U.S. Commerce Secretary Lutnick’s Son Teams Up With Tether, SoftBank for $3B Bitcoin SPAC: FT

Brandon Lutnick, son of U.S. Commerce Secretary Howard Lutnick and chair of Cantor Fitzgerald, is launching a listed bitcoin investment vehicle backed by SoftBank, Tether, and Bitfinex, the Financial Times first reported.
The special purpose acquisition company (SPAC), dubbed Cantor Equity Partners, raised $200 million in January and will help form a new firm, 21 Capital, seeded with $3 billion in bitcoin (BTC) from the crypto heavyweights. The deal mirrors MicroStrategy’s bitcoin proxy model and would convert the BTC into equity at a valuation of $85,000 per coin.
Cantor Fitzgerald is one of Tether's custodians, holding the majority of its U.S. Treasuries. Howard Lutnick, however, has softened his stance on Tether's liquidity while testifying before the Senate after initially saying the stablecoin issuer could account for every dollar.
Tether and Bitfinex are contributing $1.5 billion and $600 million, respectively, while SoftBank is adding $900 million. The venture plans to raise another $550 million through bonds and private equity to purchase more BTC.
The SPAC comes amid renewed crypto optimism under the Trump administration, with bitcoin hovering near $92,000 and regulatory tailwinds shifting. The deal is expected to be announced in the coming weeks, but could still change, according to the FT.