The following article articulates Bitcoin For Corporations’ perspective. For comprehensive coverage, readers are encouraged to consult the associated news article.

A significant transformation is occurring within the capital markets, one that is notably pronounced. Recently, Cantor Fitzgerald initiated what could be one of the largest Bitcoin treasury initiatives to date, thereby reinforcing its status as one of the most proactive institutional Bitcoin investors globally.

The transaction entails a $4 billion special purpose acquisition company (SPAC) merging with Blockstream Capital, the trading and investment division of the Bitcoin infrastructure firm Blockstream. Under the terms of this deal, Blockstream Capital—co-founded by early Bitcoin contributor Adam Back—is anticipated to contribute over 30,000 BTC in exchange for equity in the newly formed entity, BSTR Holdings. An additional $800 million in external capital is being sought to further scale this strategy.

This transaction transcends a mere corporate engagement in the cryptocurrency arena. It represents a sophisticated, multi-dimensional strategy that signifies a deeper evolution: the emergence of purpose-driven public companies structured entirely around Bitcoin.

The Emergence of Bitcoin-Native Public Entities

The Cantor–Blockstream partnership fits within the broader trend identified as Bitcoin-native capital formation, wherein equity, debt, and structured products are meticulously designed to prioritize Bitcoin per share, rather than merely earnings per share. These organizations are not simply proponents of Bitcoin; they are fundamentally structured around it.

What began with Strategy (formerly known as MicroStrategy) has now established a foothold in markets globally:
• Metaplanet in Tokyo
• The Blockchain Group in Paris
• The Smarter Web Company in London
• Semler Scientific in the U.S.
• Now including Cantor Fitzgerald, bolstered by Wall Street’s formidable presence.

These enterprises are employing strategies akin to private equity, with Bitcoin as the foundational capital asset. Rather than waiting for ETF flows or gradual adoption, they are redefining corporate finance by acquiring Bitcoin directly through public mechanisms.

Distinguishing Features of This Deal

The significance of this particular transaction is noteworthy.

This scenario does not involve a treasury department allocating a mere 1% of surplus cash to Bitcoin. Rather, it involves a premier U.S. brokerage—led by 27-year-old Brandon Lutnick—utilizing SPAC infrastructure to make a generational commitment to Bitcoin at scale. Lutnick, who ascended to the chairmanship at Cantor Fitzgerald this year following his father’s appointment as U.S. Commerce Secretary, is now orchestrating multi-billion-dollar Bitcoin transactions at the forefront of traditional finance.

The $4 billion Blockstream Capital arrangement follows a previous $3.6 billion crypto acquisition venture Lutnick engaged in earlier this year with SoftBank and Tether. Collectively, these transactions could elevate Cantor’s Bitcoin acquisitions for 2025 to nearly $10 billion.

This level of investment is not merely a hedge; it represents a strategic posture.

Moreover, the structure of this deal is significant:
→ Bitcoin is contributed in-kind in exchange for equity, fostering alignment between the issuer and the shareholder.
→ External capital is being raised not for product development or operational expenditure, but to systematically accumulate Bitcoin.
→ The newly established entity—BSTR Holdings—is intentionally designed as a modern Bitcoin treasury company.

Adam Back’s Expanding Influence

This development also highlights Adam Back’s increasingly prominent role as a supporter of Bitcoin treasury entities. In addition to Blockstream Capital’s engagement in this deal, Back has personally invested in two other Bitcoin-native public companies this year:
• The Blockchain Group in France, where he participated in multiple equity financing rounds
• H100 Group in Sweden, which also benefited from his funding in several rounds.

Back’s involvement is becoming increasingly apparent within this nascent category of companies that conceive Bitcoin not merely as an asset, but as an essential component of infrastructure.

Broader Implications for Corporations

The relevance of this development extends beyond Cantor Fitzgerald or Blockstream. It indicates the swift emergence of a new category of public company—one that regards Bitcoin not merely as a balance sheet curiosity, but as the core operational logic of its business model.

For corporate executives observing from the periphery, the message is unmistakable: capital markets are systematically reevaluating strategic positioning in relation to Bitcoin, and they are doing so with accelerated speed, structure, and scale.

At Bitcoin For Corporations, it is believed that organizations that act decisively—employing thoughtful and transparent frameworks—will not only benefit from asset appreciation but will also earn a premium for their vision and execution.

Cantor’s SPAC strategy transcends being merely a news story. It serves as a portent of what lies ahead.

This post titled “Inside Cantor Fitzgerald’s $4B Bitcoin Treasury Deal with Blockstream” originally appeared in Bitcoin Magazine and was authored by Nick Ward.

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