Brandon Lutnick, son of US commerce secretary Howard Lutnick, is partnering with SoftBank, Tether and Bitfinex on a bitcoin acquisition vehicle to capitalise on a cryptocurrency revival under US President Donald Trump.
The consortium announced on Wednesday that it was creating a multibillion-dollar bitcoin acquisition vehicle called Twenty One Capital that will absorb billions in cryptocurrency from the other partners with the aim of buying up more bitcoin. Earlier on Tuesday, the Financial Times reported that a deal was near.
The vehicle will launch with 42,000 bitcoin, making it the third biggest reserve of the cryptocurrency globally. It will be formed from a reverse merger with the younger Lutnick’s special purpose acquisition vehicle — Cantor Equity Partners, which raised $100mn last year — with the aim of finding a target company.