Brandon Lutnick, son of U.S. Commerce Secretary Howard Lutnick, is set to helm a high-stakes Bitcoin investment initiative that could become one of the largest corporate crypto commitments to date. According to a Financial Times report published Tuesday, Lutnick will lead 21 Capital, a newly formed special-purpose acquisition company (SPAC) partnering with Tether, SoftBank, and Bitfinex to deploy an estimated $3 billion in Bitcoin.
As outlined in the proposed structure, Tether is expected to contribute $1.5 billion worth of BTC, SoftBank will add $900 million, and Bitfinex will invest $600 million. While final terms remain subject to adjustment, insiders say the launch announcement is imminent.
21 Capital is being positioned as a heavyweight Bitcoin holding vehicle—mirroring the approach taken by Michael Saylor’s MicroStrategy, but backed by a broader coalition of traditional finance, crypto-native firms, and venture capital. If completed, the venture would mark a major institutional bet on Bitcoin’s long-term value proposition, placing Brandon Lutnick at the center of one of the boldest crypto investment plays in recent memory.
While the deal still awaits formal approval, the timing underscores renewed institutional confidence in Bitcoin, buoyed by pro-crypto regulatory signals and growing demand for digital asset exposure among major investors.
Cantor’s $3B Bitcoin Play Seeks to Rival MicroStrategy
The venture is being backed by Cantor Equity Partners, a SPAC linked to financial services firm Cantor Fitzgerald, which raised $200 million earlier this year and now plans to deploy billions into Bitcoin, according to the Financial Times.
This move follows Cantor’s broader push into crypto markets. In late 2023, the firm began developing a $2 billion Bitcoin lending program in partnership with Tether. By March 2025, it had announced integrations with crypto custody providers Anchorage Digital and Copper, laying the groundwork for blockchain-aligned operations.
The announcement also comes amid shifting political winds. In November, President Donald Trump appointed Cantor veteran Howard Lutnick as Commerce Secretary—a move that cemented the firm’s influence within the current administration.
With Tether, SoftBank, and Bitfinex poised to contribute to the venture, 21 Capital is being framed as a publicly traded rival to MicroStrategy, whose Bitcoin-forward strategy has driven its market cap to $91 billion. The team behind 21 Capital aims to provide an institutional gateway to Bitcoin exposure—combining equity-market access with crypto-native strategy.
Cantor-Backed 21 Capital to Tokenize $3B in Bitcoin at $85K Each
The Bitcoin contributed by backers will be converted into equity in 21 Capital at a valuation of $85,000 per BTC, according to sources familiar with the deal. Shares will be issued at $10 each, aligning the investment vehicle with Bitcoin’s recent market highs and enabling a tokenized equity structure.
This strategy will position 21 Capital as a hybrid crypto-equity vehicle, giving institutional investors a publicly traded alternative to direct BTC exposure.
The announcement comes amid a broader regulatory shift under President Trump’s administration, which has adopted a more crypto-forward policy stance. After surging to $106,000 in the wake of the 2024 election, Bitcoin briefly dipped to $79,000, but has since rebounded above $93,000, supported by both policy clarity and growing institutional inflows.
Quick Facts
- Cantor Fitzgerald, in partnership with SoftBank, Tether, and Bitfinex, is launching a $3 billion Bitcoin venture via 21 Capital.
- Brandon Lutnick will lead the initiative, which mirrors MicroStrategy’s BTC accumulation model.
- BTC holdings will be converted into shares at a valuation of $85,000 per Bitcoin.
- The venture aligns with Trump-era pro-crypto policy momentum, and terms may still be finalized in the coming weeks.
