Today, the American investment bank Cantor Fitzgerald, along with Tether, Bitfinex, and SoftBank, is set to launch a Bitcoin investment plan worth up to $3 billion, aiming to establish a company focused on directly holding Bitcoin—21 Capital. This plan is led by Brandon Lutnick, the son of U.S. Secretary of Commerce Howard Lutnick and the current chairman of Cantor, and is being viewed in the industry as a new version of MicroStrategy.

The new company plans to track market performance by holding Bitcoin and will continuously expand its position through multiple rounds of financing. Although the news has not been officially released, multiple sources indicate that the relevant cooperation is close to being finalized.

Unique Leadership Role, Resource Integration Ability Under Scrutiny

Brandon Lutnick is the chairman of Cantor Fitzgerald and also heads several SPACs. He graduated from Stanford University and has worked in Oak Hill Advisors and Cantor's equity trading department, being regarded as having a strong financial operations background.

However, what particularly draws market attention is his family background. Brandon Lutnick's father, Howard Lutnick, is the current U.S. Secretary of Commerce, and Cantor Fitzgerald has long maintained business ties with Tether, including managing its reserve assets and holding its issued convertible bonds. Bloomberg has reported that Brandon helped Tether connect with the right-wing platform Rumble and facilitated its $775 million investment.

In this collaboration, Brandon has already raised $200 million through his Cantor Equity Partners in January this year, laying the groundwork for the subsequent establishment of 21 Capital. Sources indicate that this funding will serve as startup capital, in conjunction with future large-scale digital currency injections.

Clear Funding Structure, Benchmarking MicroStrategy

According to currently disclosed information, 21 Capital will be funded by three parties with a total of $3 billion in Bitcoin: Tether will contribute $1.5 billion, SoftBank $900 million, and Bitfinex $600 million. It is worth mentioning that Tether and Bitfinex belong to the same parent company and share a cross-management team.

In addition to digital currency contributions, 21 Capital also plans to issue $350 million in convertible bonds and $200 million in private equity to further expand its Bitcoin holdings. This strategy is similar to MicroStrategy's: first raising funds through the capital market, then concentrating on buying Bitcoin, using BTC as the core asset to support valuation.

In the future, the aforementioned investors will convert their injected Bitcoin into shares of 21 Capital, with a conversion price of $10 per share, corresponding to a Bitcoin valuation of about $85,000 each. This also means that 21 Capital is attempting to establish a publicly traded structure with Bitcoin as the underlying asset.

The company's goal is to become a "publicly listed Bitcoin investment platform," allowing traditional investors to indirectly hold BTC through stock. This structure has gradually gained popularity globally in recent years, with companies like Japan's Metaplanet adopting similar approaches.

Complex Motivations of Partners, Market Impact Cannot Be Ignored

The motivations behind this collaboration may not be limited to simple "speculation on coins."

SoftBank has been actively investing in the AI sector and its return to the crypto market has drawn considerable attention. The market remembers that Masayoshi Son bought Bitcoin at the peak in 2017, ultimately losing over $130 million before exiting, and has not re-entered the space for years. However, this time he has chosen to partner with Cantor and Tether, leading to speculation about whether he aims to leverage this to drive a larger digital finance layout.

Tether's role is even more nuanced. As a stablecoin issuer, its position has long been under compliance pressure and market skepticism, but over the past year, it has made investments in agriculture, AI, and even brain-computer interfaces, intending to gradually transform into a "digital asset holding company." Now, binding with SoftBank and Cantor may also be an attempt to strengthen its presence in the U.S. market by leveraging their political and capital channels.

Some market analysts believe that the combination of Tether and SoftBank could form a "dollar liquidity arbitrage structure": Tether issues USDT, and SoftBank invests in high-volatility assets through low-interest financing, driving a cycle of USDT issuance and demand. Although this remains a hypothesis, it has operational potential structurally.

At the same time, the long-term relationship between Cantor and Tether, coupled with the involvement of the Secretary of Commerce's family, has led many investors to speculate that this operation may have already "received signals." One market observer even commented, "First MicroStrategy, now Cantor, Tether, and SoftBank—who's next, the national team?"

Although the collaboration is close to being finalized, the final structure still has variables, and regulation remains a potential uncertainty. Tether and Bitfinex reached a settlement with U.S. regulators in 2021 over information disclosure issues. Now, as they prepare to establish a publicly traded platform, ensuring compliance will be a key focus.

Conclusion

The emergence of 21 Capital marks a new phase in the trend of "Bitcoin assetization." Compared to individual or private equity purchases of Bitcoin, this operation model supported by large institutions and a public structure could have profound impacts on market liquidity, valuation logic, and even regulatory attitudes. Whether it can replicate or even surpass the market effects of MicroStrategy remains to be seen, but undoubtedly, this project is becoming an important variable in the next stage of the Bitcoin market.

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