U.S. Commerce Secretary Lutnick’s Son Collaborates With Tether and SoftBank for a $3B Bitcoin SPAC, FT Reports.

Institutional Titans Fuel $3B Bitcoin SPAC Led by Commerce Secretary’s Son

A new wave of institutional money is flooding into bitcoin with the launch of a $3 billion investment vehicle spearheaded by Brandon Lutnick, son of U.S. Commerce Secretary Howard Lutnick. Backed by crypto giants Tether and Bitfinex alongside Japan’s SoftBank, the move underscores deepening Wall Street-crypto ties.

The vehicle, 21 Capital, is being established through Cantor Equity Partners, a SPAC that quietly raised $200 million in January. The structure will convert $3 billion worth of bitcoin into publicly listed equity, using a valuation of $85,000 per BTC—emulating MicroStrategy’s high-leverage crypto playbook.

Cantor Fitzgerald, where the elder Lutnick serves as chairman, is a known Tether custodian. While previously cautious, Lutnick has recently moderated his tone on stablecoins during Senate hearings.

Funding for 21 Capital breaks down as follows: $1.5 billion from Tether, $600 million from Bitfinex, and $900 million from SoftBank. An additional $550 million is being raised via private equity and bonds for more BTC purchases.

The deal is expected to be unveiled in the coming weeks, as bitcoin trades near $92,000 and institutional enthusiasm gains traction amid the Trump administration’s favorable stance on digital assets.