Author: Weilin, PANews

"Investment guru" Masayoshi Son is making a significant bet in the crypto industry after heavily investing in AI. Similar to his AI strategy, his SoftBank Group may partner with a closely connected organization to the U.S. government, the traditional financial services company Cantor Fitzgerald, and jointly establish a crypto joint venture with the largest stablecoin issuer, Tether, with a total scale of up to $3 billion.

This joint venture is seen as a variant replay of the "Bitcoin financial strategy" led by Michael Saylor's Strategy company. Following the resignation of U.S. Commerce Secretary Howard Lutnick from his roles as Cantor's chairman and CEO, his son Brandon Lutnick now leads the company.

Tether to invest $1.5 billion in Bitcoin, potentially launching the "Bitcoin financial strategy" 2.0 era

The joint venture is structured as a Special Purpose Acquisition Company (SPAC) named Cantor Equity Partners. In January of this year, this SPAC raised $200 million in initial funding, planning to establish a new company called "21 Capital" through this entity to absorb and manage billions of dollars in Bitcoin assets. Partners involved in this collaboration will convert their investments into shares of 21 Capital at a valuation of $85,000 per Bitcoin, with a share price of $10.

According to reports, Tether will provide $1.5 billion worth of Bitcoin as its investment, while its affiliated exchange Bitfinex and SoftBank Group will contribute $600 million and $900 million in Bitcoin, respectively. The deal is expected to be officially announced in the coming weeks, although there is still a possibility of it falling through.

This SPAC is viewed by the market as a replay of Strategy's "Bitcoin financial strategy." Originally a corporate software provider, Strategy has transformed into a core advocate of "digital gold" through continuous Bitcoin asset purchases. As of April 23, it holds 538,200 Bitcoins, valued at over $50.1 billion. Its aggressive financial strategy has inspired the emergence of numerous imitators globally, such as Japan's Metaplanet Inc. Their purchases are typically funded through the issuance of stocks and other financial instruments, including convertible notes.

Now, Cantor, Tether, and SoftBank are attempting to expand similar ideas into more structured investment tools, potentially through new acquisition platforms to attract more funds into the Bitcoin market.

Meanwhile, in recent years, Tether, as the issuer of the world's largest stablecoin USDT, has actively promoted a diversified investment strategy. Over the past year, the company has frequently invested in agriculture, AI, and even brain-computer interfaces.

The deepening political and business ties between Tether and Cantor?

The relationship between Tether and Cantor has become increasingly close. Cantor not only holds convertible bonds issued by Tether but also assists in managing Tether's over $80 billion U.S. Treasury reserve, which provides a value anchor for the USDT stablecoin, valued at up to $142 billion. This asset management arrangement generates tens of millions of dollars in annual revenue for Cantor. In 2023, Cantor acquired a 5% stake in Tether through convertible debt investments, valued at approximately $600 million.

Former Cantor Fitzgerald CEO Howard Lutnick was appointed as the U.S. Commerce Secretary in February 2025, officially stepping down from the company to enter politics. This personnel change reflects the inheritance of power within the Cantor family.

Howard Lutnick led Cantor Fitzgerald for over 30 years, rebuilding the company after losing 658 employees in the September 11 terrorist attacks. After becoming Commerce Secretary, he is required to divest his business interests according to U.S. government ethics rules, but his influence continues through strategic and family mechanisms. The new appointment structure indicates Lutnick's intention to maintain his vision through trusted insiders and family members.

Lutnick's son, 26-year-old Brandon Lutnick, has been appointed as Cantor's chairman and is the main driver of this SPAC project. Before facilitating Tether's $775 million investment in video platform Rumble Inc., he established contact between the two parties. According to the Financial Times, the newly formed SPAC is part of Brandon's effort to place Cantor at the core of the crypto investment boom.

Another son of Howard Lutnick, Kyle Lutnick, has been appointed as the executive vice chairman of Cantor Fitzgerald, L.P. Although Lutnick has divested his holdings in Cantor, BGC Group, and Newmark Group according to U.S. government ethics requirements, critics question whether this truly severed his influence. Democratic Senator Elizabeth Warren has publicly pointed out the deep ties and support between Lutnick and Tether, raising concerns about his judgment and whether he can prioritize the interests of the American people over personal financial interests.

Another significant move by Cantor, SoftBank's renewed attempt in Bitcoin

Looking back to July 2024, at the Bitcoin 2024 conference in Nashville, Howard Lutnick publicly announced that Cantor Fitzgerald would launch a Bitcoin-collateralized lending business with funding of up to $2 billion. In his speech, he recalled the impact of the "9/11" event on himself and the company, expressing strong support for Bitcoin and the crypto community.

At the end of his speech, Lutnick added, "The moral of this story is that we will welcome Bitcoin into the global financial market's financing system, and Cantor Fitzgerald will be your supporter."

This signal has been interpreted by the market as a further push by traditional financial companies to invest in Bitcoin. Last November, according to Bloomberg citing informed sources, Cantor Fitzgerald was in discussions with Tether regarding its proposed multi-billion dollar loan plan. This plan aims to provide dollar loans to clients using Bitcoin as collateral.

Meanwhile, SoftBank, another key player in this collaboration, had previously made a personal investment of $200 million in Bitcoin back in 2017, only to buy at market peaks and sell at lows, resulting in a loss of over $130 million.

However, in recent years, SoftBank has re-committed to the digital infrastructure sector. Earlier this year, SoftBank invested $50 million in Cipher Mining, acquiring approximately 10.4 million shares (3%) to support HPC data center development and engaged in exclusive negotiations for a month regarding data center space, although those negotiations were never completed.

Overall, this collaboration plan with Cantor, Tether, and SoftBank is seen as another significant bet by SoftBank in the Bitcoin market, utilizing a structured framework to mitigate risks. The three collaborating entities in the crypto joint venture not only have a massive scale but also deeply integrate stablecoins, Bitcoin assets, policy power, and institutional custody in their strategic path.

More importantly, against the backdrop of the Trump administration promoting a "Bitcoin strategic reserve" and constructing a more lenient crypto regulatory environment, Cantor, Tether, and SoftBank may be able to align with macro policies, paving the way for traditional finance to fully embrace cryptocurrencies.

免责声明：本文章仅代表作者个人观点，不代表本平台的立场和观点。本文章仅供信息分享，不构成对任何人的任何投资建议。用户与作者之间的任何争议，与本平台无关。如网页中刊载的文章或图片涉及侵权，请提供相关的权利证明和身份证明发送邮件到support@aicoin.com，本平台相关工作人员将会进行核查。