(Bloomberg) – Cantor Fitzgerald LP, Tether Holdings Ltd. and SoftBank Group are in talks to form a $3 billion vehicle that absorbs billions of dollars in cryptocurrency.
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Cantor Equity Partners I Inc., a special purpose acquisition company, will raise $200 million in January and use cash to create a new company. Stablecoin Giant Tether offers $1.5 billion in Bitcoin, while Tether’s exchange Bitfinex and SoftBank Plan will put in $600 million and $900 million in cryptocurrencies, respectively.
The deal could be announced in the next few days, the person said. SoftBank declined to comment. Cantor, Tether, and Bitfinex did not respond immediately to requests for comment. The Financial Times reported at talks earlier on Tuesday.
The deal is the latest spin on Michael Saylor’s strategy business model. This is a Bitcoin hoarding that has been turned into a software maker with accumulation of around $45 billion in digital assets. Copycat Crypto buyers such as Metaplanet Inc. in Japan have been born all over the world in recent years. Their purchases are usually funded through the sale of stocks and convertors.
Tether, the world’s largest stubcoin issuer, has been bolstering personal transactions over the past year through investments in everything from agriculture to artificial intelligence and brain implants. The company reported in February that it had over $7 billion in excess reserves.
The crypto giant has a close relationship with Cantor, whose former CEO Howard Lutnick is now serving as President Donald Trump’s Secretary of Commerce. Cantor helps in managing Tether’s reserves and holds convertible bonds issued by Stablecoin operators.
Cantor’s chairman, Rutnick’s son, Brandon, helped introduce Tether to right-wing video platform Rumble Inc. ahead of the $775 million investment, Bloomberg reported. Brandon is also the CEO and chairman of SPAC.
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