Brandon Lungick, president of Cantor Fitzgerald, advances the “Saylorization” trend with plans to launch a Bitcoin (BTC) investment vehicle of $ 4 billion.
The agreement includes late steps negotiations with Adam Back, CEO of Blockstream. The initiative will be anchored through Cantor Equity Partners 1, a special acquisition company (SPAC).
The Bitcoin Major acquisition agreement puts cantor under the spotlight
According to the Financial Times, the back should contribute up to 30,000 Bitcoin to the partners of Cantor Equity 1. Parts are about $ 3.5 billion at current market prices. This white check company has already raised 200 million dollars in cash thanks to a first public offer (IPO) in January.
A “Blank Check” company is a type of company trained without specific commercial or active operations. It is created to collect public funds in order to acquire or merge with an existing company.
Thus, as part of the agreement, the company will be renamed BSTR Holdings. In addition, Bitcoin’s contribution by Back will be exchanged for actions of this new entity.
The company will also raise up to $ 800 million in external capital, which will help finance more bitcoin purchases. The combined agreement of $ 4 billion positions BSTR as a major emerging player in the institutional adoption of Bitcoin.
“An agreement could arrive this week, said that people, who warned that the conditions could still change. If it was completed in the coming days, this would come during what the Republican legislators have nicknamed the” cryptography week “while they debate the legislation linked to digital currencies,” wrote Financial Times.
This initiative follows a bitcoin adventure of $ 3.6 billion in Cantor Fitzgerald in April. The financial services company, through its SPAC, has collaborated with Softbank, Bitfinex and Tether, the transmitter of the largest stablecoin in the world, to establish twenty-one capital.
“Combined purchases of Cantor cryptography between its two vehicles, BSTR Holdings and twenty one capital, could reach almost $ 10 billion this year,” added the report.
Meanwhile, Cantor Fitzgerald is not the only one to increase his exposure to Bitcoin. Recently, an increasing number of companies have incorporated Bitcoin into their balance sheets, according to the traces of strategy (formerly Microstrategy).
In fact, Beincrypto previously pointed out that public companies had continued to go beyond the negotiated funds on the stock market (ETF) in the acquisition of Bitcoin for three consecutive quarters. The institutional interest in Bitcoin has also greatly contributed to its price rallies and legitimized its reserve position of value.
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