The Son of U.S. Commerce Secretary Lutnick Partners With Tether and SoftBank in a $3B Bitcoin SPAC Deal, Says FT.

$3B Bitcoin SPAC Backed by Crypto Giants Marks Bold Institutional Push Led by Commerce Secretary’s Son

Brandon Lutnick, son of U.S. Commerce Secretary Howard Lutnick and executive at Cantor Fitzgerald, is leading a new bitcoin-focused SPAC with major backing from Tether, Bitfinex, and SoftBank, according to the Financial Times.

The vehicle, named Cantor Equity Partners, initially secured $200 million in funding in January and is now spearheading the creation of 21 Capital, a bitcoin-centric firm seeded with $3 billion in BTC. The plan is to offer equity exposure tied to bitcoin at a benchmark price of $85,000 per coin, mirroring the playbook pioneered by MicroStrategy.

Tether is contributing $1.5 billion to the effort, with Bitfinex and SoftBank adding $600 million and $900 million, respectively. The group also aims to raise an additional $550 million through bond offerings and private placements to increase bitcoin exposure.

Cantor Fitzgerald, a key custodian of Tether’s U.S. Treasury reserves, is at the center of this strategic shift. Though Secretary Lutnick had previously offered strong support for Tether’s liquidity, he recently adopted a more nuanced stance during Senate testimony.

The initiative lands at a moment of renewed enthusiasm in digital assets under the Trump administration. With bitcoin hovering near $92,000 and institutional interest picking up, the SPAC represents a broader trend of legacy finance deepening its crypto involvement.

While the deal is still being finalized, sources told the FT that a formal announcement is expected shortly.