brandon said at the time of the transition.
Howard has previously expressed a pro-Bitcoin stance, calling for global freedom in BTC trading and publicly disclosing his personal holdings in the asset.
BTC Price Holds Strong Ahead of Potential Institutional Buy
At the time of writing, Bitcoin is trading at $118,950, just below its recent all-time high of $120,000 set two days prior, according to PRIME’s price tracker. If the deal materializes, it could inject another major wave of confidence into the institutional side of crypto.
