Brandon Lutnick’s 21K Bitcoin Bet with Twenty One Capital

- Brandon Lutnick launches Twenty One Capital backed by Tether and SoftBank - Cantor Fitzgerald merges SPAC with Adam Back's BSTR to lead Bitcoin treasury investments Brandon Lutnick, the 27-year-old son of Cantor Fitzgerald CEO Howard Lutnick, has unveiled Twenty One Capital, a new Bitcoin-focused financial firm backed by Tether and SoftBank. The firm launches with an ambitious plan, holding an initial treasury of 21,000 Bitcoin and $685 million in fresh funding. Twenty One Capital plans to acquire Bitcoin in bulk, expand into crypto trading and lending, and secure money-transmitter licenses across U.S. states, a strategy that aims to integrate the firm within broader financial services markets. Simultaneously, Cantor Fitzgerald advanced its own cryptocurrency strategy by merging its SPAC, Cantor Equity Partners I, with BSTR, a cutting-edge Bitcoin treasury company led by Adam Back, CEO of Blockstream. BSTR will launch with over 30,021 Bitcoin in its reserves, including 5,000 Bitcoin that Back contributed. The entity is targeting $1.5 billion in funding to expand its holdings further. This move positions it as a sizable competitor that could surpass 21,000 Bitcoin in reserves, reshaping the treasury landscape for cryptocurrencies. Together, these initiatives place institutional players at the forefront of Bitcoin-centric financial innovation. According to a CoinDesk report on July 18, 2024, Tether and Bitfinex hold majority ownership of Twenty One Capital, while SoftBank acts as a key minority shareholder. In the report, Lutnick stated his ambition is to "sit at the heart of crypto," signaling a long-term strategy for growth in the expanding digital asset space. Meanwhile, Cantor Fitzgerald’s expansion aligns with a favorable U.S. legislative climate. The combined Bitcoin holdings of Twenty One Capital and BSTR could reach a valuation near $10 billion by year-end, establishing them as central pillars in the digital asset ecosystem. As the market adapts to new regulations and growing institutional involvement, firms like Twenty One Capital and BSTR exemplify a larger trend: Wall Street’s deepening push into the cryptocurrency sphere. As of July 18, 2024, 15:09 UTC, Bitcoin (BTC) was trading at $62,121.41, with a +5.41% change in 24-hour trading volume, according to CoinMarketCap.