$3.5B Bitcoin Deal With Adam Back Propels Cantor Equity Partners 1 Up 25%

CEPO Soars 25% on $3.5B Bitcoin Deal With Blockstream’s Adam Back

Cantor Equity Partners I (CEPO) rallied nearly 25% to trade just under $15 in Wednesday morning U.S. trading, after news broke of a major Bitcoin transaction with industry pioneer Adam Back.

According to the Financial Times, CEPO — a special-purpose Bitcoin treasury vehicle backed by Cantor Fitzgerald chairman Brandon Lutnick — is finalizing a $3.5 billion agreement to acquire 30,000 BTC from Back. In return, Back would take a significant equity stake in the firm, which is set to be rebranded as BSTR Holdings. The company is also looking to raise an additional $800 million to further expand its BTC reserves.

Not a Sell-Off, But a Strategic Move

While some market observers have speculated that the deal represents a cash-out by Back — one of Bitcoin’s earliest contributors — analysts are pushing back against that interpretation.

“This isn’t a liquidity event; it’s a strategic alignment,” said James Van Straten, senior analyst at CoinDesk. “Back is using this opportunity to bring Bitcoin into traditional capital markets, not exit it.”

Van Straten highlighted that Back has previously invested in similar institutional BTC initiatives, and sees this deal as a way to broaden Bitcoin’s financial footprint rather than profit from price gains.

Institutional Interest Heats Up

The news comes amid a surge of institutional interest in crypto treasury strategies. CEPO’s sharp rise underscores how markets are increasingly rewarding companies that can secure large Bitcoin holdings and forge credible bridges with traditional finance.

If completed, the deal with Back would stand as one of the largest known institutional BTC purchases to date, marking a milestone in Bitcoin’s journey toward becoming a mainstream reserve asset.