(Bloomberg) — Cantor Fitzgerald LP, Tether Holdings Ltd. and SoftBank Group are in talks to form a $3 billion vehicle that would absorb billions of dollars in cryptocurrency.
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Cantor Equity Partners I Inc., a special purpose acquisition company, raised $200 million in January and will use the cash to create a new firm. Stablecoin giant Tether will contribute $1.5 billion of Bitcoin, while Tether-affiliated exchange Bitfinex and SoftBank plan to put in $600 million and $900 million of the cryptocurrency, respectively, according to a person familiar with the matter who asked not to be named as the discussions are private.
The deal may be announced within the coming days, the person said. SoftBank declined to comment. Cantor, Tether and Bitfinex didn’t immediately respond to requests for comment. The Financial Times reported on the talks earlier Tuesday.
The deal is the latest spin on the business model of Michael Saylor’s Strategy, a software maker-turned-Bitcoin hoarder that has amassed about $45 billion of the digital asset. Copycat crypto buyers, such as Japan’s Metaplanet Inc., have sprung up around the world in recent years. Their purchases are typically funded through the sale of stock and other financial instruments, including convertible notes.
Tether, the world’s largest stablecoin issuer, has been ramping up its private dealmaking in the past year through investments in everything from farming to artificial intelligence and brain implants. The company reported in February that it had more than $7 billion in excess reserves.
The crypto giant has forged close ties with Cantor, whose former chief executive officer, Howard Lutnick, now serves as US President Donald Trump’s commerce secretary. Cantor helps manage Tether’s reserves and holds a convertible bond issued by the stablecoin operator.
Lutnick’s son Brandon, Cantor’s chairman, helped introduce Tether to right-wing video platform Rumble Inc. ahead of a $775 million investment, Bloomberg reported. Brandon is also the SPAC’s CEO and chairman.
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