Cantor Fitzgerald LP, Tether Holdings Ltd., and SoftBank Group are in talks to create a $3 billion vehicle that would integrate billions in cryptocurrency.
Stablecoin giant Tether will contribute $1.5 billion of Bitcoin, while Tether-affiliated exchange Bitfinex and SoftBank plan to put in $600 million and $900 million of the cryptocurrency, respectively, according to a person familiar with the matter. The deal may be announced in the coming days.
SoftBank declined to comment. Cantor, Tether, and Bitfinex didn’t immediately respond to requests for comment. The Financial Times reported on the talks earlier Tuesday.
The deal resembles the business model of Michael Saylor’s Strategy, which turned from a software maker to a Bitcoin hoarder, amassing about $45 billion of the digital asset. Copycat crypto buyers like Japan’s Metaplanet Inc. have emerged globally, funding their purchases through stock sales and other financial instruments, such as convertible notes.
Tether, the largest stablecoin issuer, has increased its private dealmaking over the past year with investments in diverse areas including farming, artificial intelligence, and brain implants. The company reported in February that it had more than $7 billion in excess reserves.
Tether has developed close ties with Cantor, whose former CEO, Howard Lutnick, now serves as US President Donald Trump’s commerce secretary. Cantor helps manage Tether’s reserves and holds a convertible bond issued by the stablecoin operator.
Lutnick’s son Brandon, Cantor’s chairman, helped introduce Tether to right-wing video platform Rumble Inc. ahead of a $775 million investment.
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